Getting a business loan or finding a financing solution for various projects or plans that your business may have, is no longer a tiresome task thanks to two trending options in the lending industry, that are revolutionizing it:
- SBA Loans
- Alternate Business Loans.
While both these options have their pros and cons, they are both much more convenient to apply for and secure, when compared to the conventional business loans business had to struggle with, until as little as a decade ago.
Why Consider Loans for Renovating your Business
There are three strong facts about a renovation project or plan, which make loans a favorable way to finance them:
- Renovation can be an expensive affair. Post renovations, the marketing of the renewed products and/or services may need added funds. Where the available capital may not be sufficient to cover renovation and post-renovation expenses, financing through a loan could be the ideal way out.
- Revenues are likely to grow after the renovation is complete, especially when funds are invested efficiently and effectively. Added revenues make borrowing worth the expense associated to it.
- Many decision makers in businesses choose to make compromises during renovations, which may affect the output quality, longevity, functionality and/or reliability of the new infrastructure. Experts advise against such compromises and choosing a loan can sometimes be the decision that allows for an uncompromising business renovation.
The Traditional Option – SBA Loans
SBA loans are both affordable and reliable. This initiative by the government has been beneficial for many small and medium businesses and when it comes to financing renovations, today, an SBA loan qualifies as the traditional option for such a plan or project.
SBA 504 Loans
For owner-occupied commercial property based businesses that plan to invest in a major renovation and modernization plan, the SBA 504 loan program is ideal. It is made available through the credit union and a 10% contribution from the business owner can get the loan application rolling.
SBA 7(a) Loans
Smaller renovation projects and plans along with a coverage of other business expenses, can more easily be funded by the SBA 7(a) loans, which are categorized as general purpose business loans.
For further details on either of the SBA loans, we provide links to their information brochures in the “Resources” section.
Choosing Alternate Business Loans to Finance Renovations
While SBA loans are a great way to seek funding for your business, being eligible for an SBA loans and having it approved for your business may not always be as easy as securing an alternate business loan is.
Alternative loans were once of the nature that many considered it wise to refrain from them. Thanks to strong criticism in the first decade of the twenty-first century, strict federal and state regulations and legislatures have been enforced. These led to direct lending evolving into a strong and reliable source of funds for small businesses today.
Alternate Business Loans from legitimate direct lenders like Business Advance Lenders are both reliable and easy to acquire. We at Business Advance Lenders offer these advantages for business looking to choose our lending services to finance renovations:
- Loan decision in 24 hours (on business days)
- Easy eligibility
- High approval rate of applications
- Limited paperwork and documentation
- Online application
- Dedicated customer service
- Loans of up to $500,000
- No proof required to support the purpose of borrowing the loan
Apply for Funding your Business Renovation through Business Advance Lenders
Financing a renovation project or plan for your business could be well assisted through a loan. Business owners choose Business Advance lenders for speed and flexibility. Further, we shall also be able to consider providing funding to your business if it is ineligible for an SBA Loan, or a previous application of yours has been rejected by another lender.
Two of the biggest advantages of a loan from Business Advance Lenders, is that we maintain amongst the highest approval rates and lowest turnaround times for business loan approval and lending. A previous article covers exactly what needs to be kept ready as you prepare to apply for a loan for renovating your business from us at Business Advance Lenders.