You can use the SBA 504 Loan to finance long-term machinery and equipment, making it distinct from a standard car loan. For heavy equipment purchases like cement trucks, dump trucks, tanker trailer trucks, or other custom-built heavy trucks, the SBA 504 loan is suitable. An SBA loan is the perfect choice if your business needs larger vehicles.
Credit Suite offers SBA loans. Established businesses with tax returns reflecting high revenues and profitability can access substantial amounts of money through Secured Small Business Loans. If you possess a robust credit score and positive business tax returns, consider applying for secured, government-funded SBA program loans ranging between $250,000 and $12 million. To qualify, the SBA requires various documents, including business and personal financials/credit reports, resume and background check, business plan, bank statements, and collateral. Your collateral should equal at least 50% of the loan value. The approval amount hinges on the collateral your business owns and the net profit you report on tax filings.
Closing an SBA loan typically takes between 2-4 months. SBA loans offer some of the lengthiest repayment terms in the business financing sector. You can secure loan durations of 10, 15, or 25 years with the SBA. The interest typically sits around 3% of the total debt, though the rate might adjust with the loan. For those considering an alternate route to business financing, a shelf company might be a viable option to explore.