Running a small business can be tough, especially in times of uncertainty and loss of revenue. One port in the storm could be an SBA 7(a) loan program. It’s generally used to meet various short- and long-term needs of existing businesses, for example, equipment purchase, fixtures, leasehold improvements, working capital, or real estate purchase.
SBA 7(a) Loans may be used for a variety of business purposes such as :
- Franchise financing or Buying a new business
- New construction, expansion, or renovation.
- To purchase land or buildings.
- To purchase equipment, fixtures, and leasehold improvements.
- To refinance debt for compelling reasons
- Hiring employees
- Refinance existing business
