How To Pick the Right SBA Loans
This Small Business Administration is designed to help companies with fewer than five hundred employees stay in business and help the economy thrive. While you can find informational resources through this administration, most people are more familiar with the financial help the SBA offers. SBA loans are divided into a couple of different programs, each with specific goals. The two most familiar are the 7(a), or general business loan, and the CDC/504, or real estate loan, and choosing the right one for your business needs can be the best way to grow and thrive. What Is the CDC/504 Program? The major differences between the SBA loan programs are how you can use the funds from each one. With the CDC/504 program, you can purchase equipment and owner-occupied commercial property with the help of a Certified Development Company. These are typically larger amount loans than other SBA programs, from $125,000 and $2 million with a ten percent down payment, and cannot be used for working capita...