Small Business Loans for a Bright Future
Small business loans are government guaranteed and have two subsets: 7A and 504. The 7A program requires a 15% equity injection and the rest is provided by the funding source, while the 504 loans require a 10% equity injection with the remainder being provided by the funding source. Real estate transactions, such as purchasing residential and commercial real estate, drive both of these types of loans and they can only be used to build, purchase, or refinance these properties. Some of the benefits of a small business loan include long-term financing at competitive rates and simple, one-time closing procedures. Once these loans are closed, they will never be touched again.