Small Business Loan Options
Infinity Commercial Lending is not only a participant in the SBA’s small business loan program, we are also designated as a preferred financial services company. This means that the Small Business Administration has empowered us to streamline the application process by taking control of approvals ourselves.
For the most part, Small Business Administration loan eligibility is calculated from the size of the company. Practically any business type is covered, from manufacturing facilities to gas stations, retail stores, and even property management companies and landlords. To qualify, most businesses must meet one of the following criteria:
- Retail businesses with less than $6,000,000 in sales
- Manufacturing businesses with less than 500 employees
- Service businesses with less than 100 employees
SBA loans can be used for any purpose, including property purchase and rehabilitation, equipment financing, startup capital, renovations and expansions, and debt consolidation.
Companies looking to purchase fixed assets, such as equipment and real estate, can access the 504 loan program. This small business loan opportunity is designed to allow companies with the right qualifications access to below-market rates for these purchases.
These loans, which can run to $5 million, are the mainstays of the Small Business Administration’s loan program. With terms up to 25 years and generous interest rates, this program was designed to provide long-term startup or renovation capital to small companies. Since the loan’s fees and interest rates are preferential and the goal of the program is to encourage long-term growth, there are some prepayment penalties applied to loans that exceed repayment of 25% of the capital within the first three years.
Flexibility and Stability
Small business loans provided through Infinity Commercial Lending’s SBA loan program are well-suited to the needs of startup businesses. Small Business Administration restrictions do apply, including the requirement that commercial properties be partially occupied by the applicant. For more information about our small business loan options and about your eligibility, talk to one of our associates today.