For a variety of business uses that are as unique as your business
When you are looking to start a business, expand it, or buying out a partner or competitor, a term loan may just be what you need to accomplish your goals.
Lenders today typically offer different loan terms depending if they are kept inhouse (portfolio), or if they are guaranteed by the Small Business Administration (SBA). The SBA offers loan terms through their 7(a) program which provides a guaranty to the lender in cases of default and reduces the risk of the loan to the lender.
Portfolio business loans typically offer terms ranging from months to multiple years and every lender has their own loan programs and lending guidelines. Rates and terms offered to businesses vary depending on the owners credit score, strength of company financials, collateral pledged, and the purpose of the loan.
SBA 7(a) loans allow borrowers to borrow funds up to 10 years for permanent working capital or inventory loans. These longer loans terms can potentially lead to a lower monthly payment compared to a shorter termed loan.
Whether you obtain a portfolio loan or SBA loan, Benefit Mortgage Inc can help you navigate through the process and help find you the best available rate, terms, and covenants.
Contact us today to discuss your unique lending needs or call us at 239-766-0189.
NMLS #2160072 (Click here to access Consumer NMLS)
