What Can You Do With a Small Business Loan?

A small business loan is one of the most versatile financing options available to owners. This amazing tool can be used for countless different needs. At Pegasus Commercial Capital Advisors, we encourage you to apply today for one of the best types of financing you can get. That way you have an avenue to spur business growth with minimal risk for your company.

The Many Uses of SBA Financing

The Small Business Administration allows business owners a lot of freedom when deciding how to use SBA loans. That way you can put financing to use in the best way for your business needs. Some companies are desperately in need of more physical storage and manufacturing space, while others are looking for ways to increase the amount of customers they can serve. The right small business loan can help with all of these things.

Here are some broad ways you can use an SBA loan:

• New business equipment or tools
• Heavy machinery upgrades
• Construction equipment purchases
• Medical devices or diagnostic equipment
• Commercial real estate
• Building remodeling or expansion
• Hiring costs for additional personnel
• Working capital for other needs

The best part is that you can often combine several different needs into the same low-interest loan. That way you have the flexibility of working capital to upgrade your technology, and you also have large loan amounts for buying a valuable piece of property. It’s no surprise why SBA financing is so popular with small businesses in every industry.

The Businesses That Qualify

There are very few limitations on what kind of businesses can qualify for a small business loan. The main requirement is that you meet the SBA’s definition of a small business. You don’t need perfect credit or other business assets to use as collateral. Some qualifying businesses include construction businesses, retail stores, gas stations, janitorial companies, plumbing businesses, service shops, hotels and healthcare practices.

To find out if your company qualifies, or to fill out an application, contact our team right away for assistance.