Big Ways an SBA 7(a) Loan Can Benefit Your Small Business
September 17, 2021
Though its leadership and programs have played important roles in supporting small businesses and strengthening our economy since the 1950s, the Small Business Administration (SBA) only recently became a household name for many business owners thanks to the stimulus benefits it made available during the pandemic.
And while many turned to the SBA for help keeping their businesses afloat over the past 18 months, the agency’s additional forms of assistance will continue to be an essential component of our economic recovery and should continue to be top of mind for small businesses in need of support going forward–especially the SBA’s most common program, an SBA 7(a) loan.
As we continue to celebrate Small Business Week, we want to highlight some ways an SBA 7(a) loan through First Home Bank can benefit your existing business. And some of them may surprise you. You can use an SBA 7(a) loan to:
- Obtain short and long-term working capital if you need more funds to manage day-to-day expenses, purchase inventory or invest in future activities and growth.
- Purchase furniture, fixtures and supplies for office spaces, dining areas, storage rooms and more, provided they’ll have a direct benefit to the business.
- Buy equipment, machinery or materials used to create your product, provide your service or make your business run more efficiently.
- Purchase real estate, including land and buildings, whether you’re planning to buy your current location or move to a new one.
- Fund the construction of a new building or the renovation of an existing building, if you are looking to build a brand-new space or make improvements to the one you already own.
- Establish a new business, complete an acquisition, or expand an existing business for those ready to grow.
- Refinancing existing business debt. Under certain conditions, a 7(a) loan can be used to refinance debt if you’re having trouble meeting current loan terms or affording the payments.
- Hire employees, for owners who are short-staffed or need more employees to grow the business or make it run more smoothly.
- Support marketing costs. Could your business benefit from more or better exposure through advertising, branding or website improvements? An SBA 7(a) loan could help.
In short, if you’ve identified a way more funds can improve any aspect of your business, an SBA 7(a) loan could be a great option. Ready to take your business to the next level with an SBA 7(a) loan with First Home Bank?
We are a top nationwide SBA lender, which means we have what it takes to power your small business. And the process will be fast and easy from start to finish. Find out if you qualify or learn more about your options from an SBA lending expert