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I'm looking for $800,000 to open up a beverage company, is a SBA loan the best way? What are typical terms? |
I'm looking for $800,000 to open up a beverage company, is a SBA loan the best way? What are typical terms? SBA loans are some of the best business loans you can get. However - be aware that the granting institution will have to certify that your business model is sound, so you'll have to do all of the same things to get that loan as you would for a small business loan. The net benefit of the SBA loan is that it is guaranteed by the government, so you are actually more likely to be financed under the SBA for the amount of money you are looking for than under any other loan. Drawbacks - you must be in good standing with any and all financial obligations to the federal government. SBA loans are generally only up to 150,000 with repayment terms anywhere from 7 -10 yrs and occasionally a financial institute will go 25 yrs. Check with your local banks for their rates and terms. $ 800,000 is a lot of money and most likely you will want to seek out private investors to help you fulfill your dream ..good luck |
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