Hidden Stimulus #3 The SBA Will PAY YOU To Buy a Business
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The stimulus program that doesn't get nearly the recognition it deserves!
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Small business stimulus:
The most popular type of SBA loan is the 7(a) loan
These loans can be used for working capital, refinancing debt, or purchasing a business, real estate, or equipment. The loan size can be up to $5 million dollars but isn’t usually lower than $30,000 for this program. (There are other programs for smaller loans).
Looking to expand your business? Get a working capital loan. Let the SBA pay for 8 months
Is your business in a tough spot with debt? Refinance your debt and let the SBA pay for 8 months
Looking to expand by buying a building or equipment? Let the SBA pay it off for 8 months
And yes of course if you’re looking to buy a business the SBA will cover 8 months of payments.
The SBA was allotted billions of dollars to run this program. That’s more than they originally received for the EIDL grant program.
There are a few different options within the 7a loan umbrella based upon what you need to have financed but here are some of the general loan details.
-Maximum loan terms are up 10 years for working capital aor up to 25 years for commercial real estate loans. I didn’t see anywhere a minimum loan term.
-Current interest rates are between 5.5%-9%. Again this varies based upon what you’re financing and the exact type of loan. There are other SBA fees as well that you will want to look into if you’re serious about these loans.
-10%-20% down payment required.
-680 credit score required
The 2nd type of loan that the SBA will pay for 6 months of is a CDC/SBA 504 Loan. This program is for business owners who are looking to purchase or build real estate they plan to operate out of, renovate a building, or purchase other fixed assets.
The business has to occupy at least 51% of the building purchased however this could be an excellent opportunity to buy a larger building and rent out a portion.
-Current interest rates are a cheap 2.3%-2.8% right now.
-Loan terms are 10 or 20 years
Finally, the third type of loan the SBA will pay 8 months of is a microloan. This is perfect for those who are looking to start a business or need a smaller amount of funding for their existing business.
A microloan can be up to $50,000 and like I mentioned it is used for starting or expanding a small business. This loan cannot be used to refinance debt or buy real estate.
The loan term is up to 6 years with an interest rate between 5-10%
Schedule one-on-one business consulting with me here: https://max-maher.teachable.com/p/halfhour-consultation-call
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Видео Hidden Stimulus #3 The SBA Will PAY YOU To Buy a Business канала Max Maher
The stimulus program that doesn't get nearly the recognition it deserves!
💎Get up to $250 in free crypto and 8% interest when you open an account a BlockFi https://blockfi.mxuy67.net/c/2695551/907782/10568
✏️PPP Apply Free Online in 5 Minutes: https://www.womply.com/maxmaher/?utm_source=maxmaher&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen
Join my discord: https://discord.gg/PNZrcJGmbz
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💳My Favorite Credit Cards
Best Personal Card For FREE Travel: https://yourbestcreditcards.com/card/chase-sapphire-preferred-credit-card?ccid=1055
Best Business Card (1.5X points EVERYTHING): https://yourbestcreditcards.com/card/chase-ink-business-unlimited?ccid=1055
📷ALL of my Gear & Favorite Books: https://www.amazon.com/shop/maxmaher
✉️Get emailed to be notified of new posts and exclusive content. No sales. No BS. http://eepurl.com/gWantb
My Instagram: https://www.instagram.com/maxwell_maher/
Small business stimulus:
The most popular type of SBA loan is the 7(a) loan
These loans can be used for working capital, refinancing debt, or purchasing a business, real estate, or equipment. The loan size can be up to $5 million dollars but isn’t usually lower than $30,000 for this program. (There are other programs for smaller loans).
Looking to expand your business? Get a working capital loan. Let the SBA pay for 8 months
Is your business in a tough spot with debt? Refinance your debt and let the SBA pay for 8 months
Looking to expand by buying a building or equipment? Let the SBA pay it off for 8 months
And yes of course if you’re looking to buy a business the SBA will cover 8 months of payments.
The SBA was allotted billions of dollars to run this program. That’s more than they originally received for the EIDL grant program.
There are a few different options within the 7a loan umbrella based upon what you need to have financed but here are some of the general loan details.
-Maximum loan terms are up 10 years for working capital aor up to 25 years for commercial real estate loans. I didn’t see anywhere a minimum loan term.
-Current interest rates are between 5.5%-9%. Again this varies based upon what you’re financing and the exact type of loan. There are other SBA fees as well that you will want to look into if you’re serious about these loans.
-10%-20% down payment required.
-680 credit score required
The 2nd type of loan that the SBA will pay for 6 months of is a CDC/SBA 504 Loan. This program is for business owners who are looking to purchase or build real estate they plan to operate out of, renovate a building, or purchase other fixed assets.
The business has to occupy at least 51% of the building purchased however this could be an excellent opportunity to buy a larger building and rent out a portion.
-Current interest rates are a cheap 2.3%-2.8% right now.
-Loan terms are 10 or 20 years
Finally, the third type of loan the SBA will pay 8 months of is a microloan. This is perfect for those who are looking to start a business or need a smaller amount of funding for their existing business.
A microloan can be up to $50,000 and like I mentioned it is used for starting or expanding a small business. This loan cannot be used to refinance debt or buy real estate.
The loan term is up to 6 years with an interest rate between 5-10%
Schedule one-on-one business consulting with me here: https://max-maher.teachable.com/p/halfhour-consultation-call
PPP Round 1& 2 Apply Free Online: https://www.womply.com/maxmaher/?utm_source=maxmaher&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen
Видео Hidden Stimulus #3 The SBA Will PAY YOU To Buy a Business канала Max Maher
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