Are you a young and up-and-coming business looking for the building of your dreams? You may search around Las Vegas, but nothing represents the image you had in mind.
Perhaps the best solution to this dilemma is building your own building or renovating a property. Through SBA financing, all of this, and more, is possible.
What is SBA Financing?
SBA, or the United States Small Business Administration, is a government agency that provides consulting, advocacy and financial assistance to upcoming entrepreneurs and small businesses.
They are a valuable resource for individuals or groups who have a vision and need a little help.
For those that need financial assistance for their business, entrepreneurs can rely on Nigro Construction to assist in the SBA Loan approval process.
Different Types of SBA Loans for Starting Companies
The following are two loans new business owner can use to start a new business and construct new property.
This is the most basic loan a business owner can acquire from the SBA. It provides finances for businesses meeting specific requirements.
These requirements include:
- Be a for profit company
- Fit the definition of “Small Business” by the SBA
- No delinquent debt obligations to U.S. Government
- Have invested equity
There are more requirements than these so review the SBA website for more details.
If a business owner is approved, they can use the funds to purchase real estate, construct new buildings, establish a new business and refinance existing debts.
The SBA 504 Loan is a program that provides small businesses with a long-term, fixed-rate financing. Loan borrowers use the funds to acquire fixed assets, such as land or buildings, for expansion or remodeling.
This loan deviates itself from 7(a) SBA loans in that the interest rates do not adjust quarterly like 7(a) SBA Loans. Another deviation is that 50% of 504 SBA loan comes from the bank, 40% from the CDC. The business owner supplies the remaining 10% of the loan.
Either of these loans can help create the business that best represents your company. When you’re approved, give our Las Vegas contracting firm a call. Our team of experts will guide you through the construction process in the best possible way to save you money.
Let Our Las Vegas General Contractor Help
If the building you envision is not a reality, make it a reality. Our Las Vegas general contracting firm has the experience and skills to design and build everything you imagine.
The sky’s the limit when you construct with Nigro Construction.