Do you have a great idea and want to start your own business? Are you an entrepreneur who is ready to carve out your own niche in the market? Or is your company simply ready to take the next step?
It’s important to take the time to ensure that you’re truly ready to move forward. But once you are ready, one of the first steps is to ensure that beyond your passion and persistence that you have a sound financial plan for your business!
The U.S. Small Business Administration offers different types of SBA loans for local businesses to help you accomplish the necessary goals for the growth of your company. The business goals you want to achieve will determine which loan will best help you expand into your new business.
Here is an overview of some of the loans currently offered to help you pursue your business dreams:
504 SBA Loan
This program provides you with financing for economic development with major assets and business equipment. This can help you tackle the long-term needs of your business with fixed assets like land, buildings, equipment, and even business expansion projects. This program has a focus on promoting growth and job creation.
7(a) SBA Loan
This is the most popular SBA loan program, helping businesses with special requirements to become operational. Conquer long-term goals with financial access to working capital, inventory and equipment, debt refinancing, leasehold improvements for new construction or remodeling, and even business expansion.
Express SBA Loan
For your short-term goals, an Express SBA Loan will help you accomplish goals with working capital, equipment, and inventory purchases. While this loan has a lower maximum than the long-term loans, it has the quickest turnaround time to get you funds as soon as you need them.
Starting a business is a big challenge. You need to learn everything you possibly can about an industry, and you have to do it all on the fly, by the seat of your pants. You’ve got to build relationships with customers, advertise, hire and manage employees, and deal with everyday aspects of running a business.
Wasatch Peaks Credit Union offers a variety of Business Services to fit your small business needs. Whether you’re just getting started on your small business dream or you’re successfully operating your own small business, Wasatch Peaks is here to assist you all along your journey to success. Since 1930, we’ve been serving our members here in our communities. Wasatch Peaks is your full-service small business partner that will help you to get big things done!
Contact our business department today at 801-452-7880 or learn more at wasatchpeaks.com/business.