Need Money for Your Small Business? Let Wexum Help.
At Wexum, we are able to help our small business clientele access the capital they need to succeed. All of our financial partners, who provide SBA (Small Business Administration) Loans, are in the SBA’s Preferred Lenders Program (PLP). These lenders can typically make credit decisions much quicker than non-PLP lenders.
Financing Available for Small Businesses Owners
Most every small business owner can qualify for an SBA Loan. This money can be used for almost any sound business purpose, including a business acquisition, working capital, machinery and equipment, furniture and fixtures, leasehold improvements, refinancing, and the purchase of land or buildings (including renovations and new construction). Here are some of the types of business we will work with to obtain financing:
- Hotels and motels
- Self storage facilities
- Car washes
- Convenience stores
- Medical, dentistry and veterinary practices
- Craft breweries, distilleries and wineries
Basics Qualifications and Parameters
While most small business may qualify for an SBA Loan, there are some basic qualifications and parameters that must be met. A few examples of these program requirements include commercial real estate must be 51% owner occupied (not including hotels and self-storage), borrowers ought to have relevant experience if acquiring a business, and a debt refinance must improve the cash flow of the business by at least 10%. There are also minimum FICO scores of 675 and personal guarantees required of all 20%-plus owners, and a simple business plan and projections will be needed. The good news is that pre-approvals can often be obtained within 48 to 72 hours of initiating the loan process.
Significant Loan Amounts and Flexible Repayment Terms
SBA Loan’s generally provide much better terms than those offered through traditional bank financing. This is because the federal government is guaranteeing a certain portion of the loan, thus eliminating much of the risk to the lender. As such, our clients can enjoy LTVs as high as 85%-90%, with terms stretching out as far as 20 to 25 years.
The SBA’s 7a and 504 programs offer loan amounts up to $5 million and $12 million respectively, with the 504 program focus being “brick and mortar” based transactions.
Contact or email us today to find out how Wexum can help.