AUTOMOTIVE SBA 7(a) LOANS
The SBA 7(a) loan is a preferred financing option for businesses in the automotive industry, thanks to its flexibility and favorable terms. Whether you're starting a new auto repair shop, upgrading your dealership facilities, or expanding your body shop services, this program offers essential benefits designed to support your automotive business:
Longer Repayment Terms
SBA 7(a) loans offer flexible repayment terms: up to 10 years for working capital, equipment, and general business purposes, and up to 25 years for real estate purchases. Loans under 15 years can be repaid anytime without penalties, while those over 15 years have prepayment penalties in the first three years: 5% in year one, 3% in year two, and 1% in year three. After three years, repayment is penalty-free, offering flexibility and control over your loan schedule.
Competitive Interest Rates
Take advantage of the competitive interest rates offered by SBA 7(a) loans to reduce your financing costs and maximize your profitability. The government partially guarantees these loans, reducing our risk and allowing us to offer you better interest rates.
Lower Down Payments
The government guaranty also enables small business owners to secure financing with lower down payments compared to traditional business loans, typically up to 20% of the total project cost but in some cases as low as 0%.
Flexible Use of Funds
The SBA 7(a) loan program is widely regarded as a top choice for small businesses due to its unmatched flexibility. Unlike many traditional loans that impose strict limitations, 7(a) loans empower businesses to meet a variety of financial needs, making them versatile for nearly any business purpose or stage of growth.
What Can SBA 7(a) Do for Your Automotive Business?
Our SBA 7(a) loans help automotive businesses invest in the most critical areas. Whether you're focused on upgrading facilities, enhancing services, or managing daily operations, we provide the capital you need to succeed.
Facility Expansions & Renovations
Expand your automotive business or remodel existing spaces to create a more efficient and attractive workspace.
Equipment & Machinery
Invest in new vehicles or service trucks, or upgrade your tools and technology to enhance operational efficiency in your auto repair or body shop.
Real Estate
Purchase or refinance property to secure the ideal location for your business, providing a solid foundation for growth.
Working Capital
Manage daily expenses like payroll, supplies, and marketing with ease, ensuring smooth operations for your business.
Debt Refinancing
Consolidate existing loans into a single, more manageable payment, often with better terms, reducing your financial burdens.
Solutions for Every Stage of Your Automotive Business Growth
Whether you're starting your business, expanding, or preparing for succession, our SBA 7(a) loans are designed to support your business at every stage.