PERSONAL SERVICE SBA 7(a) LOANS
Whether you’re in beauty, wellness, or any other personal service industry, expanding your offerings or enhancing your facilities can be the key to standing out. The SBA 7(a) loan program provides a solid financial foundation to drive your success. Designed to support small business owners like you, this program offers a range of benefits, including:
Longer Repayment Terms
SBA 7(a) loans provide flexible repayment terms, with up to 10 years for working capital, equipment, and general business needs, and up to 25 years for real estate purchases. Loans with terms under 15 years have no prepayment penalties, while loans exceeding 15 years incur penalties in the first three years: 5% in the first year, 3% in the second, and 1% in the third. After three years, you can repay without penalties, giving you freedom to manage your loan as needed.
Competitive Interest Rates
Take advantage of SBA 7(a) loans’ favorable interest rates to reduce the cost of financing for your business. The government guarantee minimizes our risk, allowing us to offer you more competitive terms than standard lenders.
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 Personal Service Business?
Our flexible financing solutions allow you to invest in the most critical aspects of your business, whether it's one specific area or several at once:
Business Expansion
Whether you’re expanding your service offerings, enhancing your facilities, or opening a new location, our loans provide the capital you need to successfully grow your personal services business.
Equipment & Technology
Invest in cutting-edge tools and innovative technology to elevate your personal services practice and enhance client experiences.
Real Estate Investments
Purchase, build, or refinance your space to provide your personal services practice with a solid foundation for growth and success.
Working Capital
Ensure smooth day-to-day operations by covering essential expenses like payroll, office supplies, and marketing.
Debt Refinancing
Simplify your financial management by consolidating multiple loans into one, often with better terms.
Solutions for Every Stage of Your Personal Service Business
Our SBA 7(a) loans are designed to support personal service owners throughout their careers, whether you’re just getting started, expanding your business, or preparing for retirement.