SPECIALTY TRADE SBA 7(a) LOANS
The SBA 7(a) loan is an ideal financing solution for electricians, HVAC technicians, plumbers, and other skilled trade professionals because of its flexibility and wide range of uses. Whether you're looking to expand your business, invest in new tools, or upgrade your fleet, the SBA 7(a) loan offers multiple benefits:
Longer Repayment Terms
Repayment terms for SBA 7(a) loans are flexible, ranging up to 10 years for general business needs and up to 25 years for real estate. You can prepay loans under 15 years without penalties. For longer loans, a prepayment penalty applies for paying off more than 25% in the first three years: 5% in the first year, 3% in the second, and 1% in the third. After this period, you’re free to repay without penalties, offering greater control.
Competitive Interest Rates
Benefit from the lower interest rates available with SBA 7(a) loans to reduce your overall financing expenses. The government’s guarantee allows us to offer rates that are more competitive than those from conventional 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 Specialty Trade?
Our flexible loan solutions help skilled trades businesses meet their most critical needs. Whether you're starting out, scaling up, or managing day-to-day operations, we provide the financial support you need.
Business Expansion
Whether you're opening a new location, hiring additional technicians, or upgrading your current workspace, our loans give you the capital to grow your business.
Tools & Equipment
Invest in essential tools, vehicles, or advanced technology to keep your business competitive and efficient.
Real Estate
Purchase or refinance commercial property to give your business a solid foundation, or build the ideal workshop, warehouse, or office space.
Working Capital
Ensure smooth daily operations by covering expenses like payroll, materials, and transportation costs.
Debt Refinancing
Consolidate multiple loans into one manageable payment, often with better terms, saving you time and money.
Solutions for Every Stage of Your Trade Career
Whether you're just launching your business, expanding, or preparing for the future, our SBA 7(a) loans provide the flexibility and capital to support you at any stage.