ComForcare SBA Loans
Of all of the ways to finance a franchise, loans from the Small Business Administration are one of the most popular methods because of their attractive terms of repayment. Offering up to $5 million in franchise funding, SBA loans are known for low interest rates, no ballooning costs and long repayment terms, making monthly payments manageable for franchisees. In addition, the federal government guarantees SBA loans, meaning they’ll repay banks in the case of default. This makes SBA loans low-risk for lenders as well.
To be eligible for an SBA loan, banks prefer:
- 640+ credit score.
- At least 20 percent liquid cash for a down payment.
- Secondary income.
- Access to collateral.
- Prior work experience in a business setting.
SBA loans are ideal for combining with other forms of franchise financing. For example, if you’re eligible for a 401(k) rollover, you could use your retirement funds to make the down payment on the loan without having to pull from personal savings.
Guidant Financial can put you in contact with SBA Preferred Lenders who offer the best rates and are the most likely to approve your loan. Their financial consultants can also review your loan application and accompanying documents to ensure everything is in order prior to submission.
Call Guidant at 888.472.4455 or click here to get started.