Small Business Loans for Startups

Small business loans can provide newly established businesses with the capital necessary to thrive. Unfortunately, many lenders classify startups as high-risk clients. This prevents tens of thousands of startups from receiving the funding they need. Learn more about how startups can approach small business loans, maximizing the potential for a successful outcome.

Small Business Administration (SBA) 7(a) Loans

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is a good option when real estate is part of a business purchase, but it can also be used for:

·         Short- and long-term working capital

·         Refinancing current business debt

·         Purchasing and installation of machinery and equipment

·         Purchasing furniture, fixtures, and supplies

-SBA

Equipment Financing

While equipment financing may be a part of an SBA 7(a) loan offering, many other lenders also offer affordable equipment financing options. Equipment financing can be beneficial for various up-and-coming small businesses, including:

·         Restaurants (e.g., commercial kitchen equipment, bar equipment, furniture and seating, POS systems, HVAC systems)

·         Autobody Repair Shops (e.g., automotive lifts, diagnostic equipment, tire changers and balancers, wheel alignment systems, air compressors)

·         HVAC Service Providers (e.g., ductwork fabrication equipment, air quality testing equipment, ventilation equipment, boilers and water heaters, pipe threading and welding equipment)

Does Your Startup Need a Small Business Loan?

Fairway Funding can help your startup obtain the money it needs through a number of small business loan options. Contact us today, and we will work with you directly to take your startup business to the next level.