Why SBA 7(a) Loans can be the Right Solution for your Construction Business’s Financial Woes

If you notice that your construction business is grappling to get funds, you can approach a direct lender. Getting loans approved by banks and other traditional financial institutions can be a lengthy and cumbersome process. It involves a lot of paperwork and waiting time. 

Instead, you can opt for a less-complicated and much faster loan approval process when you apply for funding at companies like Direct Lenders Funding. Of the many lending solutions that these lenders offer, SBA 7(a) loans turn out to be an attractive option. Why is that? It’s because SBA-guaranteed loans come with low-interest rates. There are no penalties during repayment, and borrowers need to make modest monthly payments only.

Why are SBA 7(a) loans a good option for your construction business?

SBA 7(a) loans are the flagship loans offered by the SBA program. This covers multiple financing options, including CAPLines, Express loans, and the standard SBA 7(a) loans. Do you know that as a business owner, you can qualify got almost $5 million as a loan amount? The best part is you can get your applications approved and the money in hand within 5-10 working days.

If you can get SBA 7(a) financing for your construction company, you can use it for many purposes. Repayment terms can vary between 10 and 25 years, according to how you use the funds and the type of loan you apply for. This is why this financing option is one of the most flexible around, and it accounts for its huge popularity among small businesses needing financial help.

How do SBA 7(a) loans work for you?

SBA 7(a) loans are provided by lenders like Direct Lenders Funding, and these are guaranteed partly by the Small Business Administration. This means if you default on the loan, the SBA will pay your lender the amount. Now, the question is, how do you apply for this loan? All you have to do is fill out an online application form with an approved lender. This is then sent for approval by the SBA, which takes about 5-10 days or even less.

Collaterals can differ for different loan types, but these are usually not demanded when amounts are lower than $25000. For loans greater than $350,000, the borrower will have to offer collateral. Using these loans, you can get money for use as working capital, for buying new machinery, real estate, or inventory.

To qualify for such loans, you must be in operation for at least 2 years or even longer. So, this financing is meant for established businesses. You will need to provide tax documents for the past 3 years and balance sheets for that period if needed. The application process is simple and straightforward on the websites of direct lenders. You can be sure of getting quick approvals and fast funding.

With direct lenders, you can expect to get funding specialists to guide you through the process and advise you on the best financing option. Once approvals are done, you can get the money within only 24 hours. The no-obligation and no-cost applications are guaranteed a superfast turnaround. 

So, even if you have been rejected elsewhere for funding, you can expect to get funds from direct lenders. You can also put in a request for a cash advance from a reputed and trusted direct lender to get short-term loans. Payments are flexible, hassle-free, and automatic.