There is no denying the ongoing impacts of the pandemic, but there is room for optimism as we roll into the early months of 2021. As expected, the Small Business Administration is stepping up its efforts to help companies overcome the challenges created by this crisis. By Dan Pace
There is no denying the ongoing impacts of the pandemic, but there is room for optimism as we roll into the early months of 2021. As expected, the Small Business Administration is stepping up its efforts to help companies overcome the challenges created by this crisis. The desired result is for small business to lead the economy and country out of the pandemic and into economic recovery. To that end the SBA has assembled a tantalizing assortment of financing options for borrowers, including PPP loans, COVID-19 Economic Injury Disaster Loans, Bridge Loans, Debt Relief Loans, and the ever popular 7(a) Loans.
For those pondering starting their own business or buying a franchise, the most intriguing option above may be the 7(a) Loan. The latest guidance from the SBA has boosted the 7(a) Loan’s start-up friendly terms with up to six months of payment forgiveness, and a waiver of the SBA Guarantee Fee. Not only will the SBA provide you with the operating capital required to get your business off the ground, but also make up to SIX payments on the loan.
This allows a business owner to focus their energy on creating demand for their products and services without the stress of making those early loan payments.
Consumers are beginning to return to store fronts and the movement to support local businesses appears alive and well. When you couple those trends with the financial incentives the SBA has put together for the 7(a) Loan, it is hard to remember a more opportune time for those considering business ownership.
For those ready to take advantage of the current SBA incentives, First Financial is here to help. We are experts in small-business lending and can guide you through every step of the process. From application and equity requirements to licensing and closing checklist items, First Financial has the expertise and experience to assist those ready to move their business from concept to reality.
7(a) Start-up friendly terms
- Low interest rate – Prime +2.75%
- Fully Amortized, 10-year term
- No prepayment penalty
- No Asset, No Collateral
For the latest on news on the SBA, visit ffcash.net and click on Resources.
– Dan Pace
Dan Pace is co-founder of First Financial Leasing & Finance and has over 30 years in the lending industry. He has a true passion for entrepreneurship and helping others achieve their dreams of business ownership. Dan and First Financial cut their teeth in the leasing space but now offer a full range of lending products including SBA, Rollover, Commercial Real Estate and Working Capital loans. For more information on franchise lending options please contact firstname.lastname@example.org, visit ffcash.net, or call at 800-956-7313.