Evolution of Small Business Financing in Virginia
If you are thinking of starting a small business in the United States, Virginia is one of the best places to start a business.
Why?
Virginia has ranked 1st on CNBC’s 2019 list of America’s Top States for Business. The state offers plenty of incentives for both startups and existing businesses.
The GDP of Virginia says it all. It had a GDP of $552 billion in Q2 of 2019 which is roughly 2.6% of the total U.S. GDP.And there are a number of reasons why Virginia is the right choice to commence a business:
- The Government offers Tax credits for creating employment.
- Virginia has a well-educated employment pool and businesses survival rate.
- Benefits of high-speed internet because 70% of the world’s Internet traffic flows via data centers situated in Northern Virginia.
- Sole Proprietors don’t need a business license to start a business.
- Virginia is a major hub of data centers, agriculture, aerospace, technology, mining, and military.
- The corporate income tax rate has remained stable for nearly 50 years.
- It has a strong economy with nearly 725,000 small businesses.
The diversity of Virginia’s economy is worth noting and to keep it growing various small business financing institutions are emerging. So if you are planning to start a small business, you also need to plan about the funding.
You get various options to select from for funding your small business:
- Bank Loans
- Fundings from family and friends
- SBA Loans
Getting funds from banks may seem tough because of their numerous requirements. Low credit scores and blemished financial histories won’t let you get loans from banks. And they charge high rates of interest too!
While getting funds from family and friends is not an appropriate option. This is because they can demand their money back when it suits them but not your business. And they may also want to get more involved in your business because you are using their funds.
This is where Small Business Administration (SBA) 504 Loans will be beneficial for your small business. SBA 504 Loans are the only loans in the country that are backed by the US Government. It offers lower interest rates and higher loan amounts.
SBA 504 loans will allow you to start or expand your small business. With these loans you can procure an amount from $125,000 to $20 million or more for a period of 25, 20 or 10 years.
504 Capital Corporation is a Certified Development Company that offers SBA 504 Loans. We are one of the top Small Businesses Financing Firms in Virginia. We assist them in determining their eligibility for SBA 504 loans.
We’re on a mission to assist small businesses and promote economic development with our lending facility. Our SBA lenders are skilled and dedicated to offer the best services.
If you would like to learn more about SBA 504 Loans for your small business financing, 504 capital Corporation is here to help you. Call us today at 757-623-2691.
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