SBA 7(a) V. SBA 504 – What's the difference?
Are you looking for small business financing in Virginia ? If so, congratulations. You're about to invest in the local economy and likely put yourself on the path to financial success. But before you can move forward with your small business plan , it’s important to choose the right loan provider. You have a few attractive options for small business financing in Virginia through the United States Small Business Administration (SBA) . The SBA 504 loan and the SBA 7(a) are both great choices for small businesses. But what’s the difference between them? We took a look at both loan types to help you decide what is right for your business. Breaking down the SBA 504 Loan Requirements: To work with an SBA 504 loan provider in VA , you will need to have a solid business plan for a for-profit, U.S. company and good credit. Financing is available up to $5 million. Benefits: This loan is best for business owners looking to buy commercial real estate , heavy machinery or equipment , or prope