On behalf of an internet marketing company based in South Florida, we obtained a $250,000 Small Business Administration (SBA) 7(a) loan. SBA 7(a) loans have many benefits, including:
- Long-term financing (we obtained a 10-year term for our client)
- Improved cash flow (our client will be using the funds for working capital for advertising and new employee hiring, as well as to refinance high-interest business debt)
- No balloons
- No prepayment penalty
Our client previously applied for an $85,000 business line of credit with his bank, but he did not satisfy the bank’s conservative underwriting guidelines. We were able to get him approved for the $250,000 SBA loan (3 times greater than his original request).