Establishing a new business from scratch is a challenging task, but the team at VelocitySBA can assist in making it easier! Under the SBA 7(a) program, VelocitySBA offers long term financing for the startup of a wide variety of industries and can partner with you to make your business dreams a reality.
Benefits of SBA Financing with VelocitySBA
A large proportion of small business startups are completed with the assistance of SBA financing for a number of key benefits to the future business owner. Some of the benefits of financing with VelocitySBA to setup a business versus conventional financing are:
- Longer Term – Usually 10 years versus a 5-year term conventionally
- Lower monthly payment – The longer amortization equates to a lower monthly payment so the business owner has more free cash flow each month to support operating needs that may be critical especially early on as you cultivate your customer base.
- Lower down payment – SBA allows as little as 10% down where conventional loans may require as much as 50%.
- No balloon payment – As a fully amortized loan, the SBA loan would be fully paid off at the end of the term with on-time regular monthly payments, whereas many conventional options may require a larger lump sum balloon payment at the end of the term.
As a lending organization dedicated to small business financing, VelocitySBA team of experts has extensive experience with business startup transactions. Your VelocitySBA representatives will work quickly to process your financing request and can provide the support you need to make the process of becoming a business owner an easy and positive experience.
Keys to success
One common attribute of many successful startup business owners is having relevant industry experience or skillsets that can be directly applied to the business being established. That is why it is important to consider how your own background can contribute to the business you are seeking to set up and why it is a key component that VelocitySBA seeks to understand when you apply for financing.
Additionally, support systems such as a well-established franchise, and hiring experienced staff are other factors that can increase your chances at growing a successful startup business.
Your VelocitySBA business relationship manager will work with you to understand all these factors to ensure we recognize the full potential of your business endeavor. We want you to be successful and will work to structure financing that makes the most sense and works towards reaching your business goals.