Are you a small business owner in Baltimore County looking for financing? SBA loans are a great option for businesses that may not qualify for traditional financing due to their size, industry, or lack of collateral. These loans offer lower monthly payments and longer loan terms, making them an ideal solution for businesses that need working capital or want to take advantage of a new opportunity. The SBA 7(a) loan program connects small business owners with lenders across the country who can offer the best terms. If you're looking to buy real estate or commercial equipment, or need access to capital for repairs, this loan should be one of your top options.
The SBA 504 program is designed for companies seeking to acquire heavy equipment or fixed assets or purchase or develop real estate. Loan terms are usually up to 10 years for equipment and 20 years for real estate, and interest rates are usually lower than those of most conventional financing options. When comparing SBA loans, it's important to consider the charges, rates, and terms of the loan. You should also look at the SBA loan guidelines based on state commercial mortgage rates. Ashiah Parker from Boundless Coalition in Baltimore, Maryland can help you with SBA services such as funding programs, counseling, federal contracting certifications, and disaster recovery.
She can also connect you with partner organizations, lenders, and other community groups that help small businesses succeed. The most popular industries for small businesses in Baltimore are healthcare, retail, and food service. M&T Bank remains the top small business lender in the area. If you're looking for a lender that specializes in SBA loans in Baltimore County, they should be your first stop. When applying for an SBA loan in Baltimore County, it's important to understand the process and requirements. You'll need to provide financial statements and tax returns from the past three years as well as a detailed business plan.
You'll also need to provide collateral such as real estate or equipment. The SBA will review your application and determine if you meet their criteria. The SBA also offers several other programs that can help small businesses in Baltimore County. The Microloan Program provides short-term loans of up to $50,000 to help start-up businesses or those that need working capital. The Community Advantage Program provides loans of up to $250,000 to businesses located in underserved areas.
The Export Express Program provides loans of up to $500,000 to businesses that export goods or services. If you're a small business owner in Baltimore County looking for financing options, SBA loans are a great option. They offer lower monthly payments and longer loan terms than traditional financing options. It's important to understand the process and requirements before applying for an SBA loan. Ashiah Parker from Boundless Coalition can help you with SBA services such as funding programs, counseling, federal contracting certifications, and disaster recovery.