Updated about 5 years ago on .
What Method is Helping get Money with No Payment for 6 Months?
What is the benefit of getting an SBA Loan?
There is one more BIG provision from the CARES Act that makes SBA loans a BIG winner right now but you must act fast....it only affects SBA loans that are closed by the end of September. Specifically, the Act states....Section 1112 of the CARES Act requires the Small Business Administration (SBA) to make payments on new and existing SBA 7(a) loans for six months.
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These are not deferments. They are full payments of principal and interest that the borrower will never be responsible for again. That is six months of loan payments that will be paid on your behalf. Specifically, the language in the Bill states "The Administrator shall pay the principal, interest, and any associated fees that are owed on a covered loan in a regular servicing status."
Why Act Fast?
The program is offering 6 FREE Months of payments. THAT IS HUGE! And people are flocking to get these loans in but that is why you should act fast now if you are a business owner, it will be a huge backlog fighting to close come September....you don't want to risk losing that by waiting too long. The next two weeks are critical!
What are some uses of an SBA loan for a small businesses?
- start up a new business-YES we can close start up business loans
- refinance and consolidate debt-even with no real estate (Business only loans have a 10 year amortization which is much longer then a typical lease or other business loan meaning much lower payments)
- Working capital for expansion
- Acquisition of another business (we are seeing a lot of this as Corona has left many businesses weak and prime targets for acquisition by stronger competitors in their space)
- and of course, acquisition and refinance of commercial buildings for your business
- With longer amortizations with real estate, NO BALLOON PAYMENTS, and low rates and now FIRST 6 MONTHS OF NO PAYMENTS, now is the time to check out an SBA Loan. If you are considering this at any time this year, nowis the time to apply to capture this unique window. I can pre-qualify you for free with just a phone call. Just call me today at 512-354-5949 or get started by completing the form.
Karen Schimpf
Commercial Capital, Ltd.
p: 512-354-5949
e: KarenSchimpf at gmail.com
www.linkedin.com/in/karenschimpf/
blog: http://bizloansconnections.com/
website: http://applycommercialloans.com
P.S The above loans are for HEALTHY businesses. If your business is still struggling, the EIDL loan is still available and it has a fresh batch of money. Go to www.SBA.gov and click on the loan options. For healthy businesses, give me a call today a needs at 512-354-5949 or get started here by completing a form.
Give me a call today to discuss your deal at 512-354-5949 or get started here by completing a form.