Financing your business can seem daunting, but SBA loans offer a great solution. With an SBA loan, you can finance up to $5 million with just a 10% down payment.
These loans typically have a 10-year term and an interest rate slightly above the prime rate. Additionally, you can get creative with financing by using seller financing, which can cover part of your down payment.
For example, if you negotiate 5% seller financing, you only need to put down 5% upfront.
This flexibility makes SBA loans a popular choice among entrepreneurs. Other options include conventional loans or bringing in investors if the amount exceeds $5 million.
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