SBA 7(a) loans can be used for many business purposes, including buying new equipment if you need upgrades, consolidating debt, and more. The flexibility of SBA 7(a) loans is one of the reasons they are popular for small businesses and startups.
SBA 7(a) loans can be used for:
- Financing new office equipment including:
- Equipment used to operate your business
- Vehicles used to operate your business
- Consolidating business debt
- Renting office space if you’re expanding or just starting out
- Purchasing space for your business including:
- Land (vacant and developed)
- Office rentals
- Inventory to sell
- Utilities used for business purposes and other working capital needs
- Exporting expenses
- Renovations including landscaping
- Acquiring a business
- Research expenses
As you can see, there are plenty of uses for SBA 7(a) loans—and you can get access to funds for these purposes when you apply for funding through BHG Financial’s wholly-owned subsidiary Fund-Ex Solutions Group. Your SBA 7(a) loan can help you accomplish various business goals, from consolidating commercial debt to opening a new location or buying real estate.
Did it turn out that your desired use of funds isn’t covered by an SBA loan? Don’t worry. Lenders, including us, provide other business and personal financing options that can help with your specific needs.
For example, if you’re looking to acquire a business and need cash quickly, an SBA 7(a) loan’s turnaround time may not be ideal. However, at BHG Financial, we also provide business loans that can give you the funds you need in as few as 3 days*—helping you take advantage of opportunities as soon as they present themselves.
Now that you know what SBA 7(a) loans can be used for, visit the Fund-Ex Solutions Group website to speak to a loan specialist today.
*Terms subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details. For California residents: Consumer and commercial loans are made or arranged pursuant to the California Financing Law, License No. 603-G493.