How SBA 504 Loans Work with Auto Repair Shops
As the number of vehicles on the road rises, so too does the demand for qualified professionals to service and repair those vehicles. The auto repair industry is expected to see almost 3% growth between 2013 and 2018, with a forecasted $67 billion in revenue for 2018 alone. Employment is also expected to continue rising.
Looking to get into the industry with your own shop? An SBA 504 loan can help you do just that. With this type of loan, you can purchase and improve the real estate on which your shop will be located. You can buy an existing shop, or you can construct a brand new one. You’ll also be able to use it for equipment you’ll need, such as an air compressor, vehicle lifts, scan tools, tire mount machines, wheel balancers and the like.
If you’re looking to expand your existing shop, an SBA 504 loan can also be a great tool, and also to reduce your impact on the environment. However, they cannot be used for working capital. In that case, you’ll need to explore a conventional business loan or an SBA 7(a) loan.
We’re here to help you get the commercial financing you need. Simply fill out the form below for a risk-free consultation and a free SBA loan quote!