SBA 504 Loans for Computer Repair Companies
While the cost of computers might have come down, there is still a significant need for repair professionals. From replacing damaged hard drives to installing new motherboards and upgrading RAM and video cards to handle modern gaming needs, there is a lot of demand for computer repair companies. In
Better Financing Starts with More Options$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1M offered by a Credit Union at 5.1%Click Here to Get QuotesCan SBA 504 Loans Benefit Computer Repair Companies?
While the cost of computers might have come down, there is still a significant need for repair professionals. From replacing damaged hard drives to installing new motherboards and upgrading RAM and video cards to handle modern gaming needs, there is a lot of demand for computer repair companies. In fact, the industry is predicted to create $18 billion in revenue in 2018. This means that it could be a fantastic time for computer repair entrepreneurs to expand their businesses, and SBA 504 loans are a great way to help them do it.
The Uses and Limitations of SBA 504 Loans for Computer Repair Companies
SBA 504 loans offer some of the lowest rates out there, and are designed for specific uses, including purchasing real estate or building a new facility. They can also be used to renovate existing buildings, and even purchasing the computer repair and diagnostic equipment necessary to serve your customers.
However, it’s important to be aware that SBA 504 loans cannot be used to fund working capital, nor can they be used in any situation in which you are leasing equipment. If those are your intentions, an SBA 7(a) loan would be a better fit for those needs. You may also want to consider an SBA express loan (if you’re looking for $350,000 or less in financing), or even an SBA microloan (if you need $50,000 or less in funds.)
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!
Related Questions
What are the eligibility requirements for SBA 504 loans for computer repair companies?
The eligibility requirements for SBA 504 loans for computer repair companies are as follows:
- The business must be a for-profit, operating in the United States
- The business must occupy at least 51% of the project property
- The business must have a tangible net worth of less than $15 million and an average net income of less than $5 million after taxes for the past two years
- The business must be able to demonstrate the ability to repay the loan
For more information, please refer to the SBA 504 Eligibility Requirements.
What are the advantages of SBA 504 loans for computer repair companies?
SBA 504 loans offer some of the lowest rates out there, and are designed for specific uses, including purchasing real estate or building a new facility. They can also be used to renovate existing buildings, and even purchasing the computer repair and diagnostic equipment necessary to serve your customers.
Advantages of SBA 504 loans for computer repair companies include:
- Low interest rates
- Can be used to purchase real estate or build a new facility
- Can be used to renovate existing buildings
- Can be used to purchase computer repair and diagnostic equipment
What are the disadvantages of SBA 504 loans for computer repair companies?
SBA 504 loans cannot be used to fund working capital, nor can they be used in any situation in which you are leasing equipment. If those are your intentions, an SBA 7(a) loan would be a better fit for those needs. You may also want to consider an SBA express loan (if you’re looking for $350,000 or less in financing), or even an SBA microloan (if you need $50,000 or less in funds).
How much can a computer repair company borrow with an SBA 504 loan?
Computer repair companies can borrow up to $5 million with an SBA 504 loan. This loan is designed for specific uses, including purchasing real estate or building a new facility, renovating existing buildings, and purchasing the computer repair and diagnostic equipment necessary to serve customers.
However, SBA 504 loans cannot be used to fund working capital, nor can they be used in any situation in which you are leasing equipment. If those are your intentions, an SBA 7(a) loan would be a better fit for those needs. You may also want to consider an SBA express loan (if you’re looking for $350,000 or less in financing), or even an SBA microloan (if you need $50,000 or less in funds).
For more information, please visit SBA 504 Loans for Computer Repair Companies.
What documents are required to apply for an SBA 504 loan for a computer repair company?
To apply for an SBA 504 loan for a computer repair company, you will need to provide the following documents:
- Business tax returns for the past two years
- Personal tax returns for the past two years
- Business financial statements for the past two years
- Personal financial statements for the past two years
- Business balance sheet
- Business income statement
- Business cash flow statement
- Business debt schedule
- Business organizational documents
- Business lease agreements
- Business licenses and permits
- Business insurance policies
- Business resumes
- Business collateral
- Business projections
- Business loan application
For more information, please visit SBA 504 Loans for Computer Repair Companies.