Can 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!