The Case for Convenience Stores to Use SBA 504 Loans
Convenience stores, especially those set us as a gas station with a store attached that sells food, beverages, and sundries, have experienced a major surge in popularity in the US. Major chains like RaceTrac, QuikTrip, Wawa and others are expanding throughout the country, while competing with newer chains, franchises, and single-location convenience stores. Whether you’re interested in building your first location or you want to expand to a new location, an SBA 504 loan can be a great solution
With an SBA 504 loan, you can purchase the land on which the convenience store will be built, and even pay for construction of the store. You can also use the funds for the purchase of the equipment you will need to serve your customers, such as fuel tanks, a monitoring system, coolers and freezers, food prep equipment, and more.
However, understand that these funds cannot be used as operating capital. If you need capital, there are alternative options, such as an SBA 7(a) loan, or even a conventional business 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!