SBA 504 Loans Help Bring Restaurants to Life
With growth over 4% in the past three years, and over $300 billion in revenue in 2018 alone, the restaurant industry is booming. And, that means that it could be an amazing time to expand your restaurant. Of course, you’ll need funding if you want to make your eatery all it can be. That’s where an SBA 504 loan can come in.
Common Uses for SBA 504 Loans
In general, SBA 504 loans are designed to help you purchase and improve real estate. You can also use the funds to design and construct your building, and even to purchase the equipment that you’ll need. Ovens, stoves, fryers and the like cost hundreds of thousands of dollars combined, and SBA 504 loan can give you up to $5 million to spend on building your business.
However, if you need working capital to tide you over until the restaurant can turn a profit, you’ll need supplemental funding. An SBA 7(a) loan might be a good idea, but there are other choices, too. These include SBA express loans, SBA microloans, and, of course, good old conventional business loans.
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!