SBA 504 Loans for Tax Preparation Firms
Can Tax Preparation Firms Benefit from SBA 504 Loans?
The tax prep industry, which employs nearly 300,000 people, is expected to pull in an incredible $10 billion in revenue this year. Plus, the industry is growing fast, with an estimated expansion rate of almost 3% per year since 2014. All this makes it an excellent time for tax prep entrepreneurs to expand their businesses, and an SBA 504 loan could be a great way to help them do it.
The Uses and Limitations of SBA 504 Loans for Tax Preparation Firms
If you’re looking to grow your tax preparation firm, an SBA 504 loan can be an excellent choice. 504 loans offer up to $5 million in funding, and come with lower interest rates than SBA 7(a) loans. SBA 504 Loans can be used for some of the most important things you’ll need, such as purchasing land, renovating or constructing a building, and buying essential business equipment (workstations, servers, filing cabinets, office furniture, and more).
However, it’s important to realize that SBA 504 loans cannot be used for working capital. If that’s what you need, you may want to look toward a 7(a) loan, or perhaps an SBA express loan. Of course, if you don’t qualify for (or simply don’t want) an SBA loan, you can also turn to conventional business financing.
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!