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Now that the ball has dropped and the new year has officially begun, maybe it’s time to consider where an SBA Loan could take your business in 2024. We know there are challenges in the marketplace. Inflation and a recession are on everyone’s mind. These are clear challenges, but they don’t have to hold you back from investing in your practice.

5 Reasons to Borrow in 2024
This year we covered a lot of ground discussing how flexible, government-backed SBA loans are and why they are a safe bet. Let’s recap some of the ways smart borrowing now could launch your business in the new year.

  • Secure capital now: Borrow now so the money is available when you need it. Remember, capital can be harder to obtain when you need it most because it’s either too expensive or you don’t meet the lenders current eligibility requirements.
  • Commercial real estate financing: Occupy 50% or more of the space for your practice and lease out the remaining space. If eligible, put no money down and receive 25 – year terms. With an SBA loan, there are no balloon payments – just a variable rate based on price (2.25+ prime).
  • Working Capital: Use flexible SBA financing to hire more staff, increase your advertising budget or to simply cover uneven months in cash flow and the rising costs of doing business.
  • Purchase a practice: Remove the competition, diversity your holdings and become your own boss! An SBA loan is the perfect pathway to purchasing another practice or to buy out a partner, especially when other businesses are folding in an economic downturn.
  • Refinance debt: Have high-interest business debt? Use SBA financing to restructure bad debt and receive longer repayment terms, lower rates, and less frequent payments.

Learn More and Get Pre-Qualified

If any of these options sound intriguing, call our team. We have 30 years of experience working with attorneys to make a small business loan – and growth — a reality.

Call 860–431–2568 now to see if you’re a fit or fill out the form:

This post is presented in partnership with FJA and SBA Funding. 

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