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What You Don't Know About SBA Lending Can Hurt Your Business
Over 90 percent of the businesses in northern New Jersey qualify for Small Business Administration (SBA) loans, notes Dorothy Kahlau, Senior Vice President at Wayne, New Jersey-based Valley National Bank, and the head of Valley's SBA Department. However, the number of those businesses that know SBA resources are available to help their businesses grow and prosper is significantly less.
That's a real shame, and a potentially serious oversight by small business owners, particularly at a time when the economy is struggling to regain momentum. Small businesses create more jobs and more opportunities for people to succeed than any other business sector. Many would argue that small businesses are, in fact, the lifeblood of our economy.
Yet, small business owners with companies that range from gas stations to restaurants and daycare centers are limiting their potential growth. "Existing businesses may qualify for up to 100% financing; real estate acquisitions and start-up businesses may qualify for up to 90% financing," said Kahlau. "SBA loans are a highly desirable alternative source of capital for new business ventures, can help grow an existing business and can be a key component in a strategy to build a nest egg for the future."
From purchasing the building in which your business is located, instead of paying rent or leasing costs, to upgrading or expanding equipment and production capabilities, an SBA loan with specialized rates and terms can be the key to greater success and new opportunities.
In addition to SBA loans, credit lines are another important option for small businesses to consider. A credit line enables a small business owner to borrow money to support growth or to meet seasonal working capital requirements on an as-needed basis.
Valley National is one of New Jersey's leading SBA lenders, and holds Preferred Lending Status, which allows Valley to expedite the decision-making process. Valley offers a full suite of products and services designed specifically with the needs of small businesses in mind. To learn more about what SBA loans can do for your business, call Valley's SBA Department at 1-800-SBA-6772.
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