Buying a Business with an SBA 7(a) Loan
When small businesses are looking for avenues to grow, the US Small Business Administration (SBA) and John Marshall Bank work together to provide those businesses with specialized SBA 7(a) loans to support that growth. SBA 7(a) loans can be used for a variety of different purposes throughout the lifecycle of a small business such as funding real estate purchases, acquiring inventory, purchasing equipment, and furthering expansion by buying a business.
That’s right, small business owners can use an SBA 7(a) loan through John Marshall Bank to buy another business. In fact, if you’re eligible for an SBA 7(a) loan (you can check out some of the requirements here), using one to buy a business brings many advantages that a conventional bank loan might not. The biggest of these advantages is the term of the loan. An SBA 7(a) loan has a longer term than conventional bank loan, which allows business owners more time to pay off their loan. This longer timeframe can give businesses and their owners stability, which in an ever-changing business landscape is very valuable.
Alongside a longer repayment term, SBA 7(a) loans can offer lower rates, flexible payment terms, low down payments, and more. So, if you’re a small business owner and you’re looking to buy another business, or if you’re a potential small business owner looking to buy a business instead of starting a new one, an SBA 7(a) loan from John Marshall Bank can provide you with a clear path to take towards your purchase.
So, that’s what the SBA does for small business owners looking to buy another business, but what about John Marshall Bank’s part in it all? When small business owners’ partner with John Marshall Bank and the Bank’s SBA team, they partner with an expert and local team that knows the ins and outs of the SBA, the DC Metro area, and a large swath of niche industries. Not only does the Bank have a dedicated SBA team, but they also have eight branch locations throughout the DC Metro area, made up of a team that live in the areas they work in. They know what makes the DC Metro area unique and are poised to make locally informed decisions and give relevant advice.
A relationship with John Marshall Bank also goes well beyond the payment of an SBA 7(a) loan. The Bank offers a variety of tools and services to make sure that your business is running as optimally and securely as possible. It’s not just various fraud prevention tools, on and offsite payment solutions, and a strong reputation of availability and understanding that John Marshall Bank offers. Because of the Bank’s history of success with the SBA, they have been designated as a Preferred Lender, which allows them to make loan decisions faster than Bank’s without that designation. The good news doesn’t stop there, though. John Marshall Bank can also provide special workshops and financial advice for small businesses using knowledge and materials from the SBA.
While not all small businesses are planning on buying a business, for those who are, such as certain trade contractors, franchise owners, and healthcare providers such as doctors and dentists, partnering with John Marshall Bank and the SBA is a great way to make it happen. So, if you’re a small business owner looking to buy another business, get in touch with the John Marshall Bank team by calling 703-584-0800 or by clicking here.
