Make Your Next Business Adventure Possible Through SBA Lending
Owning a small business is the adventure of a lifetime. Whether you’re bringing new life to the abandoned hardware store down the street or finally cutting the ribbon on that barbecue restaurant you’ve always wanted to open, our Renasant Bank small business experts are ready to help.
Turning your idea into a business takes a lot: time, commitment, sweat and—yes—money. Traditional lending models don’t always work well for small business startups—that’s why we partner with the U.S. Small Business Administration to provide lending options specifically for this purpose. Here are the two types of SBA loans that can help get your new business off the ground.
An SBA 7(A) loan is the perfect catch-all option for almost any business type. From boosting cash flow and increasing working capital to financing the acquisition of another business, an SBA 7(A) loan gives you the flexibility to support your business when it needs it most. It also boasts competitive interest rates on amounts covering up to 90 percent of costs, in addition to generous repayment periods of 25 years in some cases.
When a business is experiencing rapid growth, it can be hard to scale its surrounding infrastructure at the same rate. This is where a SBA 504 loan can come in handy. If you’re looking to upgrade equipment, make renovations around the office or even put down an offer on an entirely new building, the SBA 504 loan could be a great fit. And, you’ll get the same competitive interest rates and generous repayment periods available on the SBA 7(A) loan.
Get Started with Renasant Bank
The professionals at Renasant Bank want to make sure that you have what you need to support your small business, including SBA loans. You can check back in with Renasant Nation for more updates and insights. Contact the Renasant Bank experts to get started today!