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FAQ - What are the best doggy daycare government subsidized loans?
Didier Malagies • Apr 27, 2022
For doggy daycare owners and buyers, there are two main types of Government Subsidized Loans that can help you buy or grow your business .
The best commercial loan for your doggy daycare business will depend on the specific type of financing you need and the property you intend to finance, so you always want to consult with a lending advisor before making any decisions.
Let's look a the two SBA loan types that can help a doggy daycare:
SBA 7(a) Loan Program
The U.S. Small Business Administration (SBA) offers an array of loan programs for a doggy daycare which generally have fewer than 500 employees. The most popular is the SBA 7(a) loan program can be used for working capital, to buy equipment like doggy playgrounds, cages, fencing, and other "things" that are needed to run a doggy daycare. You can also buy real estate or purchase an existing doggy daycare by using the loan to buy various assets of the business.
Two big advantages of this program are that it allows borrowers with lower credit and/or a low cash injection to qualify, and it's typically easier to obtain than other types of financing. However, it can take a lot longer to close an SBA loan than a conventional one, so plan ahead!
SBA 504 Loan Program
Other options for doggy daycare owners and buyers under the SBA umbrella include the SBA 504 loan program, which is a common SBA loan and is your best option for fixed-rate and long-term financing for fixed assets such as buildings, facilities, and land.
504 Loans allow borrowers long-term, fixed-rate financing of up to $5 million for fixed assets (land, buildings, facilities, machinery and more) that promote business growth and job creation.
504 loans are available through partnerships with the SBA and cannot be used for nonprofit, passive, or speculative activities.
For detailed information about each loan type, visit our commercial programs page.
For more information about what loan is best for your doggy daycare business, talk to our commercial experts. Call
(727) 784-5555. Or ask a question using the form below.
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If you need working capital for your business, you’ve come to the right place. We can get you up to $150,000 in financing in as little as 2 weeks. And unlike traditional banks and other lenders, we are here to help you throughout the process to make sure you get funded. Our program is designed to give businesses like yours access to cash when they need it most. The best part? There is no cash flow analysis, no debt refi, no equipment requirement - just working capital. You can get 30% of your top line, gross revenue from your last tax returns. To qualify for the loan you will need: To be self-employed for 2 years. Have a 680 FICO score or higher. Have a 155 biz score or higher. Access to working capital can help your business in many ways: Working capital loans can help with covering payroll. Some businesses have cash flow problems because they have to pay their employees before they get paid. This can be a problem for startups, especially if the business owner is also an employee. Working capital loans can help you cover payroll and other expenses until you receive payment from clients. Working capital loans can help with buying inventory. The cost of inventory is one of the biggest expenses for most businesses. Working capital loans can help you buy inventory quickly and easily so that you don't have to wait for your customers to pay their bills before they can receive it. Working capital loans can help with rent and building expenses. Rent and building expenses are ongoing costs that must be paid every month regardless of whether or not there have been any sales in that month. Working capital loans help businesses pay these bills on time so that they don't fall behind. There is no obligation to start the lending processes. Just an obligation to yourself to figure out what's best for you. Find out more about how much you can borrow to help you finance your working capital! Complete the form below and one of our advisors will reach out to you. Or, give us a call at (727) 784-5555 and we will be happy to answer all of your questions.
The process of seeking a commercial loan in Florida can be overwhelming.
The Small Business Administration (SBA) 504 loan is a long-term financing tool for growing small businesses.
The Small Business Administration (SBA) 504 loan is a long-term financing tool for growing small businesses.
Tax season is a great time to take stock of your company's financial situation and look ahead to the next year.
As a business owner, you need to know why commercial loans are important, how it works, and what is available to you.
Commercial real estate loans are similar to residential mortgages, but they usually require a shorter repayment period and a higher down payment.
For small business owners, there are three main types of commercial real estate loans: conventional commercial loans, SBA 7(a) loans and SBA 504 loans.
Commercial real estate loans are a lot like a residential mortgage. However, the programs, terms, and types vary.
Check out our other helpful videos to learn more about credit and residential mortgages.
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