A Nevada LLC creates a corporate veil, helping protect your personal assets from business liability. Nevada also has the lowest taxes in the country when it comes to your business!
With business credit, you’ll be able to secure business loans without having to use your personal assets as guarantee or collateral. If you have bad personal credit, but proper business credit, you’ll still get approved!
When a professional CPA prepares your taxes, they can look for commonly missed tax breaks, as well as red flags that may trigger an audit. 90% of businesses will overpay their taxes by over $1 billion dollars, so don’t lose out on a chance to save money.
We have been working with Fordham for a couple years now, and they have been... read moreKC6/07/2021
A team of Professionals who did what they said .Customer6/07/2021
This is my second time dealing with Fordam. They have always treated me with respect... read moreCustomer6/07/2021
Howard and Rob have helped us numerous times with funding when we desperately needed it!... read moreJackson6/07/2021
Rob Winston and Fordham Capital is an absolute true and consummate professionals , when he... read moreCustomer6/07/2021
the process was very professional at the same time personableRIIO Group LLC6/07/2021
Howard was amazing to work with from the beginning. We were a “tricky” case and... read moreJennifer L.6/07/2021
Second round of funding was as easy as the first. Great service and people highly recommended.Rice Brothers Construction6/07/2021
Small Business Loans In Vickery Meadow
Frequently Asked Questions Dallas County Business Owners Have About SBAs
When the business owners of Dallas County are looking to take out Vickery Meadow, TX small business loans, Fordham Capital, LLC is the first place they call. Since 2015, we have been helping small business owners secure the capital they need to achieve the success that they desire and deserve. We specialize in all types of SBAs and can help you get approved for a loan at a low interest rate with flexible repayment terms. Whether you’re thinking about opening a new venture, you want to expand your existing business, or you simply need some working capital, with Fordham Capital, LLC, you can have confidence knowing that you’ll be able to finance the growth of your business.
Frequently Asked Questions About SBAs
Perhaps you have a great idea for a new business venture, maybe you want to open up a new location for your existing business, or perhaps you’d like to make some structural and cosmetic changes to your commercial space. Whatever your particular situation may be, if you need funds for your business and you’ve been researching Vickery Meadow, TX small business loans, you’ve probably come across a lot of different terms, like SBA loans.
SBAs are one of the best funding options for small business owners. In fact, these loans have helped countless Dallas County entrepreneurs finance their businesses and realize their dreams. But what exactly are SBAs? What are the benefits of this type of Vickery Meadow, TX small business loan? How do you go about getting one? To find the answers to these questions and more, continue reading. Below, you’ll find the answers to some of the most frequently asked questions that Dallas County business owners have about SBAs.
Q: What is an SBA loan?
A: SBAs are Vickery Meadow, TX small business loans that are backed by the US Small Business Administration, a federal government agency that provides financial programs for small businesses. The SBA works with a network of approved private financial institutions, such as banks and credit unions. SBAs are issued by private lenders, but the loans are partially backed by the United States federal government. In other words, you would apply for a loan with an SBA-approved lending institution, and the lender would then apply for a partial loan guarantee with the SBA. The guarantee amount varies and depends on different factors, but the federal government may guarantee up to 85% of the amount issued on an SBA Vickery Meadow, TX small business loan. If you default on the loan, the federal government will cover the guaranteed amount.
Q: Are there different types of SBAs?
A: Yes, there are several different types of Vickery Meadow, TX small business loans that are backed by the US Small Business Association, and each one has its own terms and conditions. The right SBA loan for you depends on the needs of your Dallas County business and what you intend on using the funding for. A breakdown of the different types of SBAs is as follows:
- SBA 7(a). This type of SBA offers up to $5 million in funding, which can be used as working capital, expansion, and for equipment purchases.
- SBA Express. Offering up to $1 million (which will be decreased to $500,000 on October 1, 2021), the funds for this type of SBA can be used as fast funding for working capital, real estate, expansion, and equipment purchases.
- SBA microloans. This kind of SBA offers up to $50,000, which can be used as working capital and to purchase inventory, supplies, equipment, and machinery.
- SBA 504. You can receive up to $5.5 million with an SBA 504, which you can put toward the purchase of long-term, fixed assets, such as land, facilities, and machinery.
- SBA disaster. The SBA will issue up to $2 million for a disaster loan, which can be put toward repairing physical damages to your business as a result of a declared disaster, as well as to cover operating expenses.
- SBA export working capital. You can receive up to $5 million that can be used as working capital to support export sales for your business.
- SBA Community Advantage. Offering up to $250,000, the funds from this type of SBA can be put toward regular business purposes, but cannot be used as revolving credit.
- SBA international. You can receive as much as $5 million with this type of Vickery Meadow, TX small business loan, which you can use for long-term funding in order to increase export sales or to modernize your operations so you can contend with overseas competition.
In addition to the above SBAs, the US Small Business Association also offers funding through small business grants, as well as through loan programs for veterans.
Q: What type of benefits do SBAs offer?
A: SBAs offer several benefits, which is why they’re known as one of the most powerful Vickery Meadow, TX small business loan options. Some of the most notable benefits include:
- Competitive terms
- Flexible conditions
- Low fees
- Longer terms
Q: Who issues SBAs?
A: While the SBA offers Vickery Meadow, TX small business loans to aide Dallas County business owners, it does not lend money directly to business owners. Rather, the SBA establishes guidelines for loans that are issued by approved banks, credit unions, community development organizations, and micro-lending institutions. The lender then applies for a guarantee from the SBA for a portion of the loan.
Q: How can I qualify for an SBA?
The minimum requirements to qualify for SBAs are as follows:
- 2 or more years of history
- A personal credit score of at least 640 for the business owner
- An annual revenue of at least $100,000
Do note, however, that these are the minimum requirements. Other factors will be taken into consideration, such as where your business is located in Dallas County and how you generate income. The lender you work with will be able to provide further information.
Q: What do I need to apply for an SBA loan?
A: Like any other type of Vickery Meadow, TX small business loan, you will need the appropriate information and documentation in order to apply for SBAs, examples of which include:
- A completed SBA-backed Vickery Meadow, TX small business loan application
- A personal financial statement
- Personal and business tax returns for the last three years
- Documentation of your existing business debts, including the balance, term, interest rate, and monthly payment amount for those debts
- A proposal that highlights how you intend on using the loan proceeds
Your lender will let you know exactly what type of documentation and information you will need to provide.
Contact Fordham Capital, LLC for All Your Vickery Meadow, TX Small Business Loan Needs
For more information regarding SBAs or to start the process of applying for a small business loan, get in touch with the team at Fordham Capital, LLC. We can help you secure the financing you need to expand the success of your Dallas County business.
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