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The childcare business in the United States is projected to be one of the fastest-growing industries by 2020. The SBA 7(a) loan may be your ticket to opening a preschool if you’re ready to take on a business loan.

Traditional lenders like credit unions and banks provide the SBA 7(a) loan. Commercial real estate loans under the SBA 7(a) program may be as big as $5 million, with some loans having a 25-year duration. The eligibility criteria are easy, and most lenders just demand a 10% down payment.

The SBA 7(a) loan may be used for almost any legal company requirement, including equipment, land and real estate, and even operating capital. You may utilize the SBA 7(a) for your childcare facility to:

A new daycare is being built

 The SBA 7(a) may pay any of the expenses connected with a new building, including instructional materials, furnishings, alarms and security, and so on.

Refinancing a childcare is a difficult task

The SBA 7(a) funding may be utilized to refinance an existing loan. There are certain criteria that must be met in order for the loan to be utilized in this manner; for more information, see our article on Debt Refinancing. Find Out More

Purchasing a childcare center

The SBA 7(a) loan may be used to purchase an existing site. A childcare center does not have to be purpose-built, but it does need to have enough restrooms and space for equipment, workers, and visitors.

How to Save for a Down Payment on an SBA Loan is a helpful article

Other government-backed lending programs, such as the SBA 504 loan program, may also be found via SBA7a.Loans. This loan is bigger than the SBA 7(a), and the borrower may be required to put down a higher amount of money. To fund building expenses or the acquisition of commercial real estate, the SBA 504 is usually combined with a conventional loan.

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