Computer repair companies are among the most popular types of small business across the country, with more than 57,000 business across the U.S. bringing in around $18 billion of revenue per year. While it’s true that shifts in the market mean that it’s often cheaper to buy a new computer than get one repaired, many high-end computer repair companies can still remain incredibly competitive. If you operate a computer repair company, and you need financing to grow your business, an SBA Express loan could be the solution you’re looking for.
SBA Express Loans Offer Speedy, Flexible Financing to Computer Repair Firms
SBA Express loans can offer U.S. small businesses up to $350,000 in as little as 30-45 days, making them a great choice for any computer repair businesses that need funds fast. Computer repair companies that get financing through the SBA Express program are permitted to use their loan proceeds for many purposes, including purchasing commercial real estate, buying equipment, and funding working capital for their business.
Many computer repair firms decided to take out an SBA Express loan to:
Buy equipment: If you want your computer repair firm to stay competitive, you might have to splurge on some extra equipment— and an SBA Express loan can easily help you do so.
Fund working capital: Whether it’s paying rent, keeping up with payroll, or paying for a new marketing campaign, computer repair businesses often need a cash injection to get them through a slow period— and an SBA Express loan can help.
Refinance an existing loan: If you borrowed money to start your computer business, but the loan is being offered to you on unreasonable terms, you might want to look into refinancing it with an SBA Express loan.
Purchasing commercial real estate: If you want to buy the property you’re currently renting, or your business to a new location, and purchase it, an SBA Express loan can help you do so. And, with up to 25-year terms for commercial real estate, you won’t have to be in a rush to pay everything back.
SBA 7(a) and SBA Microloans Can Also Help Computer Repair Companies
If your computer repair firm wants an SBA loan, but you need more than $350,000 maximum that an SBA Express loan can provide, you may want to look into the SBA 7(a) loan. The SBA 7(a) program offered nearly $26 billion in financing to businesses in 2017, and has a maximum loan amount of $5 million. On the other end of the spectrum, if you only need a little capital for your company, you might prefer an SBA Microloan. SBA Microloans can be issued in amounts of up to $50,000 and some lenders will approve borrowers with credit scores as low as 575.