The owner of a gas station/convenience store needs to refinance a loan with a large balloon payment. Margins on gas typically are low, and external factors, like road construction, can dramatically impact the business’s cash flow, so it’s considered risky. On top of that, gas tanks present environmental concerns that drive away some lenders.
First Business Bank offers a complete toolbox of funding solutions to meet business owners’ unique needs. For this situation, an SBA loan is a perfect fit. Guaranteed by the U.S. Small Business Administration, SBA loans are an alternative to traditional bank loans, designed to help people starting up or growing a business who may not meet traditional lending standards.
"Our $820,000 SBA loan features a 25-year amortization, so now our client has a consistent loan payment over the next 25 years. Conventional loans often include a balloon payment, which causes borrowers to refinance every few years, and risk rejection. This SBA loan is fully paid over 25 years with no balloon, so our client doesn’t have to worry about refinancing every five years. More importantly, the new loan improved cash flow by $21,000 per year.
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