- September 10, 2018 at 2:30 am #243368
I hope you can help me–if I am making the right decision
I am trying to relocate my retail business to another city~instead of renting
Im trying to purchase the property and renovate it Can I apply for SBA loan
and how long will it take for this process? Otherwise I may just rent it then request
make rent to ownSeptember 10, 2018 at 2:44 am #245217
Dock David TreeceModerator
Congratulations on your move.
The short answer to your question is that you CAN use an SBA loan to purchase real estate for your business. You typically need to have been in business for at least 2 years and also meet additional criteria. You can learn more about how the process works here: https://fitsmallbusiness.com/sba-loan-rates/
It is worth considering that applying for and funding an SBA loan can take quite awhile – up to several months. That said, SBA loan rates are often very competitive (especially on fixed assets like real estate) and may be an excellent option for you.
Depending on your familiarity with the market, you may still want to lease space in the near-term until you decide where to locate your business. You can read more about leasing commercial space here: https://fitsmallbusiness.com/commercial-real-estate/
Hope this helps. Best of luck with your new venture.