Dec 7, 2013

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Available Options When You Need Business Loans in Brevard

When your business needs cash, look to your local credit union for a business loan. There are several types of loans available that are geared specifically toward the unique needs of business owners. A knowledgeable representative from the credit union can help you find the perfect loan product for your business and explain the steps you need to take to qualify.

The Small Business Administration guarantees loans that lenders such as credit unions offer to their business members. SBA Business Loans in Brevard typically have lower down payments and terms that are favorable to small businesses. With an SBA 7(a) loan, you can get anamoritazation period of up to 25 years. This loan is popular because it is very flexible. The 7(a) loan can be used for long or short-term working capital, to purchase equipment, supplies or furniture, to purchase or construct a building that will be used for the business and to establish or purchase a business.

Another popular SBA loan is the 504 program. These Business Loans in Brevard are available for businesses to purchase or make improvements to existing real estate, renovate or modernize commercial properties or to construct new facilities. A 504 loan cannot be used for working capital. Businesses that need real estate often prefer SBA 504 loans due to the low down payment requirement.

The Small Business Administration does not make 504 Business Loans in Brevard available to real estate developers. However, your local credit union may have a loan program specifically for businesses that specialize in buying or building real estate. If you need financing to purchase property for your development business, Community Credit Union may have a loan program to meet your needs.

Whether you need a business checking or savings account, a small business loan or personal financial services, you can find the services you are looking for at CCU. Credit unions offer a wide variety of services to help members improve their financial situation. Because credit unions are concerned about their members more than profits, members often find lower mortgage rates and higher savings interest rates at credit unions than traditional banks.

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