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3 Replies Last post: Jun 29, 2008 9:03 PM by Mark SLF

$175K SBA loan

Jun 29, 2008 1:26 PM

redcyclist 2 posts since
Jun 29, 2008

We are a 3.5 year old retail bicycle shop business that is growing and also has a growing inventory
that we have been financing with credit cards. Looking to refinace this debt for 3 years and help our
cash flow. Is an SBA loan a good fit for us?

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mlebovits 42 posts since
Oct 10, 2007

1. Re: $175K SBA loan Jun 29, 2008 4:30 PM

Refinancing credit card with an SBA loan can be challenging. You may have to show receipts for your expenditures and prove that all of the credit card debt was incurred as business debt. If you incurred these business charges on a personal credit card, it could be more difficult.

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redcyclist 2 posts since
Jun 29, 2008

2. Re: $175K SBA loan Jun 29, 2008 6:51 PM

in response to: mlebovits

All the credit cards are in the business name, but the majority of the $175K would be direct
supplier payoffs on inventory.

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Mark SLF 33 posts since
Dec 12, 2007

3. Re: $175K SBA loan Jun 29, 2008 9:03 PM

An SBA Loan would be tough as a re-finance on credit cards. I may be able to help you with a Fast Cash Business Loan, but only over one year.
The program allows for up to $100K per location. It is not a credit card advance but a real loan.
Rates about 1/3 of a merchant cash advance. Plus as you pay down the debt you can access aditional working capital.

You can see more information at https://www.spotlightfinancial.biz/Small_
Business_Loans.php

Take a look, if it looks like you might be interested just give me a call or fill in our contact request on the website.

Mark Lomas
Spotlight Financial LLC
1-888-600-6039 ext 169

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This Question is Answered

$175K SBA loan

Jun 29, 2008 1:26 PM

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