SBA Loans for Shoe and Footwear Manufacturing Businesses
Shoe and footwear manufacturing businesses produce various types of footwear for men, women, and children. According to IBIS World, the shoe and footwear manufacturing industry has experienced steady revenue and profit growth. In the coming years, we can expect slight growth in this industry. As such, it may be an opportune time to start, purchase, or expand a shoe and footwear manufacturing business. However, starting, buying, or growing a business can be expensive. Thankfully, the Small Business Administration offers a wide range of loan programs to help shoe and footwear manufacturing businesses succeed. By obtaining SBA loans for shoe and manufacturing businesses, you can successfully establish your business.
If you are looking to apply for an SBA loan for a shoe and footwear manufacturing business, it is crucial to work with a reputable SBA lender. Peak Business Valuation, business appraiser, is here to assist! We work with dozens of experienced SBA lenders throughout the country. By working with Peak, you can get connected with a quality SBA lender that can meet your needs. Additionally, Peak can provide you with an SBA business valuation or equipment appraisal during the SBA application process. Schedule your free consultation with Peak Business Valuation today!
Benefits of SBA Loans for Shoe and Footwear Manufacturing Businesses
SBA loans for shoe and footwear manufacturing businesses offer many unique benefits. For example, SBA loans generally have long repayment terms and low down payments compared to traditional financing options. As such, SBA loans are more affordable for shoe and footwear manufacturing business operators. In addition, SBA loans are guaranteed by the Small Business Administration. This means that the SBA will help repay the loan if the borrower is unable to. For this reason, SBA lenders are more willing to approve the loan to qualifying applicants. To learn how to qualify for an SBA loan for a shoe and footwear manufacturing business, see Requirements for an SBA Loan.
Buying a Shoe and Footwear Manufacturing Business with an SBA Loan
There are many benefits that come with buying a shoe and footwear manufacturing business. For instance, buying an existing business is a quick way to establish a strong customer base and cash flow. However, buying a shoe and footwear manufacturing business can come with high expenses. As such, you may consider securing an SBA loan for a shoe and footwear manufacturing company. SBA loans for shoe and footwear manufacturing businesses offer as low as a 10% down payment making it very affordable to purchase a shoe and footwear manufacturing business. They are also guaranteed by the Small Business Administration.
f you have limited access to funds for buying a shoe and footwear manufacturing business, SBA financing is ideal. These loans can cover supplies, inventory expenses, closing costs, equipment, etc… Additionally, SBA loans have lower interest rates and longer repayment periods. By securing an SBA loan for a shoe and footwear manufacturing business, you can focus on establishing a shoe and footwear manufacturing business.
SBA 7(a) Loans for Shoe and Footwear Manufacturing Businesses
One of the most common SBA financing options for shoe and footwear manufacturing businesses is the SBA 7(a) loan. With the SBA 7(a) loan, operators can borrow up to $5 million in financing. In addition, the SBA 7(a) loan features a repayment term of up to 10 years. The SBA 7(a) loan program is useful for financing a wide range of shoe and footwear manufacturing business needs. This may include buying out a partner, purchasing a shoe and footwear manufacturing business, refinancing debt, etc… As such, this loan is ideal if you need to finance various aspects of your shoe and footwear manufacturing business. To learn more about obtaining an SBA loan, see How to Obtain an SBA Loan.
Expanding a Shoe and Footwear Manufacturing Business with an SBA 504 Loan
If you are expanding a shoe and footwear manufacturing business, you may consider securing the SBA 504 loan. The SBA 504 loan provides access to financing that is often difficult to obtain. For example, expanding a shoe and footwear manufacturing business may require purchasing commercial real estate. Shoe and footwear manufacturing business operators can use the SBA 504 loan to finance this purchase. This loan can also be used to finance large or long-term equipment and machinery.
Peak Business Valuation is a professional business appraiser. As such, we work with shoe and footwear manufacturing businesses throughout the country! Additionally, Peak works with over 80 SBA lenders across the country! We are happy to connect you with a reputable SBA lender that provides SBA loans for shoe and footwear manufacturing businesses. We can also provide you with an SBA business valuation or a machinery and equipment appraisal. Start now by scheduling a free consultation with Peak Business Valuation!
SBA Equipment Loans for Shoe and Footwear Manufacturing Businesses
It is important to ensure that you have high-quality shoe and footwear manufacturing machinery and equipment when operating a shoe and footwear manufacturing business. Some common shoe and footwear manufacturing equipment includes cutting equipment, sewing machines, lasting machines, heating and drying equipment, finishing equipment, etc… This machinery and equipment can be very expensive. As such, it may be helpful to finance the equipment purchases with an SBA loan. SBA financing for shoe and footwear manufacturing businesses is more affordable and convenient than traditional financing options.
During the SBA application process, SBA lenders may request a manufacturing equipment appraisal. Peak Business Valuation, business appraiser, values shoe and footwear manufacturing businesses throughout the nation. We are happy to provide you with an SBA equipment appraisal for a shoe and footwear manufacturing business you are starting, purchasing, or expanding! Peak can also answer any questions you have on machinery and equipment appraisals for shoe and footwear manufacturing businesses. Schedule a free consultation with Peak today!
SBA 7(a) Line of Credit for Shoe and Footwear Manufacturing Businesses
Last, the SBA 7(a) line of credit is similar to a home equity loan or a traditional credit card. Once the loan is approved, borrowers are given access to credit that they can use and pay off as needed. It allows shoe and footwear manufacturing businesses to finance a variety of needs. This often includes inventory expenses, hiring new employees, or financing business expansion. The SBA 7(a) line of credit is ideal for shoe and footwear manufacturing businesses that need quick access to funds. This SBA loan is also ideal for short-term needs or cyclical working capital. There are a variety of SBA loans for shoe and footwear manufacturing businesses. To learn more, schedule a free consultation with Peak Business Valuation.
Conclusion
Starting, buying, or expanding a shoe and footwear manufacturing business can be lucrative. However, this often comes with hefty expenses. As such, the SBA has a variety of loan programs to make operating a shoe and footwear manufacturing business affordable. By securing SBA loans for shoe and footwear manufacturing businesses, you can have financial flexibility and focus on building a successful business. To learn more about SBA financing for shoe and footwear manufacturing businesses, see SBA Loans or SBA Financing.
SBA lenders often require an SBA business appraisal part of the application process. Peak Business Valuation is happy to help! Peak Business Valuation is a professional business appraiser and manufacturing equipment appraiser. As such, we value shoe and footwear manufacturing businesses throughout the nation. Peak is happy to provide you with an SBA business valuation. And, we can discuss any questions you may have on valuing a shoe and footwear manufacturing business. In addition, we work with over 80 SBA lenders throughout the nation. By working with us, you can connect with a quality shoe and footwear manufacturing business SBA lender. Schedule your free consultation below to get started!
