Wells Fargo Business Loan – Which Business May Apply for the Loan Offer?
WELLS FARGO BUSINESS LOAN – Here is a guide on the qualifications in applying for the SBA 7(a) business loan offer of Wells Fargo bank.
A progressive business is one of those that helped a lot of people grow their money. However, truths be told that before they obtain a huge success, they had to go through a lot of risks. These includes the possibility of the business not working, losing the capital, and worst, being left in debts.
Meanwhile, if you carefully studied your chosen business, there is really a huge chance that things will work out. There are instances that may pull your business from growing but there will be options.
For example, you lack the finances to expand your business but you know the expansion would really be a big help to cater services to a wider range of audience and to make bigger profits, you may turn to loan offers.
In the United States, several banks and lending companies offer lending loans. Among the options are the Wells Fargo business loan offers – the SBA 7(a) and the SBA 504.
In this article, we’ll talk about the SBA 7(a). It is open for application for several purposes like the acquisition of an existing business, purchase of a partner business, expansion to another location, purchase of a real estate or equipment, or the combination of the said purposes in a single loan.
Who are qualified to apply for this Wells Fargo business loan offer? According to the bank, it is open for “longer term financing for businesses with net worth below $15 million and an average net income below $5 million”. Do you want to know how much you may borrow under the said loan offer?
According to Wells Fargo, you may pay for the loan for up to 25 years for commercial real estate and up to 10 years for other purposes. To apply, you may visit – Wells Fargo.