SBA 7(a) Refinance
Improve your business cash flow by refinancing your SBA 7(a) to another SBA (7a) with Spartan Coaching & Consulting.
Introduction to SBA 7(a) Refinance
The SBA 7(a) Refinance program by Spartan Coaching & Consulting is designed to help small business owners improve their cash flow by refinancing their existing SBA 7(a) loans into new SBA loans with lower interest rates. This program not only reduces monthly payments but also provides an opportunity for a cash infusion to support business growth and expansion.
Benefits of SBA 7(a) Refinance
- Lower Interest Rates: Refinance your existing SBA loan to a lower rate, reducing the overall interest expense.
- Improved Cash Flow: Lower monthly payments free up cash for other business needs.
- Access to Working Capital: Obtain additional funds for working capital to support business operations.
- Flexible Use of Funds: Use the refinance proceeds for various purposes including purchasing equipment, buying inventory, refinancing high-interest debt, and renovations.
- Extended Loan Terms: Reset the loan term back to the initial term of 10 or 25 years, providing long-term financial stability.
Qualifications for SBA 7(a) Refinance
How to Apply for SBA 7(a) Refinance
- Current Loan: Must have an existing SBA 7(a) loan priced at Prime + 2.5% or higher.
- New Interest Rate: The new interest rate will be Prime + 1% fixed or Prime + 1.25% variable, adjusting quarterly.
- Loan Term: The term can be reset back to the original loan term of 10 or 25 years.
- Debt Service Coverage Ratio (DSCR): Require a global and business DSCR of 1.15x with 3 years of financials.
- Pre-Qualification: Check if you meet the minimum qualifications without impacting your credit score
- Application: Start your online application by filling out basic information about yourself and your business.
- Document Submission: Submit the required financial documents.
- Decision and Funding: Receive a decision within 24 hours and funding within 7 days or less.