Starting or expanding an amusement park, arcade, or recreation facility can be a costly endeavor. However, with the help of the Small Business Administration (SBA), these businesses can secure the funding they need to grow and succeed.
The SBA offers a variety of loan programs specifically designed to help small businesses in the amusement, recreation, and entertainment industries. These programs can provide the necessary capital to purchase equipment, expand facilities, and cover operating expenses.
SBA Financing Solutions for Amusement Parks
SBA 7a Loan
One popular loan option for amusement parks and arcades is the SBA 7(a) loan program. This program offers a maximum loan amount of $5 million and can be used for a wide range of business purposes, including purchasing land and buildings, construction, and equipment.
SBA 504 Loan
The SBA also offers the CDC/504 loan program, which can be used for the purchase of fixed assets, such as real estate and equipment, and can provide up to $5.5 million in funding.
SBA to the rescue
In conclusion, the SBA provides a wide range of financing options for amusement parks, arcades, and recreation facilities. These loans can help businesses secure the necessary funding to start or expand operations, purchase equipment, and cover operating expenses. With the help of the SBA, small businesses in the amusement, recreation, and entertainment industries can grow and succeed.
The Small Business Administration (SBA) does not directly provide loans to small businesses. Instead, it guarantees a percentage of the loan from a participating SBA bank or credit union. This means that the SBA will reimburse the lender for a portion of the loan if the borrower defaults. The SBA's guarantee allows lenders to offer more favorable terms and lower interest rates to small business owners, making it easier for them to secure the financing they need to start or expand their operations.
Working with Beau Eckstein as your commercial mortgage advisor when trying to locate the best SBA financing can be beneficial because he has extensive experience and knowledge in the field. He can help navigate the complex process of obtaining SBA financing and assist in finding the best options for your specific situation.
Additionally, his established relationships with lenders can help increase the chances of getting approved for funding.
Overall, working with a knowledgeable and experienced advisor like Beau Eckstein can greatly increase the chances of successfully obtaining SBA financing.