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SBA Express Loans for Plumbing Companies
There are over 110,000 plumbing businesses in the United States, employing more than half a million workers and generating an estimated $93 billion in revenue each year. And, as any homeowner or business owner knows, having a good plumber is essential if you want to keep your pipes working and your
There are over 110,000 plumbing businesses in the United States, employing more than half a million workers and generating an estimated $93 billion in revenue each year. And, as any homeowner or business owner knows, having a good plumber is essential if you want to keep your pipes working and your home dry. So, if you’re looking for financing to grow your plumbing firm, refinance a business loan, or help your company through a rough patch, an SBA express loan could be a fantastic solution.
How Plumbers Can Utilize SBA Express Loans
The SBA Express program is an excellent choice for plumbers and plumbing company owners who want SBA funding fast. Unlike some other types off SBA loans, which can take several months to close, Express loans can close in between 30 and 90 days, making them a great choice for businesses that can’t wait forever for funding. Just like their more popular sibling, the SBA 7(a) loan, Express loans can be used for equipment, working capital, and commercial real estate.
Plumbers commonly use SBA Express loans for purposes including:
Buying vehicles and equipment: Purchasing equipment can be one of the most expensive costs of running a plumbing business. However, the SBA Express loan’s 10-year equipment loan terms can help take the pressure off your company’s finances while giving you the tools you need to succeed .
Buying out a partner: Going into the plumbing business with a partner or two isn’t uncommon; but partnerships don’t always last forever. And, if you want to purchase a parter’s stake in the company, an SBA Express loan could be a smart way to do it.
Working capital financing: Whether it’s keeping the lights on or making sure your workers get paid on time, having enough funds in the bank to cover daily expenses isn’t always an easy feat— but, with its 10-year working capital loans, the SBA Express program can help.
Refinancing business debt: Refinancing debt is one of the most common uses for the SBA 7(a) loan. However, the debt must currently be offered to the borrower on unreasonable terms, and needs to have been used for SBA-loan eligible business expenses, not personal purchases.
SBA microloans: These loans are offered in amounts up to $50,000, and some lenders may permit borrowers with credit scores as low as 575 to apply.
SBA 504 loans: SBA 504 loans are designed exclusively for owner-occupied commercial real estate and long-term equipment financing. They offer ultra-low interest rates (around 5%), and have a maximum loan amount of $5.5 million.
SBA Community Advantage loans: These loans, which are designed to help provide financing for historically underserved populations, including women and minorities, are offered in amounts up to $250,000, mostly by non-profit lenders working in concert with the SBA.
What are the eligibility requirements for SBA Express Loans for plumbing companies?
The eligibility requirements for SBA Express Loans for plumbing companies are as follows:
- The business must be for-profit and located in the United States.
- The business must have a net worth of less than $15 million and an average net income of less than $5 million after taxes for the past two years.
- The business must have a tangible net worth of less than $5 million.
- The business must have been in operation for at least two years.
- The business must have a good credit history.
- The business must have a need for the loan proceeds.
For more information, please visit the SBA Express Loans for Plumbing Companies page.
What are the advantages of SBA Express Loans for plumbing companies?
SBA Express Loans are an excellent choice for plumbers and plumbing company owners who want SBA funding fast. Unlike some other types of SBA loans, which can take several months to close, Express loans can close in between 30 and 90 days, making them a great choice for businesses that can’t wait forever for funding. Just like their more popular sibling, the SBA 7(a) loan, Express loans can be used for equipment, working capital, and commercial real estate.
Advantages of SBA Express Loans for plumbing companies include:
- 10-year equipment loan terms, which can help take the pressure off your company’s finances while giving you the tools you need to succeed.
- Buying out a partner's stake in the company.
- 10-year working capital loans.
- Refinancing business debt.
What are the disadvantages of SBA Express Loans for plumbing companies?
The main disadvantage of SBA Express Loans for plumbing companies is that they may not be the best choice for businesses that need to achieve an incredibly low interest rate for a commercial real estate loan, or get a smaller loan with poor credit. Other SBA loan options, such as SBA microloans, SBA 504 loans, and SBA Community Advantage loans, may be better suited for these needs. For example, SBA microloans are offered in amounts up to $50,000, and some lenders may permit borrowers with credit scores as low as 575 to apply. SBA 504 loans are designed exclusively for owner-occupied commercial real estate and long-term equipment financing, and offer ultra-low interest rates (around 5%), and have a maximum loan amount of $5.5 million. SBA Community Advantage loans are designed to help provide financing for historically underserved populations, including women and minorities, and are offered in amounts up to $250,000, mostly by non-profit lenders working in concert with the SBA.
How long does it take to get approved for an SBA Express Loan for plumbing companies?
It typically takes up to three days to get approved for an SBA Express Loan for plumbing companies. After approval, funds will typically be dispersed in as few as 20 days.
Source: SBA Express Loans for Plumbing Companies and SBA Express Loans Terms
What documents are required to apply for an SBA Express Loan for plumbing companies?
To apply for an SBA Express Loan for plumbing companies, you will need to provide the following documents:
- Business tax returns for the past three years
- Personal tax returns for the past three years
- Business financial statements
- Personal financial statements
- Business license
- Business lease
- Business debt schedule
- Business debt service coverage ratio
- Business debt to equity ratio
- Business debt to asset ratio
- Business debt to income ratio
- Business debt to net worth ratio
- Business debt to cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
- Business debt to tangible assets ratio
- Business debt to tangible equity ratio
- Business debt to tangible income ratio
- Business debt to tangible cash flow ratio
- Business debt to tangible net worth ratio
SBA Express Loans vs. Other SBA Loans
SBA Express loans are a great way to get SBA funding fast, but if your business has other needs— like achieving an incredibly low interest rate for a commercial real estate loan, or getting a smaller loan with poor credit, than they might not be the best choice. Other SBA loan options include: