Great financing outcomes start with great preparation. If you’re considering an SBA loan, a few upfront steps can make the process smoother and help you move faster when the timing is right.  

Step 1: Clarify the Purpose of Funds 
Are you planning for working capital, equipment, inventory, renovations, real estate, or an acquisition? SBA 7(a) is often best for flexibility across multiple needs, while SBA 504 is purpose-built for major fixed assets like land, buildings, and large equipment.  

Step 2: Choose the Structure That Matches Your Goal 

• SBA 7(a) supports a broad range of uses including working capital, real estate, renovations, acquisitions, equipment, and eligible debt refinancing. 

• SBA 504 is designed for fixed-asset investments and offers a long-term, fixed-rate structure for predictable payments. 

Step 3: Understand the Built-In SBA Benefits 
SBA programs may provide lower down payments, longer terms (up to 25 years in some cases), fixed or variable rate options, and the ability to include closing costs in the total loan amount. These are features that can help preserve liquidity while you invest in growth. 

Step 4: Work With a Bank That Can Streamline the Process 
As part of the SBA’s Preferred Lender Program, ChoiceOne Bank can streamline approvals and focus on building a financing solution that fits your business, reducing unnecessary delays and helping you move forward with confidence.  

If you’re thinking about an SBA loan, our team can help you choose the right option, prepare confidently, and move through the process with clarity, so your financing supports long-term success.  

All loans are subject to credit approval.