Every business has its ups and downs. Whether looking to kickstart a new venture or experiencing a downturn during a time of uncertainty like the coronavirus, small businesses do not have to approach change alone. The 7(a) loan is the Small Business Administration’s (SBA) most widely used loan program, and many businesses turn to the program in times of challenge or opportunity. The proceeds can be used for working capital, refinancing debt, making major purchases and more. While the loan is partially guaranteed by the SBA, the financing is delivered through a trusted SBA lender such as Merchants Bank of Indiana (MBI). MBI is pleased to announce that our SBA Group recently closed 7(a) loans for both a national fast food franchise and multiple gas station/convenience store locations. For the national fast food franchise, we provided a 25-year, $815,500 loan to finance the acquisition of the commercial real estate and business assets associated with an Indianapolis franchise location. Also in Indiana, one borrower received a total of $3.7 million for three gas station/convenience store businesses. The first loan refinanced existing debt at a Muncie location, as the previous loans from other lenders had high interest rates and other issues, costing the small businesses thousands. The second and third transactions were for the purchases of two additional gas station/convenience store locations in Muncie. All three transactions closed on the same day – an impressive timeline compared to the industry standard. When seeking a 7(a) loan, it is important to find the lender that is right for you and is approved by the SBA. For instance, MBI is a designated PLP (Preferred Lenders Program) Lender for the SBA, an accreditation which allows the bank to make the final credit decision, which in turn speeds up the approval and closing process. From now until September 2021, all SBA 7(a) loans have an increased guarantee from 75% up to 90% and a waiver of all borrower guarantee fees under the CARES Act. In addition, SBA will also cover three months’ worth of payments (up to $9,000 a month) on loans approved and fully disbursed before Sept. 30, 2021. Merchants Bank of Indiana is ready to serve your business no matter your need. If you are interested in applying for an SBA 7(a) loan or learning more about your financing options, please reach out to one of our lenders for assistance today.