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Is Your Business Affected by COVID-19? A Private Business-Purpose Loan May Help

Government stimulus COVID-19 business loans are not helping everyone, yet the coronavirus pandemic is affecting small businesses in a myriad of ways. From reduced sales and remote work to the temporary closings of “non-essential” businesses, things are changing fast during the COVID-19 outbreak.

Businesses both large and small are being forced to adapt, but for most, a COVID-19 business loan remains out of reach. With little capital and sources of funding, some small businesses and independent contractors may have to get more resourceful and creative with their financing to weather this pandemic and come out the other end intact.

Hope for Relief in the Form of Small Business Administration (SBA) Loans Has Been Dashed by Some Small Businesses

According to the Washington Post on April 27th, thousands of small businesses have already lined up for the latest round of $310 billion in COVID-19 business loans, but the money could run out in days.

Worse yet, these newly available economic stimulus funds may not end up in the hands of small businesses as intended. As witnessed in the first wave of SBA funding, COVID-19 business loans and relief funds provided via the Cares Act’s Paycheck Protection Program will be cornered by industry insiders and large businesses that already have access to cash. The Washington Post reports that “At least 140 publicly held companies received funds from the first Paycheck Protection Program, including large restaurant chains, a Fortune 500 auto retailer and a pharmaceutical company with $14 million in cash.”

Where does this leave small business owners in need of a COVID-19 business loan?

Excel Trust Deed Investments Can Close Privately-Funded Business Purpose Loans Within One Week

If you are a small business owner, independent contractor or otherwise self-employed and own real estate and you are in need of a COVID-19 business loan, you may be able to qualify for a privately funded business-purpose loan secured by your property.

These privately funded business-purpose loans can be used for any business-related expenditures such as payroll, equipment, technology expenses, improvements, etc. For example, does your business need to make COVID-19 related improvements in order to reopen? Perhaps a COVID-19 business loan is needed to install plexiglass shields to protect your employees or add a drive-thru curbside pick-up window and accompanying intercom?

When looking for a COVID-19 business loan, a privately funded business purpose loan may be the way to go to get the funding you need quickly in order to get your business back on track. Often we can close these business purpose loans within one week. Keep in mind that 50% of the loan proceeds must go to the business to qualify.

Privately-Funded Business Purpose Loans May be Easier to Obtain Than COVID-19 Stimulus Funds

With a business purpose loan from Excel TDI, there is no lengthy application process that traditional banks and lending institutions require. Just give us a call or email or complete our preliminary borrower loan request online. Once we receive your inquiry, one of our loan officers will help you through the brief qualification process.

You’ll be asked to take photos of the subject property for our appraiser and the remaining application and approval process will be completed via email. The loan-to-value ratio must be under 65% to qualify.

Our privately funded business-purpose loans are available in terms of 1 to 3 years and can be interest-only to help keep loan payments low and affordable.

Whatever your unique borrower situation, Excel Trust Deed Investments can help point you in the right direction and determine if a business purpose loan is right for you. Contact us today.