In a statement, Hershel Pierce, founder of SBA-Capital, a car wash financing firm, praises the SBA Paycheck Protection Program (PPP) as a great help for the immediate needs to pay employees as car washes were closed throughout the country as a result of COVID-19. He explains that there is now a new stimulus loan program available to address immediate financing needs for continuing success and growth of the car wash industry.
The new SBA 7a and 504 stimulus program loans pay the first six monthly payments for current and new SBA loans. Conventional loans do not qualify for this program. Borrowers that have been considering applying for an SBA loan to expand or renovate because their current lender would not provide the car wash financing they need are electing to take advantage of the new SBA loan program.
Operators who already have an SBA car wash loan automatically qualify for the six months free payments. This relief allows borrowers time to make up for lost income they experienced during the pandemic.
All new SBA loans must close by September 27, 2020, to qualify for the first six monthly free payments, so there is some urgency to take advantage of the stimulus program, especially for a new construction loan. The SBA stimulus loans are available to purchase, renovate, or expand an existing car wash business, plus new construction qualifies.
These SBA loans are available now for car wash operators that are anxious and ready to move forward. For more information, visit https://sba-capital.com.