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PyraMax Bank
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Over the previous few months business as usual has been anything but usual for many small and growing businesses. As states start to reopen many of our customers have had the same question: how do I keep my business growing in the right direction? While the SBA PPP loan was a help for many businesses during the shutdown, there are many SBA tools that can be quite beneficial as we begin returning to normal.

As business prepare to return to growing in a post pandemic world the phrase “cash is king” certainly comes to mind. Being able to grow while preserving cash on hand for unforeseen circumstances is going to be vital. Fortunately, the SBA has three great programs that can help with this. First, if your business owns a building the SBA 504 program can allow you to tap into equity and refinance your existing mortgage at a low and long-term fixed rate. You can use this equity to free up working capital, pay down a line of credit, or have cash to invest in your business. Secondly, if you are looking to buy a building or equipment both the SBA 504 and 7(a) have options that minimize your down payment and allow for longer term repayment. Lastly, the SBA Express and CapLine program allow for flexible lines of credit to finance your short-term working capital needs.

At PyraMax Bank, we participate in all of these programs. We have been designated a preferred lender by the SBA and our staff has advanced SBA and industry training that allows us to find an option that works best for your individual business. We focus on tailoring an SBA solution to your business instead of forcing you into a one-size-fits-all approach. As a community focused SBA lender, our decisions are made here in Milwaukee, not New York or Chicago. We are here and ready to serve your SBA needs.

Andrew Freter