Use Cases
Business Renovation Loans & Financing
Businesses often require many different types of loans to get started. When you need to renovate a commercial space, a business renovation loan is best. Here's what you need to know.
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What is a Business Renovation Loan?
A business renovation loan is a type of loan that gives companies the funding they need to fix up commercial and retail spaces. Making repairs to or modernizing buildings to work for your business needs is costly. Many businesses don't have the cash flow to fund the entire project. Instead, they turn to business renovation loans to get the capital they need to transform these spaces into useable businesses.
How Business Renovation Loans Work
Business renovation loans can either be in the form of a line of credit or a lump sum. Depending on qualifying factors, companies can qualify for varying loan amounts to complete renovation projects in their office buildings, commercial spaces, and retail locations. These loans can be secured or unsecured. Often business renovation loans are a secured type of loan, with the property itself acting as collateral.
Use Cases
How To Use a Business Renovation Loan
There are many reasons to get a business renovation loan. These loans can be used to make general repairs or to completely transform a building. Want to turn a warehouse into storefronts? Do you want to add solar panels? These loans are the perfect solution.
Become Energy Efficient
Making energy efficient changes can help companies save money and appeals to customers as well.
Re-design Your Business Location
Growing pains mean that sometimes your business location needs an overhaul. A commercial renovation loan can help you re-imagine your space.
Relaunch Your Business
It costs money to create new signage, update the look of your business, and create a new brand. Commercial renovation loans give you the funding to do all this and more.
Why Apply for a Business Renovation Loan?
Make Better Use of the Business's Space
Create a better flow in your building that positions your business to expand and grow.
Enhance Your Brand Experience
Renovation loans can be used to improve how it feels in your business space and to enhance the brand you're trying to create.
Attract New Customers
A business renovation loan can help you improve everything from parking to signage to the interior of your space to help you attract new customers.
Minimum Eligibility Requirements
Want to know if your business can qualify for a renovation loan for commercial property? Here are the minimum requirements.
Minimum Requirements
| Time in Business | Minimum 6 Months |
|---|---|
| Business Annual Growth Revenue | $240K+ Annual Revenue |
| Business Checking Account | Yes |
| US Citizen/Based Company | Yes |
| FICO Score | 570+ |
| Other Financing | None |
| Bankruptcies | None open |
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Expand Business Location
Get Quick Access to Cash
Improve Energy Efficiency
Improve Management of Inventory
Get New Customers
Avoid Having to Cut Costs
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Business Expansion Loans FAQ
What Is The Best Way To Finance a Renovation?
Financing a renovation can easily be done using a business renovation loan. This ensures that your business won't lose its cash flow and you can still make the updates and repairs you need.
What Credit Score Is Needed For a Renovation Loan?
The credit score needed for a renovation loan varies, but in general must be 650 or more. If you've been in business for a long time and have good cash flow, some lenders may approve loans at lower credit scores.
Do Renovation Loans Have a Higher Interest Rate?
Yes, they typically have a higher interest rate than other types of business loans. But if you get one that's secured, it will often have a lower interest rate than similar secured loans.
How Hard Is It To Get a Renovation Loan?
Getting a renovation loan will depend on how much revenue you have coming in, how long you've been in business, and your credit score. It will also take into account the value of the property you are renovating. It's not difficult if you meet all the criteria.
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