SBA 7(a) Loans for Gas Stations & C-Stores
Gas station & c-store financing for small businesses
Experience Ready Capital’s commitment to gas station and convenience store owners and investors. We close SBA 7(a) deals that other lenders can’t, working with a range of credit scores and financing challenges.
Ready Capital can provide capital to acquire an existing gas station and convenience store or to construct a new one, including costs for gas pumps, point-of-sale technology, and kitchen equipment.
Why Ready Capital
- A value-add lender, closing more deals with credit flexibility
- Trust and confidence in execution
- Centralized front-end reviews, closers involved early
- #4 SBA Preferred Lender in the U.S.
Gas station & c-store loan highlights
- Loans to $5 million
- Terms up to 25 years
- Low borrower equity required
- Flexible use of loan proceeds
- Limited/No prepayment penalties
- Closing costs may be financed
Loan terms vary by loan program, borrower eligibility, loan amount, and other factors.
Gas station & c-store loan purposes
- Business acquisitions (including real estate)
- Real estate purchases
- New equipment purchases
- Construction
- Partner buyouts
- Debt refinancing
MARKET FACT
Source: IBISWorld
Have a question about gas station and convenience store SBA 7(a) Loans?
FAQs
What is gas station and c-store financing?
Answer: Gas station and c-store financing is specifically designed for individuals or entities looking to buy or construct a gas station and c-store business. It involves loans to cover the costs associated with starting and running the business.Â
What types of financing options are available for gas stations and c-stores?
Answer: There are several business lending options, including traditional bank loans, SBA 7(a) loans, equipment financing, and lines of credit. The choice of financing depends on the business owner’s needs and financial situation.
What is an SBA loan, and what are the key benefits for gas stations and convenience stores?
Answer: An SBA loan is a type of loan backed by the Small Business Administration that helps small businesses, including gas stations and c-stores, get the financing they need.
The benefits of SBA loans for gas stations and c-stores include:
- Lower down payments (typically 10%)
- Longer repayment terms (up to 25 years)
- Competitive interest rates
- Flexible use of funds
- Access to expert guidance and resources from the SBA
Learn more about how SBA loans work.
What can gas station and c-store financing be used for?
Answer: Financing can typically be used for business acquisitions (including real estate), real estate purchases, new equipment purchases, construction, partner buyouts, and debt refinancing.
Do I need to have prior business experience to qualify for a gas station and c-store business loan?
Answer: While prior business experience can be beneficial, it’s not always a strict requirement.
What are the SBA requirements for gas station and c-store loans?
Answer: SBA loan requirements can vary, but in general, lenders consider these factors:
- Personal and business financial statements
- A comprehensive business plan
- Financial projections
- Business track record
- Resumes of key team members
- Personal credit history and scores
- Collateral
What collateral might be required to finance a gas station and c-store business?
Answer: Collateral requirements vary from lender to lender. Common types of collateral may include personal assets like real estate, equipment, or business assets. The specific collateral requirements will be outlined in the loan agreement.
How long does it take to get approved for an SBA loan for my gas station and c-store business?
Answer: The approval timeline can vary but it typically takes anywhere from a few weeks to a few months. Delays may occur if additional documentation or information is required, so it’s essential to start the application process early.
What should I look for in a gas station and c-store lender?
Answer: When exploring lenders, consider their experience, available financing options, and their track record of successful lending to car wash businesses.Â
SBA Preferred Lenders are experienced in aligning borrowers with their business goals and guiding them through the SBA application process.
Get Started
Apply for a Ready Capital SBA 7(a) loan
Click the button to start the application process. It takes less than 3 minutes and will not affect your credit score.