Our FAQs

Get started with answers to our most frequently asked questions.

Here are some common uses for an SBA 7(a) loan:

Acquiring a business
Securing working capital
Purchasing or refinancing equipment
Refinancing business debt
Making leasehold improvements or acquiring FF&E
Buying or refinancing commercial real estate
Partner buyouts

Yes, we encourage you to contact us. A Murphy Commercial Capital rep will reach out to further discuss your application.

What factors are used to determine eligibility?

Some common factors we reference include, but are not limited to: credit history, financial statements, business stability, collateral, industry and market conditions, and personal guarantees.

Can I get a commercial loan for a startup business?

While it can be more challenging, there are lenders and programs specializing in startup financing. A well-developed business plan and a strong personal credit history can increase your chances.

How long does the commercial loan application process take?

While turnaround times can vary, some lenders offer fast approvals, particularly for smaller loans or lines of credit. Being organized with your paperwork can speed up the process.

What types of equipment do you finance?

We help businesses finance any new or used essential business equipment.

Do I need perfect credit to qualify for a commercial loan?

While a strong credit history is beneficial, there are lending options for businesses with less-than-perfect credit. Factors such as cash flow and business history are also considered.

What are the typical interest rates for commercial loans?

Interest rates vary based on factors like your creditworthiness, the type of loan, the lender, and current market conditions. We can help you compare rates and secure the most competitive terms.

What types of collateral are typically required?

Collateral requirements depend on the loan. Equipment financing may use the equipment itself as collateral, while other loans may require real estate, inventory, or other business assets.