ATLANTA, Feb. 1, 2023 /PRNewswire/ -- Entrepreneurs in need of capital are experiencing better success in securing loans to help them launch a new small business or expand an existing one, and an established Atlanta brokerage firm is part of the effort that's making it happen.
McCoy Brokerage Service (URL assisted 100 clients in securing a total of $150 million in business loans in 2022, the company reported this week.
That success was in line with what the Small Business Administration saw nationally, as some business financing experienced a return to pre-pandemic levels. Overall, the SBA has reported that it provided nearly $43 billion in funding to small businesses during the 2022 fiscal year.
"SBA loans are the best loans out there during this time," says Elijah McCoy, CEO of McCoy Brokerage. "A lot of people will benefit by obtaining a loan through the Small Business Administration. Those who are not ready for an SBA loan may be able to obtain a temporary 'Bridge' loan until they are able to obtain the loan that is needed."
Understanding what loan opportunities are available and what lenders look for can mean the difference in a loan application's success or failure, McCoy says.
"Different lenders target different types of investments for their portfolios, so it helps to know which lender is best for your type of business," he says.
He says in 2022 his firm focused especially on helping secure loans for restaurants, religious facilities, and businesses in such areas as healthcare and childcare.
In this first quarter of 2023, McCoy Brokerage Service also plans to target new developers and large office buildings.
"When you are seeking a loan for your business, it's a good idea to shop around," McCoy says. "You want to get the best deal possible for what you are trying to accomplish, and it's all the better if you can find and work with someone who understands your needs. Ultimately, you want to match your objectives with the most appropriate lender in the most timely manner."
About Elijah McCoy
Elijah McCoy is CEO of McCoy Brokerage Service (URL, a company he founded in 2006. McCoy's firm works with businesses throughout the country that are trying to secure financing. Much of McCoy's clientele is in healthcare, such as doctors, dentists and pharmacists, but he also has worked with a broad range of people in other industries. He is a certified commercial loan expert and financial consultant.
SOURCE McCoy Brokerage Service