Business Loans That Don’T Use Personal Credit – Brooklyn, New York City

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There are many options for small-scale business owners who are looking for working capital loans to get their business off the starting point. These include SBA 7(a) and term loans and unsecured capital loans. You might also look into alternative financing options that could be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small-scale business owners who require working capital. These loans are flexible and are able to be used for many purposes. The money can be used to refinance the company’s debt, grow it, or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. However, a fee is paid to guarantee the loan. This fee is typically 3.75 percent of the guarantee amount of the loan.

Anyone interested can gain a better understanding of the SBA 7(a) loan by looking through the SBA website. They will also be able to access the SBA Lender Match Tool, which connects applicants with lenders who have approval within two days.

As with most loans, rate of interest for 7(a) loans can vary depending on the amount and the repayment conditions. It is either variable or fixed or pegged to the Prime rate.

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You will need to complete an application in order to apply for an SBA 7(a) loan. The lender will go over your financial records and evaluate your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or starting out. It can be used to pay for expansion, equipment, or to improve your building, among other things. The right type of loan will help your business thrive.

It can be much easier than you might think to get a working capital loan. In contrast to a line of credit it is possible to get a loan with a one-page application. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on greater risk. In this regard, a business owner must have a good credit score to be able to qualify. You must also have a plan to repay the loan on time.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. You can obtain low prices for key products or improvements to your facilities through a working capital loan. A working capital loan will allow you to keep your business in business during tough economic times.

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An unsecure working capital loan also has a benefit: it doesn’t require the pledge of any of your assets. Typically lenders will request the payment processor’s link and the deposit account.

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Small businesses have other financing options
Many entrepreneurs are opting for alternative financing models for small-sized companies as their preferred choice. They offer flexible financing options that can provide you with the money you require to expand.

Alternative loans can also be cheaper than traditional ones. Banks will typically require large down payments, and you may need to wait a while before they will be able to give you the cash you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards and cash advances for merchants. Each of these options gives you the opportunity to obtain money quickly and conveniently.

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Business lines of credit function exactly the same way as credit cards but charge interest only on the money that you take out. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans are a great option for daily costs such as purchasing inventory or paying employees. However, they are not appropriate for large-scale business changes.

Be sure to choose a lender who has experience in alternative business loans. Your credit score is also important. Your chances of getting a favorable financing deal are greater if you have a better credit score.

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Other alternative models for financing small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to business lenders offer small businesses loans from several investors. This option is especially beneficial for small businesses that don’t have collateral.

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