Legit Small Business Loans – Kings County, New York

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There are a variety of choices available to small business owners who are looking for working capital loans to help them get their business off the beginning. Some of these options include SBA 7(a) term loans and non-secured working capital loans. You could also look into alternative financing options that can be used to help finance your small-scale business.

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SBA 7(a) and term loans
SBA 7(a) and 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 reasons. The funds can be used to refinance debt, expand your business or to purchase assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee comes with a fee. This is typically 3.75% of the loan’s guarantee amount.

The interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

Similar to most loans, interest rates for 7(a) loans can vary in accordance with the amount borrowed and repayment terms. It can be fixed or variable and tied to the Prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a) loan. The lender will then look over your financial history 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
If you’re just starting out or expanding, an unsecured capital loan could be an ideal financial decision. It can be used to fund equipment, expansion, or to upgrade your building, among other things. The right type of loan will allow your business to grow.

Getting a working capital loan is much easier than you think. It is possible to get a loan using just one page, unlike the line credit. You can even fund your loan with 3 months of business bank statements.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes a greater risk. As such an owner of a business must have a good credit score in order to be eligible. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent option to fill a financial gap in your company. You can find low rates on key products or upgrades to your facilities through working capital loans. A working capital loan will allow you to stay in business in tough economic times.

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Another benefit of having an unsecure working capital loan is that you do not have to pledge any of your assets. Lenders will typically ask for a payment processor and a deposit account.

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Small-scale businesses have additional financing options
Alternative financing models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can provide you with the cash you need to expand your business.

Alternative loans are also less expensive than traditional ones. Banks usually require large down payments and you may be waiting a long time before they can provide the money you need.

Lines of credit, merchant cash advances and invoice discounting, credit card, and credit cards are all options for business loans. All of these options offer you the opportunity to obtain funding quickly and easily.

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Business lines of credit work similar to credit cards, but they charge only interest on the amount that you take out. These options can be particularly useful for spending on short-term expenses.

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Working capital loans are great to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not the appropriate for large-scale business changes.

Be sure to choose an institution with experience in business loans for alternative businesses. Also, take into consideration your credit score. The greater your score, the higher your chances of securing the best financing deal.

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Peer-to -peer lending is an alternative financing option for small businesses. Peer-to-business lenders provide small businesses with loans from multiple investors, similar to crowdfunding. This option is particularly beneficial for small-sized businesses that don’t have collateral.

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