Loans And Grants For Small Business – Brooklyn, NYC

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If you are an owner of a small business seeking a working capital loan in order to get your business off the ground there are many options to consider. These include SBA 7(a) or term loans as well as unsecured work capital loans. Alternative financing models could be available to help finance your small-sized 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 can be used for numerous purposes. The funds can be used to repay debt, expand your business or purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. The guarantee is accompanied by a fee. This is usually 3.75% of the guaranteed amount of the loan.

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

Similar to most loans, rate of interest for 7(a) loans will differ according to the amount and repayment terms. It is either fixed or variable, and it can be linked to the Prime rate.

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To be eligible for an SBA 7(a) loan you must fill out an application and have it approved. The lender will review your financial records and evaluate your business plan. After approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured working capital loan can be a wise financial decision. It can be used to buy equipment to expand your business or to improve your building. The right option will make your business grow.

It can be much easier than you might think to obtain a working capital loan. In contrast to a line of credit you can apply for an advance with just a single application. You can even use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. So, a business owner should have a high credit score to be eligible. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way for your business to cover short-term financial gaps. You can find low rates for key products or improvements to your facilities by using a working capital loan. A working capital loan can allow you to remain in business in tough economic times.

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

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Alternative financing models for small-sized businesses
Alternative finance models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can help you get the cash you need for expansion.

Alternative loans are also less expensive than traditional ones. Banks usually require large down-payments and you may have to wait a while before you can get the money you need.

Other alternatives to business loans include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options can help you quickly receive funding.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on the cash you take out. These options are particularly beneficial for expenses that are short-term.

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Working capital loans are great for daily costs such as purchasing inventory or paying employees. They are not the ideal solution for large-scale business transformations.

Be sure to select a lender with experience in alternative business loans. Also, consider your credit score. The better your score, the higher your chances of securing an attractive financing deal.

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Peer-to-peer lending is another alternative finance option for small-sized companies. Similar to crowdfunding, peer-to business lenders offer small businesses loans from several investors. This is particularly useful for small-sized businesses that do not have access to collateral.

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