Loans For A Small Business – Brooklyn, New York

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There are a myriad of choices available to small business owners looking for working capital loans to get their business off the ground. One of them is SBA 7(a) term loans as well as unsecure working capital loans. You may also consider looking at alternative financing options that can be used to finance your small business.

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SBA 7(a), term loans
SBA 7(a) and term loans are available to small business owners who need working capital. These loans are flexible and can be used for numerous reasons. The money can be used to repay debt, expand your company or purchase assets.

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

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with most loans, rate of interest for 7(a) loans will vary dependent on the amount and the repayment terms. It is either variable or fixed and can be linked to the Prime rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and have it approved. A lender will review your financial standing and analyze your business plan. After approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecure working capital loan can be an investment that is financially sound. It can be used to buy equipment or expand your business or to upgrade your building. The right one can help your business grow.

It’s much easier than you think to get a working capital loan. Contrary to a line-of-credit you can obtain an advance with just a single application. You can even pay for your loan by using 3 months of business bank statements.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on more risk. As such an owner of a business must have a good credit score in order to be eligible. It is also essential to have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option for your business to cover short-term financial gaps. By taking a working capital loan you can avail of low prices on key products and improvements to your facilities. A working capital loan will allow you to remain in business even during difficult economic times.

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An unsecured working capital loan also has a benefit: it doesn’t require the pledge of any assets. Lenders will typically ask for an online payment processor and deposit account.

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Alternative finance models for small-sized businesses
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you need to fund expansion.

Alternative loans are also more affordable than traditional loans. Banks typically require large down-payments, and you may have to wait a few months before you can secure the money you need.

Some alternative business loan options include lines of credit invoice discounting, credit cards and cash advances from merchants. These options can help you quickly get funding.

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Business lines of credit function in the same way as credit cards but charge interest only for money that you withdraw. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans can be useful for daily expenses, such as paying employees or purchasing inventory. They are not the best solution for large-scale business transformations.

Be sure to select an institution with experience in business loans for alternative businesses. Your credit score is important. Your chances of getting a favorable finance deal are greater if you have a better credit score.

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Other alternative financing models for small businesses are peer-to peer lending. Peer-tobusiness lenders offer small businesses loans through many investors, similar to crowdfunding. This option is particularly useful for small companies that do not have collateral.

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