Loans For Small Business 2016 New – Brooklyn, New York

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There are a myriad of options available to small entrepreneurs looking for working capital loans to help them get their business off the beginning. A few of these options are SBA 7(a) term loans as well as working capital loans that are not secured. Alternative financing models could be available to finance your small business.

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SBA 7(a), term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for a variety of purposes. You can use the funds to refinance debt, expand your business, or buying assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. However, a fee will be due for the guarantee. The fee is typically 3.75% of the loan’s guarantee amount.

Interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

As with all loans the interest rate for a 7(a) loan will depend on the amount and the repayment terms. It is either variable or fixed and linked to the prime rate.

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To be eligible for an SBA 7(a) loan you must submit an application and be approved. The lender will examine your financial records and evaluate your business plan. After approval, you’ll 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 or not you are expanding or starting out. It can be used to finance equipment, expansion or to upgrade your building among other things. The right option will help your business thrive.

Getting a working capital loan is much easier than you think. The loan can be secured by filling out a single page, unlike a line credit. You can even use three months of bank statements from your company to fund your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on a greater risk. In this regard, a business owner must have a strong credit score to be able to qualify. You must also have a plan for repaying the loan on time.

Unsecured working capital loans can be a great solution to bridge a financial gap in your business. With a working capital loan allows you to take advantage of lower prices on essential products and improvements to your facilities. A working capital loan will help you to keep your business in business even in tough economic times.

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A working capital loan that is unsecured offers another advantage: you don’t need to pledge any assets. Typically, lenders will ask for a payment processor link and an account for deposit.

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Small-scale businesses have additional financing options
Alternative financing models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. They offer flexible financing options that will give you the cash you need to expand.

Alternative loans are also more affordable than traditional ones. Banks typically require huge down payments, and you might be waiting a long time before they can provide the money you need.

Lines of credit, merchant cash advances invoice discounting, credit card, and credit cards are all options for business loans. These options can help you to quickly get funds.

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Business lines of credit work similarly to credit cards but charge interest only on money that you withdraw. These options are particularly useful for short-term expenses.

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Working capital loans are useful for day-to-day costs like paying employees or placing orders for inventory. They aren’t the best option for large-scale business changes.

Be sure to choose a lender who has expertise in business loans for alternative businesses. Your credit score is also important. The higher your score, the greater your chances of getting an attractive financing deal.

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Other alternative financing models for small businesses involve peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This is particularly useful for small businesses that don’t have collateral.

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