Maine Small Business Loans – Kings County, NY

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If you are an owner of a small-sized business seeking a working capital loan to get your business off the ground there are many options to think about. Some of these options include SBA 7(a) term loans and non-secured working capital loans. You may also consider looking into alternative financing models that can be used 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 are highly flexible loans that can be used for a variety purposes. The funds can be used to refinance the company’s debt, grow it or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee will be paid for the guarantee. This is typically 3.75% of the loan’s guarantee amount.

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

Like all loans, the interest rates on 7(a) loans can vary in accordance with the amount borrowed and repayment terms. It can be fixed or variable and 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 to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial decision regardless of whether or not you are expanding or just starting out. It can be used to buy equipment or expand your business or even to upgrade your facility. The right option will allow your business to grow.

The process of getting a working capital loan may be a lot easier than you think. The loan can be secured using just one page unlike the line credit. You can even fund your loan by using 3 months of bank statements for business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on a greater risk. To qualify, a business owner must have excellent credit ratings. You should also have a plan to repay the loan on time.

Unsecured working capital loans can be an excellent way for your company to bridge short-term financial gaps. You can obtain low prices for key products or improvements to your facilities by using a working capital loan. A working capital loan can allow you to continue to operate during tough economic times.

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Another advantage of an unsecure working capital loan is that you do not have to pledge any of your assets. Typically lenders will request the payment processor’s URL and a deposit account.

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Smaller businesses have other financing options
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the funds you require for expansion.

Alternative loans are also cheaper than conventional loans. Banks will typically require large down payments and you may be waiting a long time before they are able provide the funds you require.

Some alternative business loan options include lines of credit invoice discounting, credit card, and cash advances from merchants. These options can allow you to quickly obtain funding.

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Business lines of credit are similar to credit cards in that they charge interest only on the money you take out. These are useful for spending on short-term expenses.

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Working capital loans are great for everyday expenses such as purchasing inventory or paying employees. They aren’t the best option for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a business that has expertise. Also, think about 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 a different finance option for small-sized companies. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from a variety of investors. This option is especially useful for small businesses that do not have collateral.

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