Mi Small Business Loans – Brooklyn, New York

startup business funding for small businesses

If you’re an owner of a small business looking for an investment loan to get your business going, there are many options that you may take into consideration. These include SBA 7(a), term loans as well as unsecured work capital loans. You could also look into alternative financing models that could be used to help 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 are highly flexible loans that can be utilized for a variety of reasons. You can use the money for refinancing debt, expanding your business, or buying assets.

The SBA guarantees a portion of the loan to make it less likely that lenders default. The guarantee comes with a fee. The fee 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 have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

As with all loans the rate of interest on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be fixed, variable or tied to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application and be approved. The lender will look over your financial history and review your business plan. After approval, you will sign a loan agreement to 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 a wise financial decision. It can be used to purchase equipment, expand your business, or to improve your building. The right option will make your business grow.

A working capital loan may be a lot easier than you think. A loan can be obtained using just one page unlike the line credit. You can even pay for your loan using three months of business bank statements.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on a greater risk. As such the business owner must have a great credit score to be eligible. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great option to bridge a financial gap in your company. You can get low prices on the most important products or upgrades to your facilities with working capital loans. A working capital loan can allow you to keep your business afloat during tough economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. The lenders will usually ask for an online payment processor and deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are turning to alternative finance models for small-sized enterprises as their top choice. These flexible financing options can help you get the cash you need for expansion.

Alternative loans are also less expensive than traditional ones. Banks typically require large down payments, and you may have to wait a few months before getting the money you need.

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

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Business lines of credit function similarly to credit cards but charge interest only on the money that you take out. These are particularly useful for short-term expenditures.

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Working capital loans are useful for day-to-day costs for things like paying employees or ordering inventory. However, they aren’t the suitable for major business changes.

Make sure to choose a lender who has expertise in business loans for alternative businesses. Also, take into consideration your credit score. The more impressive your score, better your chances of receiving favorable financing deals.

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Peer-to-peer lending is a different finance option for small-sized companies. Peer-to business lenders provide small businesses loans from many investors, similar to crowdfunding. This is particularly useful for small-sized businesses that do not have collateral.

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