Small Business Loans Examples – Brooklyn, New York

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There are many choices available to small entrepreneurs looking for working capital loans to help them get their business off the beginning. These include SBA 7(a) and term loans as well as unsecured work capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a) and term loans
SBA 7(a) or term loans are available to small-scale business owners who require working capital. These loans are flexible and can be used for many reasons. You can use the money to refinance debt, grow your business, or for purchasing assets.

The SBA guarantees some of the loan so lenders are less likely to default. The guarantee is accompanied by a fee. This is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

Like all loans, the rates of interest on 7(a) loans will differ according to the amount and the repayment terms. It is either fixed or variable or linked 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 form and be approved. The lender will review your financial history and assess your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice regardless of whether or not you are expanding or starting out. It can be used to fund equipment, expansion or to upgrade your building among other things. The right one can help your business grow.

A working capital loan may be much simpler than you think. Unlike a line of credit you can apply for the loan using a single application. You could even use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher rates of interest. This is because the lender takes on more risk. Therefore an owner of a business should have a high credit score in order to be eligible. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your business. You can obtain low prices on essential products or upgrades to your facilities with a working capital loan. A working capital loan will allow you to keep your company afloat even in tough economic times.

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Another great thing about 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 the services of a payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative finance models for small-sized businesses are fast 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 can provide the money you require.

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

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Business lines of credit work in the same way as credit cards, but they charge interest only on money that you withdraw. These options are especially useful to cover short-term expenses.

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Working capital loans can be useful for daily expenses, such as paying employees or purchasing inventory. However, they’re not an an ideal solution for large-scale business changes.

Be sure to choose a lender who has experience in business loans for alternative businesses. Also, consider your credit score. The higher your score, the more likely you are to receive an attractive financing deal.

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Other alternative financing models for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from multiple investors. This is especially beneficial for small businesses who don’t have collateral.

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