Small Business Loans No Financials – Brooklyn, New York

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If you’re a small-scale business owner looking for a working capital loan to get your business going there are plenty of options you could take into consideration. These include SBA 7(a) and term loans and unsecured work capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a), term loans
SBA 7(a), term loans are available to small business owners who need working capital. These are loans that are extremely flexible that can be utilized for a variety of uses. The funds can be used to repay debt, expand your company, or purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. However, a fee will be payable to guarantee the loan. The cost is usually 3.75% of the loan’s guarantee amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with approved lenders within two days.

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

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will then look over your financial situation and review your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured capital loan is an excellent financial choice. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right one will make your business grow.

The process of getting a working capital loan could be a lot easier than you think. Contrary to a line-of-credit it is possible to get an advance with just a single application. You could even use 3 months of bank statements from your company to finance your loan.

Unsecured loans have higher interest rates. This is because the lender takes on a greater risk. To qualify, a business owner must have good credit ratings. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are a great option to bridge a financial gap in your business. Using a working capital loan allows you to take advantage of low prices on key products and upgrades to your facilities. Getting a working capital loan can allow you to remain in business during tough economic times.

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Another advantage of an unsecured working capital loan is 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
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can provide you with the funds you need to expand.

Alternative loans are also cheaper than traditional ones. Banks usually require large deposits and you may need to wait a few months before you can secure the funds you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and cash advances from merchants. All of these options give you a way to obtain funding quickly and easily.

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Business lines of credit work exactly the same way as credit cards but charge interest only for money that you withdraw. These types of credit can be especially useful for short-term expenses.

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

When selecting a lender for an alternative business loan, ensure you select a company with experience. Also, think about your credit score. Your chances of getting a favorable finance deal are higher if you have a better credit score.

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Peer-to peer lending is another alternative finance option for small-sized businesses. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from several investors. This is especially beneficial for small businesses who do not have collateral.

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