Small Business Loans Stimulus Package – Brooklyn, NY

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If you are an owner of a small-sized business seeking a working capital loan in order to get your business off the ground there are many alternatives you can look into. These include SBA 7(a) and term loans and unsecured work capital loans. Alternative financing models may also be available to help finance your small-sized business.

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

The SBA guarantees a part of the loan to make it less likely that lenders will default. The guarantee is accompanied by a fee. This fee is typically 3.75 percent of the guarantee amount of the loan.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They will also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

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

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To apply for an SBA 7(a) loan, you will need to submit an application and get it approved. The lender will go over your financial history and review your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured working capital loan is an excellent financial choice. It can be used to finance equipment, expansion or to improve your building among other things. The right type of loan will make your business thrive.

A working capital loan is a lot easier than you think. As opposed to a credit line you can obtain a loan with a one-page application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. In this regard, a business owner must have a good credit score in order to be eligible. You must also have a plan for repaying the loan on time.

Unsecured working capital loans can be an excellent method for your business to cover short-term financial gaps. With a working capital loan you can take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan will enable you to stay in business in tough economic times.

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An unsecure working capital loan also has a benefit: you don’t have to pledge any assets. The lenders will usually ask for a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Alternative financing models for small companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing options that will give you the funds you need to grow.

Alternative loans are also less expensive than conventional ones. Banks usually require large down payments, and you might be waiting a long time before they will be able to give you the money you require.

Lines of credit, merchant cash advances as well as invoice discounting card, and credit cards are all options for business loans. Each of these options gives you a way to obtain funds quickly and easily.

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Business lines of credit work in the same way as credit cards but charge only interest on the amount that you take out. These options are particularly useful for short-term expenses.

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Working capital loans can be useful for day-to-day costs for example, paying employees or purchasing inventory. However, they aren’t the best suited for large-scale business transformations.

Make sure to choose a lender with experience in alternative business loans. Also, take into consideration your credit score. The better your score, the better your chances of receiving a favorable financing deal.

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Peer-to -peer lending is an alternative financing option for small companies. Peer-to-business lenders offer small businesses loans through several investors, similar to crowdfunding. This option is particularly useful for small companies that do not have collateral.

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