Small Business Micro Loans – Kings County, NY

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If you’re an owner of a small business seeking an working capital loan to help your business get going there are plenty of options to think about. These include SBA 7(a) and term loans as well as unsecured work capital loans. Alternative financing models could be available to help finance your small-sized business.

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SBA 7(a) term loans
If you are a small company owner in need of working capital, you should think about applying for SBA 7(a) term loans. These are extremely flexible loans that can be utilized for a variety of uses. You can use the money for refinancing debt, expanding your business, or buying assets.

The SBA guarantees a portion of the loan which means lenders are less likely to default. However, a fee is paid to guarantee the loan. The fee is usually 3.75% of the guaranteed amount of the loan.

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

Like most loans, the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It is either fixed or variable or tied to the prime rate.

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You’ll need to fill out an application form to be eligible for an SBA 7(a) loan. A lender will then review your financial history and evaluate your business plan. After approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or starting out. It can be used to buy equipment, expand your business, or to improve your building. The right one will help your business thrive.

It can be much easier than you might consider to obtain a capital loan. As opposed to a credit line you can apply for a loan by filling out a simple application. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans carry higher interest rates. This is due to the fact that the lender is taking on more risk. As such an owner of a business must have a great credit rating to qualify. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be a great option to bridge a financial gap in your company. You can enjoy low costs for key products or improvements to your facilities through a working capital loan. A working capital loan will help you to keep your company afloat during difficult economic times.

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An unsecure working capital loan offers another advantage: you don’t need to pledge any assets. Typically lenders will request a payment processor link and an account for deposit.

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Small-scale businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can give you the money you need to grow.

Alternative loans are also more affordable than traditional ones. Banks typically require huge down payments, and you may require a few days before they will be able to give you the funds you require.

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

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Business lines of credit function in the same way as credit cards, but they charge interest only for money that you take out. These options can be particularly useful for short-term expenses.

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Working capital loans are helpful for day-to-day expenses for example, paying employees or placing orders for inventory. However, they aren’t the appropriate for major business transformations.

If you are choosing a lender to get an alternative business loan, ensure you choose a firm with years of experience. Your credit score is important. The better your score, the more likely you are to receive a favorable financing deal.

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Peer-to-peer lending is a different financing model for small businesses. Similar to crowdfunding, peer-to business lenders offer small businesses loans from multiple investors. This option is especially beneficial for small businesses that do have access to collateral.

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