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You may be wondering how to obtain financing if you run an entrepreneur with a small size that needs to purchase new equipment. There are a myriad of options to choose from like the SBA 7(a) loan as well as the bank or credit union however, there are also penalties involved if you have to repay the loan before. There are other options, such as leasing or borrowing from another lender. The decision on whether you should get an loan or borrow money from another source is a personal decision, so you should consult your accountant or financial advisor to find out what is the best option for your business.

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SBA 7(a), loan
If you’re a business owner seeking to purchase new equipment, or a business owner looking acquire materials for your operation you may be eligible to obtain a loan via the SBA 7(a) loan program. Before you apply, it is important to know the procedure.

The SBA 7(a) loan is a federally-backed, government-backed loan designed for financial assistance to small-scale businesses. There are numerous financing options available for small-sized companies. You can utilize the loan to finance the purchase of real estate, business equipment, supplies, or other reasons for business.

You could be eligible to receive an SBA 7(a), depending on your circumstances, in a matter of days. If you are eligible the lender will pay the money and you are able to pay back the loan through monthly payments. You must prepay 25 percent or more of your amount due within three years.

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Alternative lenders
Alternative lenders for equipment loans offer numerous alternative lending options to business owners who are looking for funding. These lenders provide short and long-term funding options and are more accessible than banks, which usually require lengthy paperwork and an approval process.

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These lenders also offer a variety of loan products that range from term loans to invoice financing. The right lender for your business can help you finance the business and expansion of your business.

Although alternative loans are more costly than bank loans, they can be used to increase your business’s profitability and keep your cash flow in control. Additionally, the costs are reduced if you select an option with a flexible rate.

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An equipment loan can give you the money you need to buy office equipment or machinery, or even vehicles. But before you start the application process, you should be sure to assess your own personal credit. Some equipment financing companies will only grant you an loan with a high personal credit.

Credit unions and banks
When you need to finance equipment, there are a lot of options to choose from. Some businesses opt for a bank loan while others prefer a credit union. No matter which lender, it’s important to consider your business’s needs when choosing a loan.

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An equipment financing loan can be a fantastic way to get the money you need to run your business. However, you’ll need to pay off the loan on time. If you don’t, you could discover that you’re paying more interest than you thought. It’s the reason it’s so important to look at fees and terms in comparison.

Be sure to read all the fine print. Many lenders offer equipment financing loans, but they all have their own procedure for applying. Certain lenders may require a large downpayment. Online lenders can charge higher interest rates than traditional banks.

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Penalties for early repayment
Whether you’re looking to start a new business or if you’re looking to boost your equipment investment, paying the loan off early can be a smart decision. Not only does it save you money on the interest, but it can also free up cash flow to fund other expenses. The extra cash can be used to buy new equipment or recruit new employees or as a cushion in the slow times. Before you sign a contract it is crucial to review the terms and conditions of the lender. Some loans have penalties for prepayment and you should read your loan documents carefully.

You can reduce the interest on your equipment loan and enjoy peace of mind by paying it off early. If you decide to pay it off early you’ll also be resetting the loan’s terms, which could adversely impact your business’s credit. If you’re thinking of resetting your loan, contact your lender and ask about their terms.

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