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If you own a small-sized business and want to invest in new equipment, but you don’t have much cash in the bank You may be wondering where you can get a loan. There are a myriad of choices to choose from, including the SBA 7(a) loan as well as the credit union or bank, but there are penalties if you have to have to repay the loan before. There are also alternatives, like leasing or borrowing from another lender. The decision on whether you should take out a loan or borrow from a different source is a personal choice and you should consult your accountant or financial advisor to find out what is most suitable for your company.

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SBA 7(a) loan
If you’re a business owner looking to purchase new equipment, or a business owner looking acquire the necessary materials for your business, you may be able to borrow money through the SBA 7(a) loan program. But before you apply for a loan, you should be aware of the procedure.

The SBA 7(a) federally-backed loan, is designed to provide financial aid to small businesses. It provides a variety of financing options for many small business requirements. You can use the loan to finance the purchase real estate, business equipment or supplies, as well as other commercial needs.

You may be eligible to receive an SBA 7(a), depending on your situation in a matter of days. If you are eligible the lender will then disburse the money and you are able to pay back the loan through monthly installments. You must prepay 25% or more of the loan balance within three years.

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Alternative lenders
Alternative lenders for equipment loans provide many lending options for business owners looking for financing. These lenders offer short- and long-term finance options and are much easier to access than banks. Banks often require lengthy paperwork and an extended approval process.

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They provide a variety of loan products, including invoice financing and term loans. The best lender for your business can assist you in financing the operations and growth of your company.

Although alternative loans are slightly more expensive than bank loans, they can help you expand your business while keeping your cash flow under control. Additionally, the costs can be reduced by choosing the flexible rate option.

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An equipment loan can get you the funds you require to buy office equipment or machinery, or even vehicles. Before you begin the application process, make sure to assess your personal credit. Equipment financing companies won’t approve you for loans if your credit score is good.

Credit unions and banks
There are many options when it is time to finance equipment. Some businesses choose to take out an loan from a bank while others prefer to work with a credit union. No matter which lender, you’ll want to take into account your business’s requirements when choosing a loan.

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A financing for equipment could be a great option to raise the money you require to run your business. However, you’ll need pay off the loan on time. You could end up paying more interest than you initially thought. It’s crucial to compare rates and terms.

Also, be sure to read the entire fine print. While many lenders offer equipment financing loans, they each have their own procedures for applying. For instance, certain lenders might require a substantial down payment. And some online lenders will impose higher interest rates than traditional banks.

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Penalties for early repayment
The option of paying off your loan earlier is a smart choice whether you want to start a new business or increase your investment in equipment. It will not only save you cash on interest charges, but it also gives you more cash flow for other uses. You can utilize the extra cash to acquire new equipment, hire new employees or to provide a cushion during slow seasons. Before you make a commitment it is crucial to review the terms and conditions of the lender. Prepayment penalties may be imposed on certain loans, so make sure to review the loan contract.

Paying off a loan for equipment earlier can help you cut down on the amount of interest due and give you peace of mind. If you pay it off too early you may be required to rescind your loan terms. This can adversely affect your credit score for business. If you’re considering resetting your loan, contact your lender and ask about the terms of their loan.

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