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If you have a small-sized business and want to invest in new equipment, but you don’t have lots of cash in your bank you might be wondering what you can do to get a loan. There are a variety of options to choose from, including the SBA 7(a) loan and the bank or credit union but there are some penalties if you have to repay the loan in advance. There are alternatives, like leasing or borrowing from a different lender. The decision as to whether you should take out a loan or borrow money from a different source is a personal choice which is why you should consult your accountant or financial advisor to determine what’s most suitable for your company.

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SBA 7(a) loan
If you’re a company owner seeking to purchase new equipment, or an owner of a business looking to acquire materials for your operation you might be able to obtain a loan through the SBA 7(a) loan program. Before you apply, it is important to be aware of the process.

The SBA 7(a) loan is a federal government-backed loan that was designed for financial assistance to small companies. It offers a wide range of financing options for different small-scale business requirements. The loan can be used to finance the purchase of equipment, real estate, supplies and other business needs.

You could qualify for an SBA 7(a) according to your specific circumstances within a matter of days. If you are eligible the lender will consider you and will pay monthly repayments. You will have to prepay 25 percent or more of your loan balance within 3 years.

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

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They also offer various loan options which range from term loans to invoice financing. Finding the most suitable lender for your business can help you finance your company’s expansion and operations.

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

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An equipment loan could give you the funds you require to buy office equipment, machinery, or vehicles. But before you begin the application process, look at your personal credit. Equipment financing companies won’t consider you for an loan if your credit score is high.

Credit unions and banks
There are a variety of options when it comes to financing equipment. Some companies opt to get an loan from a bank while others prefer to work with a credit union. Whatever the lender, it’s important to take into account your business’s requirements when deciding on a loan.

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A loan for equipment financing is a great way for you to access the funds that you require for your business. But, you’ll have to pay the loan off in time. You could end up paying more than you originally thought. It’s important that you compare the terms and fees.

It is essential to read all terms and conditions. Many lenders offer loans for equipment however they all have specific application procedures. For instance, some lenders may require a huge down payment. Online lenders could charge higher interest rates than traditional banks.

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Penalties for early repayment
Paying off your loan early is a smart choice whether you’re looking to start your own business or to increase the amount you invest in equipment. It’s not just a way to save money on interest but will also allow you to have more cash flow for other uses. You can make use of the extra funds to purchase new equipment, or hire an employee for the first time or to provide a cushion during times of slowness. Before making a commitment it is crucial to review the terms and conditions of your lender. The penalties for prepayment may be applicable to certain loans so be sure to study the loan agreement.

You can lower the cost of your equipment loan, and gain peace of mind by paying it off early. If you pay the loan off too early you may be required to cancel your loan terms. This could adversely impact your credit score for business. Contact your lender to learn more about the conditions of your loan.

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