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If you have a small-sized business and are looking to buy new equipment, but you don’t have lots of cash on hand You may be wondering where you can get a loan. There are several choices to choose from, like the SBA 7(a) loan as well as the credit union or bank, but there are penalties if you have to pay back the loan early. Additionally, there are other options available including leasing and loans from an alternative lender. You’ll need to make a decision about whether you want to borrow money from another source or obtain a loan. Your accountant or financial advisor can help you determine what is best for you and your business.

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SBA 7(a) loan
You could be qualified for a loan through SBA 7(a) if you are an owner of a business seeking to purchase new equipment or a business operator looking to purchase materials. But before you apply you must understand the process.

The SBA 7(a) federally-backed loan, is designed to provide financial aid for small-sized businesses. It offers a variety of financing options for a variety of small business requirements. The loan can be used to finance the purchase of equipment and real estate, or to purchase supplies, and other business purposes.

You could be eligible for an SBA 7(a) depending on your situation within a matter of days. If you’re eligible the lender will accept you and make monthly repayments. However, you’ll have to pay a prepayment of 25 percent or more of the loan’s balance within three years after disbursement.

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Alternative lenders
Alternative lenders for equipment loans provide various loan options for business owners looking for funding. They can offer short- and long-term finance options and are easier to access than banks. Banks usually require lengthy paperwork and long approval processes.

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These lenders offer a range of loan products, including invoice financing and term loans. The right lender for your business can aid in financing the operation and growth of your business.

Although alternative loans are more expensive than bank loans however, they can be used to increase your business’s profitability and keep your cash flow under control. Additionally, the fees are reduced if you select the flexible rate option.

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An equipment loan could give you the cash you need to purchase office equipment and machinery or vehicles. Before you start the application process, make sure you check your credit score. Equipment financing companies won’t approve you for a loan if your credit score is high.

Banks and credit unions
There are a myriad of options when it comes to financing equipment. Some businesses opt to take out loans from banks while others prefer working with credit unions. Regardless of the type of lender, it’s important to consider your business’s needs when selecting a loan.

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A financing loan for equipment is a great way for you to access the funds that you require to run your business. You’ll have to repay the loan in time. If you don’t, you’ll be paying much more in interest than you thought. That’s why it’s important to compare terms and fees.

You should also be sure to read all the fine print. While many lenders offer equipment financing loans they each have their own process for applying. For instance, some lenders may require a significant down amount. And some online lenders will charge higher interest rates than a traditional bank.

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Penalties for early repayment
Paying off your loan early is a wise choice, whether you’re looking to start a new business or to increase the amount you invest in equipment. It will not only save you money on interest costs, but also gives you more cash flow to be used for other reasons. You can utilize the extra cash to acquire new equipment, hire an employee for the first time or as a cushion during the slow times. It is important to be aware of the terms of your lender prior to making a commitment. Prepayment penalties can apply to certain loans, therefore, make sure you review the loan contract.

Paying off a loan for equipment early can reduce the amount of interest that you owe and provide peace of mind. However, if you opt to pay it off in a timely manner, you will also have to reset your loan’s terms, which could negatively impact your business’s credit. Contact your lender to find out more about the terms of your loan.

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