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If you run a small business and you are looking to buy new equipment, but don’t have much cash on hand, you may wonder where you can obtain a loan. There are numerous options that include the SBA 7(a), bank or credit union loan. However, there are penalties if you pay the loan off early. Additionally, there are other options available like leasing or borrowing from an alternative lender. You’ll need to decide whether you should take out a loan from another source or get a loan. Your financial advisor or accountant can assist you in deciding what is the best option for you and your company.

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SBA 7(a), loan
You may be eligible for a loan through SBA 7(a) If you are an owner of a company seeking to purchase new equipment or is a business owner who is looking to purchase material. However, before applying you must understand the procedure.

The SBA 7(a) loan is a federal government-backed loan designed to provide financial assistance to small-scale companies. It offers a broad range of financing options for many small business needs. You can use the loan to finance the purchase of real estate, business equipment or other supplies or commercial needs.

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

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Alternative lenders
Alternative lenders for equipment loans offer numerous alternative loan options for business owners who are looking for funding. They can offer short- and long-term financing options, and are easier to access than banks. Banks typically require lengthy paperwork and an extended approval process.

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They also offer different loan products ranging from term loans to invoice financing. Finding the best lender for your business can assist you in financing your company’s growth and operations.

Although alternative loans are a bit more costly than bank loans however, they can be a great way to expand your business while keeping your cash flow in check. You can also reduce the cost by choosing flexible rates.

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An equipment loan can get you the money you need to purchase office equipment such as machinery, vehicles, or machines. However, before you begin the application process, take a moment to evaluate your own personal credit. Equipment financing companies won’t approve you for the loan if you have a credit score is high.

Credit unions and banks
There are a variety of options when it is financing equipment. Some companies opt for an investment loan from a bank, while others go with a credit union. No matter what type of lender you choose, it is essential to think about your business’s needs when choosing the right loan.

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A loan for equipment financing is a great option for you to get the money that you need for your business. You’ll need to pay back the loan on time. If you don’t, you’ll find yourself paying a lot more interest than you thought. This is why it’s essential to evaluate fees and terms.

Be sure to read the entire fine print. While there are many lenders that offer equipment financing loans they each have their own procedures for applying. Some lenders may require a substantial downpayment. And some online lenders will have higher interest rates than traditional banks.

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Penalties for late repayment
The option of paying off your loan earlier is a smart choice regardless of whether you plan to start a business or increase the investment in your equipment. Not only can it save you money on the interest, but it can also free up cash flow to fund other expenses. The extra cash could be used to purchase new equipment or recruit new employees or to cushion the impact of periods of low demand. It is important to be aware of the terms of your lender prior to making a commitment. The penalties for prepayment may be applicable to certain loans so be sure to read the loan documents.

Paying off a loan for equipment earlier can help you cut down on the amount of interest you have to pay and can provide peace of. However, if you opt to pay it off early you’ll also have to reset your loan’s terms, which can negatively affect your business’s credit. Contact your lender to find out more about the conditions of your loan.

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