SBA Working Capital and Debt Refinancing Loans
The best way for most businesses to get essential funds to successfully run daily operations and to saveon high interest debt. An SBA loan is a government-guaranteed small business loan that has a long-termand low-interest rates
$30,000 to $350,000
TERM: 10 YEARSINTEREST RATE: 6.50% – 7.50%
LOAN PURPOSE:Refinance high-cost debt and save thousands.Marketing – Attract new prospects to grow your customer base.Purchase equipment to improve efficiency.Business expansion – Scale your business by adding new products or services.Hire employees – Add needed staff to build your business.Purchase inventory to meet busy sales periods.
What is equipment financing?
Most business needs equipment. For some, it’s as simple as a smartphone and tablet computer, forothers it’s a 12-burner range and a box truck, or a full suite of dental tools and an X-ray machine. Someequipment can be used for many years, while other items might be obsolete in 24 months. Some mustbe acquired new, while others can be purchased used from an auction. Some can be purchased outright,while others can be leased. But no matter what you need or the capital you have on hand for it, thereare ways to get equipment–and finance it.
At the end of 2015, Congress passed a bill that should encourage more small businesses to spend onequipment. Legislators made the so-called Section 179 deduction permanent, which will allow smallbusinesses to write off up to $500,000 in qualifying equipment in the year in which it is purchased.How can I use equipment financing?
You can use equipment financing to buy or lease equipment, whether that equipment is new, old orrefurbished.
New equipment gives you the opportunity to get the latest technology and a full warranty. When youbuy your equipment, you gain an asset that you can sell in the future–and bank the benefits of thatsale–or use as collateral for the next stage in your business’ growth.
If the technology in your industry changes frequently, leasing can help you get current equipment thatyou will hold onto only until the next upgrade appears. You will pay for your leased equipment in smallmonthly amounts, which can free up capital for other purposes. While it will cost you more to lease apiece of equipment than to buy it, some lessors offer a purchase option that applies a portion of yourlease payment towards the purchase price.
REVENUE BASED LOANS
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Revenue based loans can help you take care of immediate needs in your business, whether that is a cashflow shortfall or a new business opportunity. No collateral is required for these type of loans, therequired documentation is limited and perfect credit not needed. Nearly every industry can get shorttermfinancing.
What is a Revenue Based Loan?
Revenue based loan is an alternative to a traditional bank term loan. Revenue based loan is extendedbased on the monthly sales volume at your business, and not your personal or business credit history.The application and approval process is faster, and no collateral is required. This type of loan is availablewith terms from three to 24 months and it is generally repaid through automatic deductions from yourbusiness bank account.
How can I get a Revenue Based Loan?
Most industries can qualify for a revenue based loan and even businesses that have been open for asfew as three months can apply. You can request from $5,000 to $1,000,000; lenders will base theirdecision on your monthly sales volume. You’ll need to provide some documentation, but far less thanfor longer term loans: Expect to be asked for bank statements and a landlord reference. Some lenderswill require that your business is majority owned by a U.S. citizen or legal permanent resident.
How can I use revenue based loans?
You can use revenue based loans for almost any purpose, from working capital to inventory.
A medium-term loan is a simple interest business loan with a low rate and flexible terms ranging from one to five years, with no prepayment penalties. No collateral is required for a medium-term loan, but a personal guarantee is needed.
What is a medium-term loan?
Some business needs demand financing with a longer term. Maybe you’re looking to remodel or expand.Maybe you have an opportunity to buy out a competitor. A medium-term loan will enable you to get the capital you need for your growth project, and take up to five years to repay. A medium-term loan offer slow rates and flexible terms, and often does not require collateral.
How can I get a medium-term loan?
LoanBrokers has made it faster and easier for small businesses to get a medium-term loan. You can request from $20,000 to $500,000, with repayment terms of one to five years. The rates on a medium term loan are based in part on your credit rate, so be sure you have a strong credit history to present. A medium-term loan is repaid through fixed weekly, bi-weekly or monthly payments which can help you get greater clarity on your cash flow.
How can I use a medium-term loan?
You have a great deal of flexibility in how you use a medium-term loan. If you opt for a shorter term, it can be helpful for working capital, new inventory and general cash flow needs. If you take financing for a full term, it can be used for a wide range of growth and expansion purposes.