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Equipment Loans VS Equipment Leases: Which Is Right For You?
Most businesses need equipment, whether it’s kitchen appliances or heavy equipment to be used on a construction site. Purchasing these items can be expensive and may require a loan. On the other hand, a traditional loan may not be the best way to purchase equipment that may soon become obsolete. In this post, we’ll look […]
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What Are SBA Loan Credit Score Requirements?
Small businesses looking to take advantage of the Small Business Administration’s (SBA) loan programs’ excellent rates and terms face what is often a complex and confusing application process. We’ll go over the minimum FICO score SBA loan requirements for each type of SBA loan and what you can do if you don’t think you’ll qualify.
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Best Equipment Financing Companies For Small Business
Equipment financing is low key one of the more complicated types of business financing. Not only do you want to keep in mind factors that apply to all business loans like interest rates, your ability to qualify, and term lengths, but you need to consider how the equipment you’re purchasing retains (or doesn’t retain) its value and utility over time.
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What Is A Factor Rate For Small Business Loans?
Although factor rates and interest rates appear similar, there are some important differences which potential borrowers need to be aware of. Fixed fees (the fee determined by a factor rate) are only calculated once, before the loan is issued. The fee will stay the same, regardless of how long repayment takes. On the other hand, interest rates are accrued over time—the longer your loan is outstanding, the more fees will build up. Read on for more about the difference between factor rates and interest rates.
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What Are Business Grants & Are They Taxable?
There are business grants out there that give small business owners and entrepreneurs access to capital. However, it isn’t as easy as pulling out your credit card and receiving a magic list in your mailbox. It takes work to find grants that you qualify for, and even then, competition is pretty stiff. That doesn’t mean you should automatically write-off business grants, though.
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The Ultimate Guide To SBA Community Advantage Loans
The SBA launched the SBA Community Advantage loan program to help businesses in underserved areas receive low-interest financing with reasonable terms. Business owners that can’t receive financing through traditional loan programs can take advantage of competitive rates and terms through this SBA pilot program.
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Guide To Getting A Business Line Of Credit For Small Businesses
Understand what a business line of credit is, how it works, and how it could solve your cash flow problems. Find out how to get one for your small business.
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What Is Equipment Financing: How To Purchase Hard Assets With Loans & Leases
Whether you’re paving a road or writing software, sooner or later you’re going to need to buy, upgrade, or replace your business-related equipment. Unless you’re lucky enough to have a lot of cash on hand, the costs of doing so out of pocket may prove prohibitive. If you don’t have the luxury of waiting, you’ll need to seek financing. When that happens, you should consider an equipment loan.
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The Beginner’s Guide To APR For Small Business Loans
An APR (Annual Percentage Rate) is the actual total cost of a loan over the course of one year. It isn’t just the interest rate, it’s the interest rate plus any fees that come with the loan.
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