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Follow on Google News | Which way do you go | Leases versus Small Business SBA 7a LoanAs a small business owner sometimes it is hard to make up your mind on getting an equipment lease or a small business loan (SBA 7a Loan). Learn about your options and how to get a small business loan or an equipment lease.
By: Rob Wagner Taking out a small business loan to purchase equipment or inventory may seem attractive on the surface but it is not always your best option. Unsecured business loans can be tough to get and putting up what little assets you have as collateral defeats the purpose of expanding your holdings. You might be able to use the new equipment or inventory as security but the risk factor is still pretty high. One really good rule of thumb when doing business is to risk as little of what you already own as possible. Learn more about business loans and the SBA 7a loan program here. http://www.ibank.com/ Leases, especially equipment leases on items that have high maintenance costs, can be a much better option for an expansion. You’re not stuck with the equipment if the build-out doesn’t work and if anything goes wrong with it while you’re using it the lease company will have to fix or replace it. You can also deduct the expense and declare a loss if the cost of the lease doesn’t exceed the profits you make from using the items you’re leasing. Talk to your accountant about the details. Learn more about equipment leases here http://www.ibank.com/ In some instances you may need both a start up business loan and an equipment lease to get your new business going. This may sound like a lot, but the risk is actually fairly low. The only thing you’ll be on the line for is repayment of the loan. Invest some of the money you borrow into the things you need for the office and put the rest in the bank so you have money to work with. Make your lease payments on time and don’t do anything else until the first loan is paid off. It’s a simple formula, but one that will almost always lead to success if you follow it. Find out more about the SBA small business loans and the 7a loan program at http://www.sbaloans- # # # Learn About SBA Loans and how to get SBA funding and How to get SBA financing for your small business. End
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