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If you’re a small business owner seeking an investment loan to get your business off the ground there are plenty of options that you may look into. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a), term loans
SBA 7(a) or term loans are available to small-scale business owners who need working capital. They are extremely flexible loans that can be used for a variety of purposes. You can use the funds for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. However, a fee will be due for the guarantee. The cost is usually 3.75 percent of the loan’s guaranteed amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with most loans, the interest rate for a 7(a) loan will depend on the amount and repayment terms. It can be fixed, variable, or linked to the Prime Rate.

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To apply for an SBA 7(a) loan you must fill out an application and be approved. A lender will then assess your financial standing and analyze your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice regardless of whether or not you are expanding or just starting out. It can be used to fund equipment, expansion, or to upgrade your building, among other things. The right choice can help your business grow.

The process of getting a working capital loan could be much simpler than you think. The loan can be secured with just one page, unlike a line credit. You can even pay for your loan with 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is because the lender takes a greater risk. As such the business owner must have a strong credit score to be eligible. You must also have a plan for repaying the loan on time.

Unsecured working capital loans are a great option to fill a financial gap in your company. With a working capital loan allows you to take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan can help you to keep your business in business during difficult economic times.

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Another advantage of an unsecure working capital loan is the fact that you don’t have to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Alternative financing models for small-sized companies
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can help you get the funds you need to expand your business.

Alternative loans are also less expensive than traditional ones. Banks usually require large deposits and you may have to wait a while before you can obtain the cash you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit card, and merchant cash advances. These options can help you to quickly get funds.

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Business credit lines are similar to credit cards, except they charge interest only on money you withdraw. These options are particularly helpful for short-term expenditures.

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Working capital loans are useful for daily expenses for things like paying employees or placing orders for inventory. They are not the ideal solution for large-scale transformations of businesses.

Make sure to choose a lender with experience in business loans for alternative businesses. Also, consider your credit score. The better your score, the higher your chances of securing a favorable financing deal.

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Peer-to -peer lending is an alternative financing model for small companies. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially useful for small businesses that don’t have access to collateral.

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