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If you’re a small-scale business owner seeking an investment loan to get your business going There are a variety of options to look into. A few of these options are SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small-scale business owners who require working capital. These are loans that are extremely flexible that can be used for a variety purposes. You can use the funds to refinance debt, grow your business, or buying assets.

The SBA guarantees some of the loan so lenders are less likely to default. However, a fee is charged to guarantee the loan. This is usually 3.75 percent of the guaranteed amount of the loan.

The interested parties can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

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

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You’ll have to fill out an application in order to apply for an SBA 7(a), loan. The lender will then look over your financial history and assess your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured working capital loan is a wise financial decision. It can be used to pay for equipment, expansion, or to improve your building among other things. The right choice will help your business thrive.

It’s a lot easier than you might think to obtain a working capital loan. As opposed to a credit line, you can get an advance with just a single application. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans are characterized by higher rates of interest. This is because the lender takes on more risk. In this regard an owner of a business must have a great credit score to be eligible. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent way for your company to bridge short-term financial gaps. Using a working capital loan you can take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan will help you to keep your business in business during tough economic times.

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Another benefit of having an unsecure working capital loan is the fact that you do not need to pledge any of your assets. Typically, lenders will ask for a payment processor link and an account for deposits.

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Alternative financing models for small-sized companies
Many entrepreneurs are turning to alternative finance models for small-sized businesses as the most preferred option. These flexible financing options can provide you with the cash you need for growth.

Alternative loans are also less expensive than traditional ones. Banks will typically require large down payments and you could need to wait a while before they are able to provide the cash you require.

Alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. These options can help you quickly get funding.

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Business lines of credit are similar to credit cards, but they charge interest only on the cash you withdraw. These are beneficial for expenses that are short-term.

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Working capital loans are great for everyday expenses like ordering inventory or paying employees. However, they aren’t the appropriate for large-scale business transformations.

Choose a lender with experience in alternative business loans. Your credit score is also important. The greater your score, the greater your chances of getting a favorable financing deal.

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Other alternative finance models for small businesses are peer-to peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This is particularly useful for small-sized businesses that do not have access to collateral.

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