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If you are a small-scale business owner seeking an investment loan to start your business, there are many options to consider. Some of these options 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) and term loans
If you are a small-scale business owner and are in need of working capital, you should consider applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety reasons. You can use the money for refinancing debt, expanding your company, or purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. The guarantee comes with a cost. This fee is typically 3.75 percent of the guaranteed amount of the loan.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

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

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To apply for an SBA 7(a) loan, you will need to submit an application and have it approved. The lender will look over your financial records and evaluate your business plan. After approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, a non-secure working capital loan is an investment that is financially sound. It can be used to purchase equipment or expand your business or upgrade your building. The right option will help your business thrive.

It’s much easier than you imagine to get a capital loan. Contrary to a line-of-credit you can obtain an advance with just a single application. You can even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. As such the business owner must have a strong credit score to be eligible. In addition, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent method for your company to bridge short-term financial gaps. Using a working capital loan, you can take advantage of low prices on key products and upgrades to your facilities. A working capital loan can allow you to stay in business during tough economic times.

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An unsecured working capital loan has another advantage: you don’t have to pledge any assets. The lender will usually require a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are turning to alternative financing models for small businesses as their preferred option. They offer flexible financing solutions that can give you the money you require to expand.

Alternative loans are also less expensive than traditional loans. Banks typically require large down-payments and you may need to wait a while before getting the money you need.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and merchant cash advances. These options all offer you the chance to get funds quickly and easily.

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Business lines of credit function similarly to credit cards but charge interest only for money that you take out. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans are useful for day-to-day costs for things like paying employees or ordering inventory. They aren’t the best solution for large-scale transformations of businesses.

When selecting a lender for an alternative business loan, make sure you choose a firm that has experience. Your credit score is also crucial. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Peer-to -peer lending is an alternative financing model for small companies. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from multiple investors. This is particularly beneficial for small businesses that don’t have access to collateral.

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