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If you are an owner of a small business seeking an investment loan to start your business, there are many options that you may consider. Some of these include SBA 7(a) term loans and unsecured working capital loans. You might also look at alternative financing options that can be used to help finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small business owners who need working capital. These are loans that are extremely flexible that can be utilized for a variety of uses. You can use the money to refinance debt, grow your business, or buying assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders fail. However, a fee will be due to guarantee the loan. The fee is typically 3.75% of the loan’s guaranteed amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They will also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Like most loans, the interest rate on a 7(a) loan will be contingent on the amount and the repayment terms. It can be variable or fixed or linked to the Prime rate.

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

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Unsecured working capital loans
An unsecure working capital loan is a smart financial investment, regardless of whether 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 one will make your business flourish.

Getting a working capital loan can be a lot easier than you think. As opposed to a credit line you can apply for a loan by filling out a simple application. You can even use 3 months of bank statements from your business to finance your loan.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. Therefore, a business owner must have a strong credit score to be eligible. You must also have a plan to repay the loan on time.

Unsecured working capital loans are a great way for your business to cover short-term financial gaps. Using a working capital loan allows you to take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan can allow you to keep your business running in tough economic times.

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A working capital loan that is unsecured offers another advantage: you don’t have to pledge any of your assets. Lenders will typically ask for the services of a payment processor and a deposit account.

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Alternative finance models for small companies
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the cash you require for expansion.

Alternative loans are also more affordable than conventional ones. Banks usually require large deposits and you may need to wait a while before getting the money you require.

Lines of credit, merchant cash advances, invoice discounting, credit card and credit cards are all options for business loans. All of these options give you the possibility of obtaining quick and easy funding.

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Business lines of credit work similar to credit cards, but they charge interest only on the money that you take out. These options are especially useful to cover short-term expenses.

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. However, they’re not the appropriate for large-scale business changes.

Choose an institution with experience in alternative business loans. Also, consider your credit score. The more impressive your score, better your chances of receiving a favorable financing deal.

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Peer-to-peer lending is another alternative finance option for small-sized companies. Peer-to-business lenders offer loans to small businesses from several investors, similar to crowdfunding. This is particularly beneficial for small-sized businesses that do not have collateral.

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