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If you are a small-scale business owner looking for an investment loan to get your business going there are plenty of options to take into consideration. A few of these options are SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models may also be available to finance your small-sized business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small-scale entrepreneurs who require working capital. These are highly flexible loans that can be used for a variety of reasons. You can use the money to refinance debt, grow 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 is payable to guarantee the loan. The fee is usually 3.75 percent of the guaranteed amount of the loan.

Interested parties can get an understanding of the SBA 7(a) loan by checking out the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with lenders that have been approved 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 could be fixed, variable, or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and have it approved. A lender will review your financial history and evaluate your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial investment regardless of whether you are expanding or starting out. It can be used to fund equipment, expansion, or to improve your building, among other things. The right one will make your business grow.

The process of getting a working capital loan may be much easier than you think. A loan can be obtained using just one page, unlike the line credit. You can even use three months of bank statements from your business to pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender takes a greater risk. To be eligible, a business owner must have excellent credit ratings. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. With a working capital credit you can avail of low prices on key products and improvements to your facilities. Getting a working capital loan can allow you to stay in business in tough economic times.

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Another benefit of an unsecured working capital loan is that you do not have to pledge any of your assets. Typically lenders will request a payment processor link and a deposit account.

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Small-scale businesses have additional financing options
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing options that can help you get the money you require to expand your business.

Alternative loans can also be cheaper than traditional ones. Banks will typically require large down payments, and you might be waiting a long time before they are able provide the cash you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the opportunity to obtain funds quickly and easily.

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Business lines of credit function similarly to credit cards, but they charge interest only for money that you withdraw. These types of credit are particularly beneficial for short-term expenditures.

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Working capital loans are useful for day-to-day costs for example, paying employees or ordering inventory. However, they aren’t the appropriate for large-scale business changes.

Be sure to choose a lender with experience in alternative business loans. Your credit score is also crucial. Your chances of getting a favorable loan deal are higher if you have a better credit score.

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Other alternative financing models for small businesses involve peer-to-peer lending. Peer-to-business lenders provide small businesses loans through several investors, similar to crowdfunding. This is especially beneficial for small-sized businesses that don’t have collateral.

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