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If you’re an owner of a small business looking for an investment loan to start your business, there are many options you could consider. A few of these options are SBA 7(a) term loans and working capital loans that are not secured. You could also look into alternative financing options that can be used to 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 loans are flexible and can be used for numerous reasons. The funds can be used to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees the loan in part so lenders are less likely to default. However, a fee will be paid to guarantee the loan. This fee is usually 3.75 percent of the loan’s guarantee amount.

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

As with all loans the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It is either fixed or variable and can be pegged to the Prime rate.

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To be eligible for an SBA 7(a) loan you must submit an application and be approved. The lender will go over your financial information and analyze your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial decision regardless of whether or not you are expanding or starting out. It can be used to finance equipment, expansion or to improve your building among other things. The right choice will allow your business to grow.

It can be much easier than you think to get a working capital loan. A loan can be obtained by filling out a single page, unlike the line credit. You can even pay for your loan by using 3 months of business bank statements.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have excellent credit ratings. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option for your company to bridge short-term financial gaps. By taking a working capital loan, you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan will help you to keep your business afloat in difficult economic times.

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An unsecured working capital loan is another benefit because you don’t need to pledge any assets. Typically lenders will ask for an online payment processor and an account for deposit.

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Small businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need for expansion.

Alternative loans are also more affordable than traditional ones. Banks usually require large down-payments, and you may have wait for a while before you can secure the cash you require.

Lines of credit, cash advances for merchants invoice discounting, credit card, and credit cards are all options for business loans. Each of these options gives you a way to obtain funding quickly and easily.

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Business lines of credit function exactly the same way as credit cards but charge interest only on the money that you take out. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans can be useful for day-to-day costs for things like paying employees or purchasing inventory. They are not the ideal solution for large-scale business transformations.

Be sure to choose a lender with experience in business loans for alternative businesses. Also, take into consideration your credit score. Your chances of getting a favorable loan deal are greater if you have a better credit score.

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Other alternative financing options for small businesses include peer-to -peer lending. Peer-tobusiness lenders offer small businesses with loans from multiple investors, similar to crowdfunding. This is particularly beneficial for small-sized businesses that do not have collateral.

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