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If you’re an owner of a small-sized business looking for an investment loan to get your business going there are plenty of options you could consider. These include SBA 7(a) or term loans as well as unsecured work capital loans. You may also want to look at alternative financing options that could be used to help finance your small business.

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SBA 7(a), term loans
SBA 7(a) or term loans are available to small business owners who require working capital. These are highly flexible loans that can be used for a variety reasons. The funds can be used to refinance debt, grow your business, or buying assets.

The SBA guarantees a part of the loan to make it less likely that lenders will default. However, a fee will be charged to guarantee the loan. This is typically 3.75 percent of the loan’s guarantee amount.

Anyone interested can gain an understanding of the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

Like most loans, the rate of interest for 7(a) loans will differ according to the amount and repayment conditions. It is either fixed or variable or pegged to the Prime rate.

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

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice regardless of whether or not you are expanding or just starting out. It can be used to purchase equipment, expand your business, or to upgrade your building. The right choice will help your business grow.

It’s a lot easier than you imagine to get a capital loan. The loan can be secured on a single form, unlike a line credit. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans are characterized by higher rates of interest. This is due to the fact that the lender takes on more risk. To qualify, a business owner must have good credit ratings. It is also essential to have a plan to repay the loan on time.

Unsecured working capital loans can be a great way for your business to bridge short-term financial gaps. You can get low prices on essential products or upgrades to your facilities with working capital loans. A working capital loan will help you to keep your business in business in difficult economic times.

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An unsecured working capital loan also has a benefit: you don’t need to pledge any assets. The lender will usually require the services of a payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you require for growth.

Alternative loans can be less expensive than conventional ones. Banks usually require large down-payments and you may have to wait a while before you can get the funds you require.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards, and cash advances from merchants. All of these options give you the opportunity to obtain funds quickly and easily.

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Business lines of credit function exactly the same way as credit cards, but charge only interest on the amount that you withdraw. These types of credit can be especially helpful for short-term expenditures.

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Working capital loans can be useful for daily expenses for example, paying employees or placing orders for inventory. They are not the ideal solution for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you choose a firm that has experience. Also, think about your credit score. The more impressive your score, higher your chances of securing an attractive financing deal.

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Other alternative models for financing small businesses involve peer-to-peer lending. Peer-to-business lenders offer small businesses with loans from multiple investors, similar to crowdfunding. This is particularly beneficial for small businesses that don’t have collateral.

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