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If you’re an owner of a small-sized business seeking an investment loan to get your business off the ground there are plenty of options you could look into. One of them is SBA 7(a) term loans as well as unsecure working capital loans. You may also want to look at alternative financing options that can be used to finance your small-scale business.

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SBA 7(a) term loans
If you are a small business owner and you are in need of working capital, you should think about applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many purposes. The funds can be used to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees some of the loan so that lenders are less likely to default. However, a fee is due for the guarantee. The cost is usually 3.75% of the loan’s guaranteed amount.

Interested parties can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

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

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

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial decision regardless of whether or not you are expanding or just starting out. It can be used to buy equipment or expand your business or even to upgrade your facility. The right option 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 using just one page, unlike the line credit. You can even pay for your loan with 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on greater risk. So, a business owner must have a good credit score to be able to qualify. It is also essential to have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent option for your company to bridge short-term financial gaps. Using a working capital loan allows you to take advantage of discounted prices on important products and improvements to your facilities. Getting a working capital loan will allow you to keep your business running during tough economic times.

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An unsecure working capital loan is another benefit because it doesn’t require the pledge of any assets. Typically lenders will ask for an online payment processor and a deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are opting for alternative financing models for small businesses as their preferred option. These flexible financing options can help you get the cash you need to fund growth.

Alternative loans are also more affordable than traditional ones. Banks usually require large deposits and you may need to wait a few months before you can secure the money you need.

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

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Business lines of credit are similar to credit cards, but they charge interest only on cash you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans are great for everyday expenses such as purchasing inventory or paying employees. They are not the best solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you choose a business that has prior experience. Also, take into consideration your credit score. The greater your score, the more likely you are to receive the best financing deal.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Peer-to-business lenders provide small businesses loans through multiple investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that do not have collateral.

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