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If you’re a small-scale business owner seeking an investment loan to get your business going, there are many options to look into. These include SBA 7(a), term loans as well as unsecured work capital loans. You could also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a) and term loans
If you are a small-scale business owner who is in need of working capital, you should think about applying for SBA 7(a) term loans. These are extremely flexible loans that can be used for a variety reasons. You can use the money to refinance debt, expand your company, or purchasing assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. The guarantee comes with a cost. This fee is typically 3.75% of the guaranteed amount of the loan.

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

As with all loans, the interest rate on a 7(a) loan will be contingent on the amount and repayment terms. It could be fixed, variable or tied to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application and get it approved. A lender will review your financial situation and review your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial choice, regardless of whether you are expanding or starting out. It can be used to finance expansion, equipment, or to improve your building among other things. The right type of loan will help your business grow.

It’s a lot easier than you might consider to obtain a capital loan. Contrary to a line-of-credit you can apply for the loan using a single application. You can even pay for your loan 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 good credit ratings. Additionally, you must have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your company. You can enjoy low costs on essential products or upgrades to your facilities through working capital loans. Getting a working capital loan will enable you to remain in business even during difficult economic times.

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Another great thing about an unsecured working capital loan is the fact that you do not need to pledge any of your assets. Most lenders will require a payment processor and a deposit account.

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Alternative financing models for small businesses
Many entrepreneurs are opting for alternative finance models for small businesses as their preferred option. They provide flexible financing solutions that will give you the funds you need to expand your business.

Alternative loans are also cheaper than traditional ones. Banks usually require large down payments, and you may be waiting a long time before they are able to provide the money you require.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards and cash advances from merchants. These options can help you quickly receive funding.

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Business lines of credit are similar to credit cards in that they charge interest only on money you withdraw. These are particularly useful for expenses that are short-term.

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Working capital loans can be useful for day-to-day costs for things like paying employees or ordering inventory. They aren’t the best solution for large-scale transformations of businesses.

When choosing a lender for an alternative business loan, make sure you select a company with expertise. Your credit score is also crucial. Your chances of getting a favorable loan deal are greater if you have a better credit score.

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Other alternative finance models for small businesses involve peer-to-peer lending. Peer-to-business lenders provide small businesses loans from several investors, similar to crowdfunding. This is particularly useful for small businesses that don’t have collateral.

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