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If you’re a small business owner looking for an investment loan to help your business get going, there are many alternatives you can consider. One of them is SBA 7(a) term loans and unsecure working capital loans. You could also look into alternative financing options that could be used to help finance your small business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and can be used for numerous purposes. The money can be used to refinance debt, expand your company or even purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. However, a fee is due for the guarantee. The cost is usually 3.75 percent of the loan’s guaranteed amount.

The interested parties can get more information about the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

Like most loans, the rate of interest on a 7(a) loan will depend on the amount and repayment terms. It could be fixed, variable or linked 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 review your financial information and analyze 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
Whether you are starting out or expanding, a non-secure working capital loan is an investment that is financially sound. It can be used to buy equipment or expand your business or upgrade your building. The right choice will help your business flourish.

Getting a working capital loan could be much easier than you think. Unlike a line of credit you can obtain an advance with just a single application. You could even use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher interest rates. This is due to the fact that the lender is taking on more risk. As such, a business owner should have a high credit score in order to be eligible. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great way for your company to bridge short-term financial gaps. You can get low prices on key products or upgrades to your facilities through a working capital loan. A working capital loan can allow you to remain in business even in difficult economic times.

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An unsecure working capital loan offers another advantage: it doesn’t require the pledge of any assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can provide you with the funds you need to expand your business.

Alternative loans are also less expensive than traditional ones. Banks typically require huge down payments and you may need to wait a while before they can provide the money you need.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances from merchants. These options all offer you the possibility of obtaining money quickly and conveniently.

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Business lines of credit function similarly to credit cards, but they charge interest only for money that you withdraw. These options are especially beneficial to cover short-term expenses.

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Working capital loans are a great option to cover the cost of daily expenses, such as ordering inventory or paying employees. They aren’t the best solution for large-scale business transformations.

Be sure to choose a lender who has experience in business loans for alternative businesses. Also, take into consideration your credit score. Your chances of getting a favorable finance deal are increased if you have a higher credit score.

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Peer-to -peer lending is an alternative method of financing for small companies. Peer-tobusiness lenders offer small businesses with loans from multiple investors, much like crowdfunding. This is particularly beneficial for small businesses that don’t have collateral.

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