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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 a variety of options to think about. These include SBA 7(a) and term loans and unsecured work capital loans. You may also want to look into alternative financing models that can be used to help finance your small business.

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SBA 7(a) and term loans
SBA 7(a), term loans are available to small business owners who require working capital. These loans are flexible and are able to be used for many purposes. The funds can be used to refinance the company’s debt, grow it or even purchase assets.

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

Anyone interested can gain more information about the SBA 7(a) loan by checking out the SBA website. They’ll also be able to access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

Similar to most loans, interest rates on 7(a) loans can vary according to the amount and repayment terms. It can be fixed, variable or linked to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a) loan. The lender will review your financial information and analyze your business plan. After approval, you sign a loan agreement and 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 you are expanding or just starting out. It can be used to purchase equipment to expand your business or upgrade your building. The right option can help your business grow.

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

Unsecured loans come with higher rates of interest. This is due to the fact that the lender is taking on more risk. Therefore, a business owner must have a good credit score to be eligible. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to bridge short-term financial gaps. With a working capital credit you can take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan can allow you to keep your business running in difficult economic times.

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Another benefit of an unsecure working capital loan is that you do not need to pledge any of your assets. Typically lenders will request the payment processor’s link and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing options that will give you the funds you need to expand.

Alternative loans are also cheaper than conventional loans. Banks usually require large deposits and you may have wait for a while before you can obtain the money you require.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards and cash advances from merchants. Each of these options gives you the chance to get quick and easy funding.

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Business lines of credit function similar to credit cards, but they charge interest only on the money that you take out. These options are especially beneficial for expenses that are short-term.

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. They’re not the ideal solution for large-scale transformations of businesses.

When choosing a lender for an alternative business loan, ensure you choose a firm that has expertise. Also, consider your credit score. The better your score, the higher your chances of securing a favorable financing deal.

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Other alternative models for financing small businesses include peer-to -peer lending. Peer-to-business lenders offer loans to small businesses from many investors, similar to crowdfunding. This is particularly useful for small-sized businesses that do not have access to collateral.

Reuters