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If you are a small-scale business owner seeking an investment loan to get your business going there are many options to think about. Some of these options include SBA 7(a) term loans and unsecured working capital loans. You may also consider looking at alternative financing options that could be used to help finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small business owners who need working capital. These are highly flexible loans that can be utilized for a variety of reasons. You can use the money for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees some of the loan so that lenders are less likely to default. The guarantee comes with a cost. The cost is usually 3.75% of the loan’s guaranteed amount.

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

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

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To apply for an SBA 7(a) loan you must fill out an application form and have it approved. The lender will look over your financial records and evaluate your business plan. After the approval, you’ll 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 investment regardless of whether or not you are expanding or starting out. It can be used to purchase equipment or expand your business or even to upgrade your facility. The right option can help your business grow.

A working capital loan is much easier than you think. As opposed to a credit line it is possible to get a loan with a one-page application. You can even fund your loan using three months of bank statements for business.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. In this regard, a business owner should have a high credit score in order to be eligible. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. Using a working capital loan you can avail of lower prices on essential products and upgrades to your facilities. Getting a working capital loan will allow you to continue to operate in tough economic times.

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Another advantage of an unsecure working capital loan is that you don’t have to pledge any of your assets. Lenders will typically ask for an online payment processor and deposit account.

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Alternative finance models for small businesses
Alternative financing models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They provide flexible financing options that will give you the money you need to grow.

Alternative loans are cheaper than conventional loans. Banks typically require large down-payments, and you may have to wait a few months before you can get the funds you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances for merchants. All of these options offer you the chance to get funding quickly and easily.

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Business credit lines are similar to credit cards, except they charge interest only on cash you withdraw. These are useful for short-term expenses.

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Working capital loans are great for daily costs such as purchasing inventory or paying employees. However, they aren’t the an ideal solution for large-scale business transformations.

Be sure to select a lender with experience in alternative business loans. Also, think about your credit score. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Peer-to-peer lending is another alternative finance option for small-sized businesses. Peer-tobusiness lenders offer small businesses loans from multiple investors, much like crowdfunding. This option is particularly beneficial for small companies that do not have collateral.

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