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If you are an owner of a small business looking for an investment loan to help your business get going there are many options to look into. These include SBA 7(a) and term loans, and unsecured work capital loans. You may also consider looking at alternative financing options that can be used to finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small-scale business owners who require working capital. They are extremely flexible loans that can be utilized for a variety of purposes. The money can be used to refinance the company’s debt, grow it, or purchase assets.

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

Interested parties can get more information about the SBA 7(a) loan by looking through the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

Similar to most loans, rate of interest for 7(a) loans will differ according to the amount and repayment terms. It could be variable, fixed 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 look over 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
A working capital loan that is unsecured is a smart financial investment, regardless of whether you are expanding or just starting out. It can be used to purchase equipment to expand your business or to improve your building. The right type of loan will help your business grow.

It’s a lot easier than you think to get a working capital loan. It is possible to get a loan on a single form, unlike the line credit. You can even pay for your loan using three months of bank statements for business.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. Therefore the business owner should have a high credit rating to qualify. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans can be a great way for your business to cover short-term financial gaps. By taking a working capital loan you can avail of discounted prices on important products and improvements to your facilities. Getting a working capital loan can allow you to stay in business even during difficult economic times.

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

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Small-scale businesses have other financing options
Many entrepreneurs are turning to alternative finance models for small-sized companies as their preferred choice. These flexible financing options can help you get the cash you need to fund growth.

Alternative loans are cheaper than conventional loans. Banks usually require large down payments and you could have to wait for a while before they can provide the money you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. All of these options give you the possibility of obtaining quick and easy funding.

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

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Working capital loans are great for everyday expenses such as purchasing inventory or paying employees. They’re not the ideal option for large-scale business changes.

If you are choosing a lender to get an alternative business loan, ensure you choose a business that has experience. Your credit score is crucial. Your chances of getting a favorable financing deal are increased if you have a better credit score.

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Peer-to-peer lending is a different financing model for small businesses. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from multiple investors. This option is particularly useful for small-sized businesses that don’t have collateral.

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