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If you’re an owner of a small business seeking an investment loan to start your business there are plenty of options to think about. Some of these include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small business owners who require working capital. These loans are flexible and can be used for numerous reasons. The funds can be used to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. The guarantee is accompanied by a fee. The fee is usually 3.75 percent of the guarantee amount of the loan.

Interested parties can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

As with most loans, the interest rate for a 7(a) loan will be contingent on the amount and the repayment terms. It is either fixed or variable and can be 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 get it approved. The lender will examine your financial history and assess your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured working capital loan is an investment that is financially sound. It can be used to buy equipment, expand your business, or upgrade your building. The right choice will help your business thrive.

It’s a lot easier than you consider to obtain a capital loan. In contrast to a line of credit, you can get the loan using a single application. You can even pay for your loan using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. So an owner of a business should have a high credit score to be eligible. Also, you should have a plan to repay the loan on time.

Unsecured working capital loans are an excellent option to bridge a financial gap in your company. Using a working capital loan allows you to take advantage of low prices on key products and improvements to your facilities. A working capital loan will allow you to keep your business running during tough economic times.

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An unsecured working capital loan offers another advantage: it doesn’t require the pledge of any assets. The lender will usually require an online payment processor and 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. These flexible financing options can give you the cash you require for expansion.

Alternative loans can also be cheaper than conventional loans. Banks typically require huge down payments, and you might require a few days before they can provide the cash you require.

Lines of credit, merchant cash advances and invoice discounting, credit card, and credit cards are all options for business loans. These options can help you quickly get funds.

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

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Working capital loans can be helpful for day-to-day expenses, such as paying employees or ordering inventory. They’re not the ideal solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you select a company that has experience. Your credit score is crucial. The better your score, the more likely you are to receive an attractive financing deal.

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Other alternative financing models for small businesses are peer-to peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from a variety of investors. This is especially beneficial for small companies that don’t have collateral.

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