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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 plenty of alternatives you can consider. Some of these options include 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) term loans
If you are a small-scale business owner and are in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for a variety of purposes. The money can be used to refinance debt, expand your business or to purchase assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. However, a fee is paid to guarantee the loan. This is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

As with most loans, the interest rate on a 7(a) loan will depend on the amount and the repayment terms. It is either fixed or variable and tied to the prime rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and be approved. The lender will look over your financial records and evaluate your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial decision regardless of whether or not you are expanding or just starting out. It can be used to purchase equipment or expand your business or to improve your building. The right one will help your business grow.

A working capital loan is much easier than you think. Contrary to a line-of-credit it is possible to get a loan by filling out a simple application. You can even pay for your loan using three months of bank statements from your business.

Unsecured loans have higher rates of interest. This is because the lender assumes greater risk. As such, a business owner must have a great credit score to be able to qualify. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your business. 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 continue to operate during tough economic times.

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An unsecure working capital loan also has a benefit: it doesn’t require the pledge of any assets. Typically lenders will ask for the payment processor’s link and an account for deposit.

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Alternative finance models for small companies
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the funds you require for growth.

Alternative loans are also more affordable than traditional ones. Banks usually require large down-payments and you may have to wait a while before you can get the money you require.

Lines of credit, merchant cash advances, invoice discounting, credit card and credit cards are all options for business loans. All of these options offer you a way to obtain funding quickly and easily.

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

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Working capital loans can be helpful for day-to-day expenses for things like paying employees or ordering inventory. However, they aren’t the an ideal solution for large-scale business transformations.

Be sure to choose a lender with experience in business loans for alternative businesses. Also, think about your credit score. The better your score, the better your chances of receiving favorable financing deals.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from a variety of investors. This option is particularly beneficial for small-sized businesses that don’t have collateral.

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