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If you’re a small-scale business owner looking for an investment loan to start your business, there are many options to think about. Some of these include SBA 7(a) term loans and unsecured working capital loans. Alternative financing models may also be available to finance your small-sized business.

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SBA 7(a) and term loans
If you are a small business owner and you are in need of working capital, you should think about applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety of reasons. The funds can be used for refinancing debt, expanding your business, or even purchasing assets.

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

People interested in applying can get an understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

Like most loans, the rate of interest on a 7(a) loan will depend on the amount and repayment terms. It could be variable, fixed or tied to the Prime Rate.

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You will need to complete an application form to be eligible for an SBA 7(a), loan. The lender will examine your financial history and assess 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
Whether you are starting out or expanding, an unsecured working capital loan could be an investment that is financially sound. It can be used to pay for expansion, equipment, or to improve your building among other things. The right one will make your business grow.

Getting a working capital loan may be more straightforward than you think. The loan can be secured using just one page unlike the line credit. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. You must also have a plan to repay the loan on time.

Unsecured working capital loans are a great option to fill a financial gap in your company. By taking a working capital loan allows you to take advantage of low prices on key products and improvements to your facilities. A working capital loan can allow you to keep your business running in tough economic times.

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A working capital loan that is unsecured offers another advantage: you don’t have to pledge any assets. Typically, lenders will ask for a payment processor link and an account for deposits.

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Small-scale businesses have other financing options
Many entrepreneurs are opting for alternative finance models for small enterprises as their top choice. They offer flexible financing solutions that can help you get the money you need to expand your business.

Alternative loans can also be cheaper than conventional loans. Banks typically require huge down payments, and you may be waiting a long time before they are able provide the cash you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. Each of these options gives you the chance to get funds quickly and easily.

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Business credit lines are similar to credit cards, but they charge interest only on the money you withdraw. These are useful for spending on short-term expenses.

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. They aren’t the best option for large-scale business changes.

Be sure to select a lender with experience in business loans for alternative businesses. Your credit score is also important. Your chances of getting a favorable financing deal are greater if you have a better credit score.

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Other alternative models for financing small businesses are peer-to peer lending. Peer-to-business lenders provide loans to small businesses from multiple investors, similar to crowdfunding. This option is especially beneficial for small businesses that do not have access to collateral.

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