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By | December 19, 2022

If you are an owner of a small business seeking an investment loan to get your business off the ground there are plenty of options that you may look into. One of them is SBA 7(a) term loans and non-secured working capital loans. You could also look at alternative financing options that could be used to finance your small business.

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SBA 7(a), term loans
If you are a small 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 numerous reasons. The funds can be used to refinance debt, expand your business, or buying assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. The guarantee comes with a fee. This is typically 3.75 percent of the loan’s guarantee amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

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As with all loans, the interest rate for a 7(a) loan will be contingent on the amount and the terms of repayment. It can be fixed or variable and can be linked to the prime rate.

To be eligible for an SBA 7(a) loan you must submit an application and have it approved. The lender will go over your financial records and evaluate your business plan. After the approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial decision regardless of whether you are expanding or starting out. It can be used to buy equipment to expand your business or to improve your building. The right one will make your business thrive.

It can be much easier than you might imagine to get a capital loan. The loan can be secured on a single form unlike a line credit. You can even pay for your loan using 3 months of bank statements for business.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on more risk. Therefore, a business owner should have a high credit score to be eligible. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your company. You can obtain low prices on essential products or upgrades to your facilities through a working capital loan. A working capital loan will allow you to continue to operate during tough economic times.

Another great thing about an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will request the payment processor’s URL and an account for deposit.

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Alternative financing models for small-sized businesses
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that can give you the funds you need to expand.

Alternative loans are also less expensive than traditional loans. Banks typically require substantial down payments and you could require a few days before they are able to provide the funds you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit card, and cash advances for merchants. These options can allow you to quickly receive funding.

Business credit lines are similar to credit cards, except they charge interest only on the cash you withdraw. These types of credit are particularly beneficial for expenses that are short-term.

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Working capital loans are great for daily costs such as purchasing inventory or paying employees. They aren’t the best option for large-scale business changes.

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Be sure to select a lender who has experience in alternative business loans. Also, think about your credit score. The more impressive your score, better your chances of receiving favorable financing deals.

Peer-to peer lending is another alternative financing option for small companies. Peer-tobusiness lenders offer small businesses loans from several investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that don’t have collateral.

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