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

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SBA 7(a) and term loans
SBA 7(a) (term) loans are available to small entrepreneurs 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 business, or for purchasing assets.

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

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They will also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

As with all loans, the interest rate on a 7(a) loan will be contingent on the amount and repayment terms. It is either variable or fixed, and it can be tied to the Prime rate.

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To apply for an SBA 7(a) loan, you will need to submit an application and be approved. The lender will examine your financial history and review your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecure working capital loan can be a wise financial decision. It can be used to purchase equipment, expand your business, or to upgrade your building. The right choice will help your business grow.

The process of getting a working capital loan could be more straightforward than you think. As opposed to a credit line you can obtain the loan using a single application. You can even pay for your loan using 3 months of business bank statements.

Unsecured loans carry higher rates of interest. This is because the lender is taking on more risk. In this regard, a business owner must have a great credit score to be able to qualify. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great way for your business to cover short-term financial gaps. With a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan will enable you to continue to operate even during difficult economic times.

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A working capital loan that is unsecured has another advantage: it doesn’t require the pledge of any assets. Typically lenders will require the payment processor’s link and an account for deposits.

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Alternative financing models for small-sized companies
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you need for expansion.

Alternative loans are also less expensive than traditional loans. Banks usually require large down payments, and you may need to wait a while before they are able to provide the cash you require.

Lines of credit, merchant cash advances as well as invoice discounting card, and credit cards are all options for business loans. These options all offer you a way to obtain quick and easy funding.

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Business lines of credit work in the same way as credit cards, but charge interest only for money that you take out. These options are particularly helpful for short-term expenditures.

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Working capital loans are useful for day-to-day costs like paying employees or ordering inventory. They’re not the ideal solution for large-scale transformations of businesses.

When choosing a lender for an alternative business loan, make sure you choose a firm that has years of experience. Your credit score is crucial. Your chances of getting a favorable finance deal are better if have a higher credit score.

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Peer-to -peer lending is an alternative financing model for small businesses. Peer-to business lenders provide small businesses loans from multiple investors, similar to crowdfunding. This option is particularly useful for small businesses that don’t have collateral.

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