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There are a variety of options available to small business owners looking for working capital loans to get their business off the start. These include SBA 7(a) or term loans, and unsecured work capital loans. Alternative financing models could be available to help finance your small-sized business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small-scale business owners who need working capital. These are highly flexible loans that can be utilized for a variety of uses. You can use the money for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a portion of the loan which means lenders are less likely to default. The guarantee is accompanied by a fee. This is typically 3.75% of the loan’s guaranteed amount.

Anyone interested can gain more information about the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

As with most loans, rates of interest on 7(a) loans will differ in accordance with the amount borrowed and repayment conditions. It can be variable or fixed, and it can be tied to the prime rate.

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You’ll need to fill out an application to apply for an SBA 7(a), loan. The lender will examine your financial history and review your business plan. After approval, you will sign a loan agreement and 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 you are expanding or starting out. It can be used to buy equipment, expand your business, or to improve your building. The right choice will help your business grow.

A working capital loan may be a lot easier than you think. It is possible to get a loan with just one page unlike a line credit. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender is taking on more risk. So the business owner must have a good credit score to be eligible. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are a fantastic way to bridge a short-term financial gap in your business. You can enjoy low costs on the most important products or upgrades to your facilities using working capital loans. Getting a working capital loan can allow you to remain in business during tough economic times.

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Another benefit of having an unsecured working capital loan is that you don’t have to pledge any of your assets. Typically lenders will request the payment processor’s URL and a deposit account.

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Alternative finance models for small companies
Many entrepreneurs are turning to alternative finance models for small businesses as the most preferred option. They provide flexible financing options that can provide you with the money you need to expand your business.

Alternative loans are also more affordable than traditional loans. Banks will typically require large down payments, and you may be waiting a long time before they are able to provide the money you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances for merchants. These options can help you quickly get funding.

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Business credit lines are similar to credit cards, but they charge only interest on the cash you take out. These types of credit can be especially useful for spending on short-term expenses.

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Working capital loans can be useful for daily costs such as ordering inventory or paying employees. They aren’t the best solution for large-scale transformations of businesses.

Be sure to select a lender who has experience in business loans for alternative businesses. Also, consider your credit score. The higher your score, the better your chances of receiving favorable financing deals.

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

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