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If you’re an owner of a small business seeking an working capital loan to get your business off the ground, there are many options that you may think about. These include SBA 7(a) as well as term loans and unsecured capital loans. Alternative financing models may also be available to finance your small-sized 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 think about applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many reasons. You can use the money for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. The guarantee comes with a cost. The cost is usually 3.75% of the loan’s guarantee amount.

The interested parties can get a better understanding of the SBA 7(a) loan by visiting 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.

Similar to most loans, rate of interest for 7(a) loans will vary in accordance with the amount borrowed and repayment terms. It could be variable, fixed or tied to the Prime Rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will go over your financial records and evaluate your business plan. After the approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecure working capital loan can be a wise financial decision. It can be used to fund equipment, expansion or to upgrade your building, among other things. The right one will help your business grow.

A working capital loan could be more straightforward than you think. Contrary to a line-of-credit, you can get a loan by filling out a simple application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on a greater risk. To be eligible, a company owner must have good credit ratings. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way for your business to bridge short-term financial gaps. With a working capital loan allows you to take advantage of low rates on key products and upgrades to your facilities. A working capital loan will help you to keep your business afloat even in tough economic times.

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Another great thing about an unsecure working capital loan is that you do not have to pledge any of your assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Smaller businesses have other financing options
Many entrepreneurs are turning to alternative finance models for small businesses as their preferred option. These flexible financing options can provide the cash you require for growth.

Alternative loans are also less expensive than traditional loans. Banks usually require large down payments, and you may be waiting a long time before they can provide the cash you require.

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

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Business lines of credit function similarly to credit cards, but they charge interest only on money that you take out. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans are beneficial for everyday expenses for things like paying employees or ordering inventory. They aren’t the best option for large-scale business changes.

Be sure to choose a lender who has expertise in alternative business loans. Your credit score is important. The better your score, the higher your chances of securing favorable financing deals.

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Peer-to peer lending is another alternative finance option for small-sized companies. Peer-to-business lenders provide loans to small businesses from several investors, similar to crowdfunding. This is particularly beneficial for small-sized businesses that do not have access to collateral.

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