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There are a myriad of options available to small business owners looking for working capital loans to help them get their business off the ground. These include SBA 7(a) or 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 consider applying for SBA 7(a) term loans. These loans are flexible and can be used for many purposes. The funds can be used to repay debt, expand your company or to purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. The guarantee comes with a cost. This fee is usually 3.75 percent of the loan’s guaranteed amount.

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 SBA-approved lenders in just two days.

As with most loans, interest rates for 7(a) loans will vary dependent on the amount and the 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. A lender will then assess your financial standing and analyze your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecure working capital loan is a wise financial decision. It can be used to purchase equipment to expand your business or even to upgrade your facility. The right choice can help your business grow.

It’s a lot easier than you think to get a working capital loan. In contrast to a line of credit, you can get the loan using a single application. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans are characterized by higher interest rates. This is due to the fact that the lender is taking on more risk. As such an owner of a business should have a high credit score to be able to qualify. Additionally, you must have a plan in place to repay the loan on time.

Unsecured working capital loans are a great 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 a working capital loan. A working capital loan will enable you to keep your business running even in difficult economic times.

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Another benefit of having an unsecured working capital loan is the fact that you don’t have to pledge any of your assets. The lender will usually require the services of a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are turning to alternative finance models for small-sized businesses as their preferred option. These flexible financing options can give you the funds you require for expansion.

Alternative loans are also less expensive than traditional ones. Banks typically require large down-payments and you might have wait for a while before you can obtain the funds you require.

Lines of credit, merchant cash advances invoice discounting, credit card, and credit cards are all options for business loans. Each of these options gives you the chance to get funding quickly and easily.

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Business credit lines are similar to credit cards in that they charge interest only on cash you withdraw. These options can be particularly helpful for short-term expenditures.

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Working capital loans are useful for everyday expenses such as purchasing inventory or paying employees. However, they aren’t the best suited for large-scale business changes.

Choose a lender who has expertise in alternative business loans. Your credit score is crucial. The more impressive your score, greater your chances of getting an attractive financing deal.

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Other alternative models for financing small businesses involve peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from multiple investors. This option is especially beneficial for small businesses that don’t have collateral.

Reuters