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If you are an owner of a small-sized business looking for an working capital loan to help your business get going, there are many alternatives you can take into consideration. These include SBA 7(a) or term loans, and unsecured work capital loans. You might also look into alternative financing options that can be used to help finance your small-scale business.

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SBA 7(a) term loans
If you are a small business owner and you 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. The funds can be used to repay the company’s debt, grow it or to purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. However, a fee is payable to guarantee the loan. The cost is usually 3.75 percent of the loan’s guarantee amount.

Anyone interested can gain more information about the SBA 7(a) loan by looking through the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

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

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To be eligible for an SBA 7(a) loan, you will need to fill out an application and have it approved. The lender will go over your financial information and analyze 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 unsecured working capital loan is a wise financial choice regardless of whether you are expanding or starting out. It can be used to fund equipment, expansion, or to improve your building among other things. The right choice will help your business thrive.

It’s much easier than you might imagine to get a capital loan. Contrary to a line-of-credit it is possible to get a loan with a one-page application. You could even use 3 months of bank statements from your company to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender assumes greater risk. To qualify, a business owner must have excellent credit ratings. In addition, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent way for your business to bridge short-term financial gaps. With a working capital loan you can avail of discounted prices on important products and improvements to your facilities. A working capital loan can help you to keep your business afloat in difficult economic times.

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An unsecured working capital loan is another benefit because it doesn’t require the pledge of any assets. The lender will usually require the services of a payment processor and a deposit account.

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Alternative finance models for small-sized businesses
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also more affordable than traditional ones. Banks typically require large down-payments, and you may have wait for a while before you can get the funds 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 can help you to quickly obtain funding.

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Business lines of credit are similar to credit cards in that 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 to cover the cost of daily expenses, such as ordering inventory or paying employees. They are not the ideal solution for large-scale transformations of businesses.

If you are choosing a lender to get an alternative business loan, ensure you choose a business that has expertise. Also, consider your credit score. The higher your score, the more likely you are to receive the best financing deal.

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Other alternative financing models for small businesses are peer-to peer lending. Peer-to-business lenders offer small businesses with loans from several investors, similar to crowdfunding. This is particularly useful for small businesses that do not have access to collateral.

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