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If you are an owner of a small business seeking a working capital loan in order to help your business get going there are many alternatives you can think about. A few of these options are SBA 7(a) term loans and non-secured working capital loans. You may also consider looking at alternative financing options that can be used to help finance your small business.

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SBA 7(a) and 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 can be used for numerous reasons. The money can be used to repay debt, expand your business or to purchase assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders fail. However, a fee will be due for the guarantee. This fee is typically 3.75 percent of the guarantee amount of the loan.

Interested parties can get an understanding of the SBA 7(a) loan by looking through the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

Like most loans, the interest rate on a 7(a) loan will depend on the amount and repayment terms. It can be fixed or variable and can be linked to the prime rate.

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To apply for an SBA 7(a) loan you must fill out an application and get it approved. A lender will then assess your financial history and evaluate your business plan. After approval, you will sign a loan contract to 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 just starting out. It can be used to finance expansion, equipment, or to upgrade your building among other things. The right one will allow your business to grow.

A working capital loan is a lot easier than you think. As opposed to a credit line you can apply for a loan by filling out a simple application. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. To be considered for a loan, a business owner must have good credit ratings. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your company. Using a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan will allow you to keep your business 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 require an online payment processor and an account for deposit.

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Alternative finance models for small businesses
Alternative finance models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need to fund expansion.

Alternative loans are also less expensive than traditional loans. Banks typically require substantial down payments, and you might need to wait a while before they can provide the cash you require.

Alternative business loan options include lines of credit invoice discounting, credit cards and merchant cash advances. Each of these options gives you the possibility of obtaining funds quickly and easily.

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Business credit lines are similar to credit cards, except they charge interest only on cash you take out. These options can be particularly helpful for short-term expenditures.

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Working capital loans can be useful for daily expenses like paying employees or placing orders for inventory. However, they aren’t the appropriate for major business changes.

Make sure to choose an institution with experience in business loans for alternative businesses. Your credit score is also crucial. The more impressive your score, more likely you are to receive the best financing deal.

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Peer-to-peer lending is another alternative financing model for small companies. Peer-to-business lenders offer small businesses loans from multiple investors, much like crowdfunding. This is particularly beneficial for small businesses that don’t have collateral.

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