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If you’re a small business owner seeking a working capital loan in order to get your business off the ground, there are many options that you may take into consideration. Some of these options include SBA 7(a) term loans as well as unsecure working capital loans. You may also want to look at alternative financing options that can be used to help finance your small business.

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SBA 7(a) term loans
If you are a small-scale business owner who is in need of working capital, you should consider applying for SBA 7(a) term loans. They are extremely flexible loans that can be utilized for a variety of uses. The money can be used to repay debt, expand your business or even purchase assets.

The SBA guarantees a portion of the loan which means lenders are less likely to default. The guarantee comes with a fee. The fee is typically 3.75 percent of the loan’s guarantee amount.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with most loans, rates of interest on 7(a) loans will vary dependent on the amount and the repayment terms. It is either variable or fixed and can be tied to the prime rate.

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To be eligible for an SBA 7(a) loan you must submit an application and have it approved. A lender will review your financial history and evaluate your business plan. After approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial decision, regardless of whether you are expanding or starting out. It can be used to purchase equipment or expand your business or to upgrade your building. The right choice will help your business grow.

Getting a working capital loan can be a lot easier than you think. The loan can be secured on a single form, unlike the line credit. You can even use 3 months of bank statements from your company to fund your loan.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender assumes greater risk. In this regard an owner of a business should have a high credit rating to qualify. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent way for your business to bridge short-term financial gaps. Using a working capital loan you can avail of lower prices on essential products and improvements to your facilities. A working capital loan will enable you to continue to operate even during difficult economic times.

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A working capital loan that is unsecured is another benefit because you don’t need to pledge any of your assets. Typically lenders will require an online payment processor and a deposit account.

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Small businesses have other financing options
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the cash you need for expansion.

Alternative loans are more affordable than conventional ones. Banks typically require huge down payments, and you may need to wait a while before they are able to provide the cash you require.

Lines of credit, merchant cash advances, invoice discounting, credit card, and credit cards are all options for business loans. These options can help you to quickly get funds.

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Business credit lines are similar to credit cards, except they charge only interest on the money you withdraw. These types of credit can be especially beneficial for expenses that are short-term.

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

Be sure to select a lender who has expertise in business loans for alternative businesses. Your credit score is also crucial. Your chances of getting a favorable financing deal are increased if you have a better credit score.

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Peer-to-peer lending is another alternative financing model for small businesses. Peer-to-business lenders provide small businesses loans from multiple investors, similar to crowdfunding. This option is especially useful for small businesses that do have collateral.

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