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There are a variety of options for small-scale business owners seeking working capital loans to help them get their business off the start. A few of these options are SBA 7(a) term loans as well as working capital loans that are not secured. You could also look at alternative financing options that can be used to finance your small-scale 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 can be used for numerous purposes. The money can be used to repay debt, expand your company or purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. The guarantee is accompanied by a fee. This fee is usually 3.75 percent of the guarantee amount of the loan.

Anyone interested can gain more information about the SBA 7(a) loan by visiting the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

Similar to most loans, interest rates for 7(a) loans will vary depending on the amount and the repayment conditions. It can be fixed or variable and pegged to the Prime rate.

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To apply for an SBA 7(a) loan you must fill out an application and be approved. A lender will then assess your financial situation and review your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, a non-secure working capital loan is an investment that is financially sound. It can be used to purchase equipment to expand your business or to improve your building. The right type of loan will make your business flourish.

It can be much easier than you consider to obtain a capital loan. Contrary to a line-of-credit, you can get a loan with a one-page application. You can even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender assumes greater risk. So, a business owner must have a good credit score in order to be eligible. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent method for your company to bridge short-term financial gaps. By taking a working capital loan, you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan can help you to keep your business in business during tough economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Typically, lenders will ask for the payment processor’s URL and a deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you require for growth.

Alternative loans are also more affordable than traditional ones. Banks will typically require large down payments and you may need to wait a while before they will be able to give you the money you need.

Lines of credit, cash advances for merchants, invoice discounting, credit card and credit cards are all options for business loans. These options can help you quickly obtain funding.

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Business lines of credit are similar to credit cards in that they charge only interest on the cash you withdraw. These are useful for spending on short-term expenses.

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. They are not the best solution for large-scale transformations of businesses.

When selecting a lender for an alternative business loan, ensure you choose a business that has prior experience. Your credit score is important. The better your score, the better your chances of receiving an attractive financing deal.

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Peer-to-peer lending is another alternative financing model for small companies. Peer-to-business lenders provide loans to small businesses from several investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that don’t have collateral.

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