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There are many alternatives available to small-scale business owners looking for working capital loans to help them get their business off the start. These include SBA 7(a) or term loans, and unsecured work 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 who is 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 many purposes. The funds can be used to repay loans, expand your business, or purchase assets.

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

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

Like all loans, the rate of interest for 7(a) loans can vary depending on the amount and the repayment conditions. It can be fixed, variable or tied to the Prime Rate.

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You’ll need to fill out an application form to be eligible for an SBA 7(a), loan. A lender will then review your financial history and assess your business plan. After the approval, you will sign a loan contract 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 or not you are expanding or starting out. It can be used to finance equipment, expansion or to improve your building, among other things. The right choice will help your business flourish.

It is much simpler than you might imagine to get a capital loan. It is possible to get a loan on a single form, unlike a line credit. You can even fund your loan with 3 months of bank statements for business.

Unsecured loans come with higher rates of interest. This is because the lender takes on a greater risk. Therefore, a business owner must have a great credit score to be eligible. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great option to fill a financial gap in your business. You can enjoy low costs on key products or upgrades to your facilities through working capital loans. A working capital loan can allow you to remain in business even in difficult economic times.

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A working capital loan that is unsecured is another benefit because it doesn’t require the pledge of any assets. Typically lenders will ask for a payment processor link and a deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are turning to alternative finance models for small businesses as the most preferred option. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also less expensive than traditional loans. Banks usually require large deposits and you may have wait for a while before you can get the money you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit card, and cash advances from merchants. Each of these options gives you the possibility of obtaining quick and easy funding.

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Business lines of credit are similar to credit cards, except they charge only interest on the cash you take out. These options are especially beneficial to cover short-term expenses.

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Working capital loans are useful for daily expenses for example, paying employees or ordering inventory. However, they’re not the best suited for large-scale business transformations.

Make sure to choose a lender who has experience in business loans for alternative businesses. Your credit score is also crucial. Your chances of getting a favorable finance deal are higher if you have a higher credit score.

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Peer-to peer lending is another alternative method of financing for small businesses. Peer-tobusiness lenders offer loans to small businesses from multiple investors, similar to crowdfunding. This option is particularly useful for small companies that do not have collateral.

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