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If you’re a small business owner seeking a working capital loan to help your business get going there are plenty of alternatives you can think about. A few of these options are SBA 7(a) term loans and unsecured working capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a), term loans
SBA 7(a) and term loans are available to small-scale business owners who need working capital. These loans are flexible and can be used for numerous reasons. The funds can be used for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees the loan in part which means lenders are less likely to default. The guarantee comes with a fee. This fee is usually 3.75 percent of the loan’s guaranteed amount.

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

Like most loans, the rates of interest on 7(a) loans can vary dependent on the amount and repayment conditions. It can be fixed or variable and can be linked 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 review 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
An unsecure working capital loan is a wise financial choice regardless of whether you are expanding or starting out. It can be used to finance expansion, equipment, or to improve your building, among other things. The right choice will help your business grow.

The process of getting a working capital loan could be much simpler than you think. It is possible to get a loan by filling out a single page, unlike the line credit. You can even pay for your loan by using 3 months of bank statements for business.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. In this regard an owner of a business must have a good credit score to be eligible. Also, you should have a plan to repay the loan on time.

Unsecured working capital loans can be an excellent way for your business to bridge short-term financial gaps. You can obtain low prices on key products or upgrades to your facilities using working capital loans. A working capital loan will enable you to continue to operate even during difficult economic times.

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Another benefit of having an unsecured working capital loan is that you do not have to pledge any of your assets. Most lenders will require a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are opting for alternative financing models for small-sized enterprises as their top choice. They provide flexible financing solutions that will give you the money you require to expand.

Alternative loans can be cheaper than conventional loans. Banks usually require large down payments and you could have to wait for 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. All of these options offer you the opportunity to obtain quick and easy funding.

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Business lines of credit work in the same way as credit cards, but they charge interest only on the money that you withdraw. These options are especially beneficial for short-term expenses.

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Working capital loans are beneficial for everyday expenses like paying employees or purchasing inventory. However, they’re not the appropriate for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you choose a firm that has prior experience. Your credit score is also crucial. The more impressive your score, more likely you are to receive an attractive financing deal.

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

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