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If you are a small business owner seeking an working capital loan to help your business get going, there are many options that you may look into. Some of these include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models may also be available to finance your small business.

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SBA 7(a) and term loans
If you are a small-scale company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These are loans that are extremely flexible that can be used for a variety purposes. You can use the funds 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. However, a fee is payable to guarantee the loan. The cost is usually 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 with SBA-approved lenders in just two days.

As with most loans, the interest rate for a 7(a) loan will be contingent on the amount and the repayment terms. It could be fixed, variable or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application form and be approved. The lender will review your financial history 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, an unsecure working capital loan could be a wise financial decision. It can be used to purchase equipment or expand your business or to improve your building. The right option can help your business grow.

It can be much easier than you might think to obtain a working capital loan. Unlike a line of credit you can obtain a loan by filling out a simple application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. As such the 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 are a fantastic solution to bridge a financial gap in your business. You can find low rates on the most important products or upgrades to your facilities through a working capital loan. A working capital loan can help you to keep your business running in difficult economic times.

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A working capital loan that is unsecured offers another advantage: you don’t have to pledge any assets. The lender will usually require an online payment processor and deposit account.

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Alternative financing models for small businesses
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also more affordable than traditional ones. Banks will typically require large down payments and you could be waiting a long time before they will be able to give you the money you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards, and merchant cash advances. These options all offer you the chance to get funding quickly and easily.

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Business lines of credit are similar to credit cards, but they charge only interest on the cash you take out. These are particularly useful for short-term expenses.

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Working capital loans are beneficial for everyday expenses for things like paying employees or ordering inventory. They are not the ideal option for large-scale business changes.

When choosing a lender for an alternative business loan, make sure you choose a firm that has years of experience. Your credit score is also important. Your chances of getting a favorable finance deal are better if have a better credit score.

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Peer-to peer lending is another alternative financing option for small companies. Peer-to business lenders provide small businesses loans through several investors, similar to crowdfunding. This option is especially beneficial for small businesses that do have access to collateral.

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