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There are a variety of alternatives available to small-scale business owners looking for working capital loans to help them get their business off the ground. These include SBA 7(a) or term loans, and unsecured work capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a) or term loans are available to small business owners who need working capital. These loans are flexible and can be used for many reasons. The funds can be used to refinance debt, expand your business or purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders fail. However, a fee will be charged to guarantee the loan. The fee is typically 3.75 percent of the loan’s guaranteed 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 connects applicants with lenders who have approval within two days.

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

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To apply for an SBA 7(a) loan, you will need to fill out an application and get it approved. A lender will review your financial history and assess your business plan. After the approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured capital loan can be an ideal financial decision. It can be used to finance expansion, equipment, or to improve your building among other things. The right option will help your business thrive.

Getting a working capital loan may be a lot easier than you think. The loan can be secured on a single form, unlike a line credit. You can even pay for your loan using 3 months of business bank statements.

Unsecured loans come with higher rates of interest. This is because the lender takes on greater risk. In this regard the business owner should have a high credit rating to qualify. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans are a great solution to bridge a financial gap in your business. You can find low rates for key products or improvements to your facilities through a working capital loan. A working capital loan will help you to keep your business in business in difficult economic times.

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An unsecure working capital loan has another advantage: you don’t need to pledge any of your assets. Lenders will typically ask for a payment processor and a deposit account.

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

Alternative loans can be cheaper than conventional loans. Banks typically require huge down payments, and you might require a few days before they can provide the cash you require.

Lines of credit, cash advances for merchants, invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the chance to get quick and easy funding.

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

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Working capital loans can be beneficial for everyday expenses for things like paying employees or purchasing inventory. They are not the ideal solution for large-scale transformations of businesses.

Be sure to choose a lender who has experience in business loans for alternative businesses. Your credit score is also important. The more impressive your score, more likely you are to receive the best financing deal.

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Other alternative models for financing small businesses include peer-to -peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This is especially beneficial for small businesses who do not have collateral.

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