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There are many options available to small entrepreneurs looking for working capital loans to get their business off the beginning. A few of these options are SBA 7(a) term loans as well as unsecured working capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
If you are a small business owner and you are 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. The funds can be used to refinance debt, grow your business, or for purchasing assets.

The SBA guarantees a portion of the loan to ensure that 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.

Anyone interested can gain a better understanding of the SBA 7(a) loan by checking out the SBA website. They will also be able access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

Like all loans, the interest rates on 7(a) loans can vary in accordance with the amount borrowed and repayment conditions. It can be fixed, variable or linked to the Prime Rate.

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To apply for an SBA 7(a) loan you must submit an application and get it approved. The lender will review your financial records and evaluate your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial decision regardless of whether or not you are expanding or just starting out. It can be used to buy equipment, expand your business, or to upgrade your building. The right choice will help your business thrive.

Getting a working capital loan could be a lot easier than you think. In contrast to a line of credit you can obtain the loan using a single application. You can also use 3 months of bank statements from your company to finance your loan.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender takes on more risk. To be considered for a loan, a business owner must have excellent credit ratings. Also, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great option to fill a financial gap in your company. With a working capital credit you can avail of lower prices on essential products and improvements to your facilities. A working capital loan can help you to keep your company afloat during tough economic times.

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Another great thing about an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will request a payment processor link and the deposit account.

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Alternative finance models for small-sized companies
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can help you get the funds you require for growth.

Alternative loans are also more affordable than traditional loans. Banks typically require substantial down payments and you could need to wait a while before they are able to provide the cash you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards, and cash advances from merchants. All of these options give you the opportunity to obtain funding quickly and easily.

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Business lines of credit function exactly the same way as credit cards, but charge interest only for money that you take out. These are helpful for short-term expenditures.

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Working capital loans can be beneficial for everyday expenses for example, paying employees or purchasing inventory. They’re not the ideal solution for large-scale business transformations.

Choose a lender who has experience in alternative business loans. Your credit score is also crucial. Your chances of getting a favorable financing deal are increased if you have a better credit score.

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Other alternative financing options for small businesses involve peer-to-peer lending. Peer-to-business lenders offer small businesses loans through multiple investors, similar to crowdfunding. This option is particularly useful for small businesses who don’t have collateral.

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