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If you’re an owner of a small-sized business looking for a working capital loan to get your business off the ground, there are many options to take into consideration. These include SBA 7(a) as well as term loans as well as unsecured work capital loans. You could also look into alternative financing options that can be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small business owners who need working capital. They are extremely flexible loans that can be used for a variety purposes. The funds can be used to refinance debt, grow your business, or buying assets.

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

Anyone interested can gain a better understanding of the SBA 7(a) loan by visiting the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

As with all loans the interest rate for a 7(a) loan will depend on the amount and repayment terms. It can be variable or fixed, and it can be tied to the Prime rate.

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To apply for an SBA 7(a) loan you must fill out an application and have it approved. The lender will examine your financial history and assess your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial decision 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 type of loan will make your business thrive.

A working capital loan may be more straightforward than you think. Contrary to a line-of-credit it is possible to get a loan by filling out a simple application. You can also use 3 months of bank statements from your company to pay for your loan.

Unsecured loans have higher rates of interest. This is due to the fact that the lender assumes greater risk. To be considered for a loan, a business owner must have good credit ratings. Additionally, you must have a plan to repay the loan on time.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. With a working capital loan you can avail of low prices on key products and improvements to your facilities. A working capital loan will help you to keep your business afloat in difficult economic times.

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An unsecured working capital loan offers another advantage: it doesn’t require the pledge of any of your assets. Most lenders will require the services of a payment processor and a deposit account.

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Small-scale businesses have additional financing options
Many entrepreneurs are choosing alternative financing models for small-sized enterprises as their top choice. They provide flexible financing solutions that can give you the funds you need to expand.

Alternative loans are cheaper than traditional ones. Banks typically require large down-payments and you may have wait for a while before getting the money you require.

Lines of credit, merchant cash advances as well as invoice discounting card and credit cards are all options for business loans. These options can allow you to quickly get funds.

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Business lines of credit are similar to credit cards in that they charge interest only on the money you take out. These are particularly useful to cover short-term expenses.

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Working capital loans can be useful for everyday expenses like ordering inventory or paying employees. They aren’t the best solution for large-scale business transformations.

Be sure to select a lender with experience in alternative business loans. Your credit score is important. Your chances of getting a favorable finance deal are higher if you have a better credit score.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Peer-to-business lenders provide small businesses loans through multiple investors, similar to crowdfunding. This option is particularly beneficial for small-sized businesses that do not have collateral.

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