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There are numerous options available to small business owners looking for working capital loans to get their business off the ground. These include SBA 7(a) and term loans and unsecured work capital loans. You could also look into alternative financing models that could 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-scale entrepreneurs who require working capital. These loans are flexible and can be used for a variety of purposes. You can use the funds for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee is accompanied by a fee. This fee 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 looking through the SBA website. They also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

As with most loans, interest rates for 7(a) loans will differ according to the amount and the repayment conditions. It can be variable, fixed, or tied to the Prime Rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. A lender will then assess your financial situation and review 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
An unsecure working capital loan is a smart financial investment regardless of whether you are expanding or starting out. It can be used to fund expansion, equipment, or to improve your building, among other things. The right choice will allow your business to grow.

It’s a lot easier than you might think to get a working capital loan. Unlike a line of credit, you can get a loan by filling out a simple application. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans are characterized by higher rates of interest. This is because the lender is taking on more risk. To be eligible, a business owner must have good credit ratings. You must also have a plan for repaying the loan on time.

Unsecured working capital loans can be a great way for your company to bridge short-term financial gaps. With a working capital credit you can avail of discounted prices on important products and upgrades to your facilities. Getting a working capital loan will enable you to keep your business running even in difficult economic times.

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Another advantage of an unsecured working capital loan is that you do not need to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing options that will give you the cash you need to grow.

Alternative loans can also be less expensive than conventional ones. Banks typically require huge down payments and you could be waiting a long time before they are able to provide the cash you require.

Lines of credit, cash advances for merchants as well as invoice discounting card and credit cards are all options for business loans. These options can help you to quickly obtain funding.

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Business lines of credit function similarly to credit cards, but charge only interest on the amount that you take out. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans are great for daily costs such as ordering inventory or paying employees. However, they are not appropriate for major business transformations.

If you are choosing a lender to get an alternative business loan, ensure you select a company that has years of experience. Your credit score is also crucial. The more impressive your score, greater your chances of getting favorable financing deals.

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Other alternative financing options for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is particularly beneficial for small businesses that do not have collateral.

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