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There are many choices available to small business owners seeking working capital loans to help them get their business off the starting point. Some of these include SBA 7(a) term loans as well as non-secured working 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) (term) loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for many purposes. You can use the money for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. The guarantee comes with a cost. 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 visiting the SBA website. They will also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

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

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You will need to complete an application to apply for an SBA 7(a), loan. The lender will review your financial information and analyze your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice, regardless of whether you are expanding or starting out. It can be used to buy equipment to expand your business or even to upgrade your facility. The right option can help your business grow.

A working capital loan could be much simpler than you think. Contrary 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 pay for your loan.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. As such an owner of a business should have a high credit rating to qualify. In addition, you should have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are a great way for your company to bridge short-term financial gaps. With a working capital credit, you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan can allow you to stay in business in tough economic times.

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An unsecure working capital loan is another benefit because it doesn’t require the pledge of any assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small businesses have other financing options
Alternative finance models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing options that can give you the funds you need to grow.

Alternative loans are cheaper than conventional loans. Banks typically require huge down payments, and you may be waiting a long time before they will be able to give you the money you need.

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

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

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

Be sure to choose an institution with experience in business loans for alternative businesses. Also, consider your credit score. The higher your score, the greater your chances of getting an attractive financing deal.

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Other alternative financing models for small-sized businesses include peer-to-peer lending. Peer-tobusiness lenders offer small businesses with loans from multiple investors, similar to crowdfunding. This is particularly useful for small businesses that do not have access to collateral.

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