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If you’re a small-scale business owner looking for a working capital loan to get your business going There are a variety of alternatives you can think about. These include SBA 7(a) and term loans and unsecured capital loans. You may also want to look into alternative financing options that could be used to finance your small-scale business.

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SBA 7(a) term loans
If you are a small-scale business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. These are extremely flexible loans that can be used for a variety of reasons. The funds can be used to repay debt, expand your company or even purchase assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. However, a fee is charged for the guarantee. This fee is usually 3.75% of the loan’s guarantee amount.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

Like all loans, the interest rates on 7(a) loans will differ dependent on the amount and the repayment conditions. It is either fixed or variable and tied to the Prime rate.

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To apply for an SBA 7(a) loan, you will need to complete an application and be approved. The lender will examine your financial history and assess your business plan. After approval, you will sign a loan contract to receive the loan funds.

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

It’s a lot easier than you imagine to get a capital loan. As opposed to a credit line it is possible to get a loan with a one-page application. You can even fund your loan using 3 months of bank statements from your business.

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

Unsecured working capital loans can be an excellent way for your company to bridge short-term financial gaps. With a working capital credit allows you to take advantage of low prices on key products and upgrades to your facilities. A working capital loan can allow you to keep your company afloat even in tough economic times.

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Another benefit of having an unsecured working capital loan is that you do not need to pledge any of your assets. Most lenders will require the services of a payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing options that can help you get the funds you need to expand your business.

Alternative loans are also less expensive than conventional ones. Banks typically require large down-payments and you might have to wait a while before you can get the funds you require.

Alternative business loan options include lines of credit invoice discounting, credit cards and cash advances from merchants. These options all offer you the opportunity to obtain quick and easy funding.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on cash you take out. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans can be useful for daily costs such as ordering inventory or paying employees. They’re not the ideal solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you select a company that has prior experience. Also, think about your credit score. Your chances of getting a favorable finance deal are higher if you have a better credit score.

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

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