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If you’re a small business owner looking for an working capital loan to get your business going, there are many options to take into consideration. These include SBA 7(a) and term loans and unsecured capital loans. Alternative financing models could be available to help finance your small-sized 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 think about applying for SBA 7(a) term loans. These loans are flexible and can be used for numerous reasons. The money can be used to repay debt, expand your company or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee is accompanied by a fee. This is typically 3.75 percent of the loan’s guaranteed amount.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which connects 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, fixed or 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 look over your financial history and review 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 can be an excellent financial choice. It can be used to buy equipment, expand your business, or upgrade your building. The right option will make your business flourish.

It’s much easier than you might think to obtain a working capital loan. The loan can be secured on a single form unlike a line credit. You can even fund your loan using three months of bank statements for business.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes a greater risk. To be considered for a loan, a business owner must have excellent credit ratings. It is also essential to have a plan to repay the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your company. You can enjoy low costs on key products or upgrades to your facilities using working capital loans. A working capital loan will allow you to keep your business in business in difficult economic times.

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Another advantage of an unsecure working capital loan is that you don’t have to pledge any of your assets. Most lenders will require a payment processor and a deposit account.

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Small businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the cash you need to fund growth.

Alternative loans are also less expensive than traditional loans. Banks usually require large down payments and you could require a few days before they are able provide the cash you require.

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

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Business lines of credit are similar to credit cards in that they charge only interest on the money you withdraw. These options are particularly useful for spending on short-term expenses.

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Working capital loans are helpful for day-to-day expenses for example, paying employees or placing orders for inventory. However, they are not appropriate for major business changes.

When selecting a lender for an alternative business loan, ensure you work with a company that has experience. Also, consider your credit score. The greater your score, the higher your chances of securing an attractive financing deal.

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

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