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There are numerous options for small-scale business owners who are looking for working capital loans to get their business off the start. One of them is SBA 7(a) term loans as well as working capital loans that are not secured. Alternative financing models could be available to finance your small business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small entrepreneurs who require working capital. These are extremely flexible loans that can be utilized for a variety of reasons. The funds can be used to repay debt, expand your company or to purchase assets.

The SBA guarantees a part of the loan to make it less likely that lenders fail. The guarantee comes with a cost. The fee is typically 3.75 percent of the loan’s guarantee amount.

Interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They can also access the SBA Lender Match Tool, which connects applicants to lenders with approval within two days.

Similar to most loans, interest rates for 7(a) loans will differ in accordance with the amount borrowed and repayment terms. It could be variable, fixed, or linked to the Prime Rate.

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You’ll have to fill out an application in order to apply for an SBA 7(a) loan. The lender will go over your financial information and analyze your business plan. After approval, you will sign a loan agreement 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 investment that is financially sound. It can be used to purchase equipment or expand your business or upgrade your building. The right type of loan will help your business thrive.

It’s much easier than you might think to obtain a working capital loan. A loan can be obtained by filling out a single page unlike the line credit. You can even fund your loan using three months of business bank statements.

Unsecured loans are characterized by higher interest rates. This is because the lender takes on greater risk. As such the business owner should have a high credit score to be able to qualify. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way for your business to cover short-term financial gaps. By taking a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan can allow you to keep your business running during tough economic times.

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Another benefit of having an unsecured working capital loan is the fact that you don’t have to pledge any of your assets. The lenders will usually ask for the services of a payment processor and a deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are opting for alternative financing models for small businesses as their preferred option. They offer flexible financing solutions that can give you the cash you need to expand.

Alternative loans are also more affordable than traditional ones. Banks typically require substantial down payments, and you might have to wait for a while before they will be able to give you the cash you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit card, and merchant cash advances. These options can help you to quickly get funding.

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Business lines of credit work similarly to credit cards, but charge only interest on the amount that you withdraw. These options are particularly useful for short-term expenses.

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Working capital loans are great to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they are not appropriate for large-scale business changes.

Make sure to choose a lender who has expertise in business loans for alternative businesses. Also, consider your credit score. The more impressive your score, more likely you are to receive the best financing deal.

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

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