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There are many options for small-scale business owners looking for working capital loans to get their business off the starting point. These include SBA 7(a), term loans as well as unsecured work capital loans. You might also look into alternative financing options that could be used to help 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 loans are flexible and can be used for numerous purposes. The money can be used to refinance debt, expand your business or even purchase assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. However, a fee will be paid to guarantee the loan. This is usually 3.75 percent of the guarantee amount of the loan.

The interested parties can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

As with most loans, the interest rate on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be fixed or variable, and it can be linked to the Prime rate.

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To be eligible for an SBA 7(a) loan you must submit an application and have it approved. The lender will look over your financial information and analyze your business plan. After the approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a smart financial decision, regardless of whether you are expanding or starting out. It can be used to buy equipment or expand your business or to improve your building. The right option will make your business flourish.

A working capital loan can be more straightforward than you think. It is possible to get a loan using just one page, unlike a line credit. You can even use three months of bank statements from your company to finance your loan.

Unsecured loans are characterized by higher interest rates. This is because the lender assumes greater risk. In this regard an owner of a business must have a great credit score to be eligible. In addition, you should have a plan in place to repay the loan on time.

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

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An unsecure working capital loan offers another advantage: you don’t have to pledge any assets. Typically lenders will require the payment processor’s link and the deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are turning to alternative finance models for small businesses as their preferred option. These flexible financing options can give you the cash you need for expansion.

Alternative loans are also more affordable than traditional ones. Banks typically require substantial down payments, and you might be waiting a long time before they are able to provide the funds you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit card, and merchant cash advances. These options can allow you to quickly receive funding.

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Business lines of credit work in the same way as credit cards, but charge interest only on money that you take out. These options are especially beneficial for expenses that are short-term.

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Working capital loans are useful for day-to-day costs for things like paying employees or ordering inventory. However, they’re not an best suited for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you choose a business that has prior experience. Your credit score is important. The better your score, the better your chances of receiving a favorable financing deal.

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Other alternative finance models for small businesses include peer-to -peer lending. Peer-to business lenders provide small businesses loans from many investors, similar to crowdfunding. This option is particularly useful for small companies that don’t have collateral.

Reuters