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There are many options for small-scale business owners seeking working capital loans to get their business off the ground. These include SBA 7(a) and term loans and unsecured work capital loans. You could also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small-scale business owners who require working capital. These loans are flexible and are able to be used for many purposes. The money can be used to repay debt, expand your business or to purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. The guarantee comes with a fee. This fee is usually 3.75 percent of the guaranteed amount of the loan.

Interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

As with all loans, the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It could be fixed, variable, or linked 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 then look over your financial situation and review your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured capital loan can be an investment that is financially sound. It can be used to fund expansion, equipment, or to improve your building among other things. The right choice will help your business grow.

The process of getting a working capital loan can be much easier than you think. Unlike a line of credit you can apply for an advance with just a single application. You can even pay for your loan using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on more risk. As such the business owner should have a high credit score to be eligible. Additionally, you must have a plan to repay the loan on time.

Unsecured working capital loans can be a great way for your business to bridge short-term financial gaps. You can find low rates on the most important products or upgrades to your facilities through a working capital loan. A working capital loan will enable you to stay in business even during difficult economic times.

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An unsecure working capital loan has another advantage: you don’t have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

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Small businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that can provide you with the funds you need to grow.

Alternative loans are also more affordable than traditional loans. Banks usually require large deposits, and you may have wait for a while before you can obtain the funds you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. These options can help you quickly get funds.

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Business lines of credit function similar to credit cards but charge interest only for money that you withdraw. These options are especially beneficial for expenses that are short-term.

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Working capital loans can be beneficial for everyday expenses, such as paying employees or placing orders for inventory. However, they’re not the an ideal solution for major business transformations.

Choose a lender who has experience in alternative business loans. Also, consider your credit score. Your chances of getting a favorable financing deal are better if have a better credit score.

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Peer-to-peer lending is a different method of financing for small companies. Peer-to-business lenders provide loans to small businesses from multiple investors, much like crowdfunding. This option is particularly useful for small companies that do not have collateral.

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