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If you’re an owner of a small-sized business seeking a working capital loan in order to start your business, there are many options that you may look into. Some of these options include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models may also be available to help finance your small 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 funds can be used to repay debt, expand your business or even purchase assets.

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

The SBA website provides 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.

As with all loans the rate of interest on a 7(a) loan will depend on the amount and the terms of repayment. It can be fixed or variable and can be tied to the Prime rate.

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To apply for an SBA 7(a) loan you must fill out an application form and be approved. A lender will review your financial situation 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
A working capital loan that is unsecured is a smart financial investment regardless of whether or not you are expanding or just starting out. It can be used to fund expansion, equipment, or to upgrade your building among other things. The right option will make your business thrive.

It’s much easier than you imagine to get a capital loan. Unlike a line of credit, you can get a loan with a one-page application. You can even fund your loan with 3 months of bank statements for business.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. Therefore an owner of a business must have a strong credit score to be eligible. Also, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great way for your business to cover short-term financial gaps. By taking a working capital loan, you can take advantage of low prices on key products and improvements to your facilities. A working capital loan will allow you to keep your business running even in difficult economic times.

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Another benefit of an unsecured working capital loan is that you don’t have to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Smaller businesses have other financing options
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the funds you require for expansion.

Alternative loans are also less expensive than traditional ones. Banks typically require large down-payments and you may have to wait a few months before you can obtain the funds you require.

Some alternative business loan options include lines of credit, invoice discounting, credit card, and merchant cash advances. All of these options offer you a way to obtain quick and easy funding.

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Business lines of credit are similar to credit cards, but they charge only interest on the cash you withdraw. These options can be particularly useful for spending on short-term expenses.

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Working capital loans can be useful for everyday expenses such as purchasing inventory or paying employees. They are not the ideal solution for large-scale transformations of businesses.

If you are choosing a lender to get an alternative business loan, make sure you work with a company with prior experience. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Other alternative models for financing 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 is particularly beneficial for small businesses that do have collateral.

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