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There are a myriad of options for small-scale business owners seeking working capital loans to help them get their business off the beginning. Some of these include SBA 7(a) term loans and non-secured working capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a) and term loans
If you are a small-scale business owner and are in need of working capital, you should think about applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many purposes. The funds can be used to refinance debt, expand your business, or purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. However, a fee will be paid to guarantee the loan. This is typically 3.75% of the loan’s guarantee amount.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders within two days.

As with most loans, interest rates on 7(a) loans can vary depending on the amount and repayment terms. It can be variable or fixed and pegged 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. A lender will review your financial history and assess your business plan. After the approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice regardless of whether or not you are expanding or starting out. It can be used to finance equipment, expansion or to upgrade your building among other things. The right option will help your business thrive.

It’s a lot easier than you think to obtain a working capital loan. It is possible to get a loan with just one page, unlike the line credit. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans come with higher rates of interest. This is because the lender takes on more risk. To be eligible, a company 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 option for your company to bridge short-term financial gaps. You can find low rates on essential products or upgrades to your facilities using working capital loans. A working capital loan can allow you to keep your business afloat even in tough economic times.

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A working capital loan that is unsecured also has a benefit: you don’t need to pledge any of your assets. Typically, lenders will ask for the payment processor’s link and a deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are choosing alternative financing models for small companies as their preferred choice. They offer flexible financing solutions that will give you the money you require to expand.

Alternative loans are cheaper than traditional ones. Banks usually require large down-payments, and you may have to wait a while before you can obtain the money you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. All of these options give you the chance to get funds quickly and easily.

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Business lines of credit function exactly the same way as credit cards, but they charge only interest on the amount that you withdraw. These are helpful for short-term expenditures.

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Working capital loans can be useful for everyday expenses like ordering inventory or paying employees. However, they aren’t the best suited for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, ensure you work with a company with prior experience. Your credit score is also important. The better your score, the more likely you are to receive an attractive financing deal.

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Peer-to -peer lending is an alternative finance option for small-sized companies. Peer-to-business lenders provide small businesses with loans from several investors, similar to crowdfunding. This is particularly beneficial for small businesses that do have collateral.

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