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If you are an owner of a small-sized business looking for an working capital loan to help your business get going there are many alternatives you can 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 finance your small business.

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SBA 7(a), term loans
SBA 7(a) (term) loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and can be used for many purposes. The funds can be used to refinance loans, 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 cost. The fee is typically 3.75% of the loan’s guarantee amount.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

Like all loans, the rates of interest on 7(a) loans will differ depending on the amount and repayment terms. It can be fixed or variable, and it can be pegged to the prime rate.

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To apply for an SBA 7(a) loan, you will need to complete an application and get it approved. The lender will review your financial history and assess your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured capital loan is a wise financial decision. It can be used to pay for equipment, expansion or to improve your building among other things. The right choice will help your business grow.

The process of getting a working capital loan is much simpler than you think. Contrary to a line-of-credit you can obtain an advance with just a single application. You can even pay for your loan by using 3 months of bank statements from your business.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on greater risk. To be eligible, a company owner must have excellent credit ratings. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your business. Using a working capital loan allows you to take advantage of low prices on key products and improvements to your facilities. A working capital loan will help you to keep your company afloat even in tough economic times.

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Another great thing about an unsecure working capital loan is that you don’t have to pledge any of your assets. Most lenders will require an electronic payment processor as well as a deposit account.

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Alternative finance models for small-sized businesses
Many entrepreneurs are turning to alternative finance models for small-sized businesses as the most preferred option. These flexible financing options can provide the funds you require for expansion.

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

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

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Business lines of credit function similar to credit cards, but charge only interest on the amount that you take out. These options can be particularly useful for short-term expenses.

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Working capital loans are useful for daily expenses like paying employees or ordering inventory. They are not the best option for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a business with years of experience. Also, take into consideration your credit score. The more impressive your score, higher your chances of securing the best financing deal.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to business lenders offer small businesses loans from several investors. This is particularly beneficial for small businesses that do have access to collateral.

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