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There are numerous options for small-scale business owners seeking working capital loans to get their business off the ground. These include SBA 7(a) as well as term loans and unsecured work capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
If you are a small business owner who is in need of working capital, you should think about applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety reasons. You can use the money for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a portion of the loan to make it less likely that lenders fail. However, a fee is charged for the guarantee. The fee is usually 3.75 percent of the guaranteed amount of the loan.

Anyone interested can gain 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 SBA-approved lenders in just two days.

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

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You will need to complete an application in order to apply for an SBA 7(a) loan. The lender will go over your financial history and assess your business plan. After approval, you will sign a loan contract and receive the loan funds.

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

It can be much easier than you might think to get a working capital loan. It is possible to get a loan on a single form, unlike the line credit. You can even fund your loan using three months of bank statements for business.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender is taking on more risk. To be eligible, a business owner must have excellent credit ratings. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans can be an excellent option for your business to bridge short-term financial gaps. You can enjoy low costs on key products or upgrades to your facilities with working capital loans. A working capital loan can allow you to keep your company afloat in difficult economic times.

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An unsecure working capital loan also has a benefit: it doesn’t require the pledge of any of your assets. The lender will usually require the services of a payment processor and a deposit account.

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Alternative finance models for small companies
Many entrepreneurs are opting for alternative finance models for small-sized enterprises as their top choice. They offer flexible financing options that can help you get the funds you need to expand your business.

Alternative loans are also more affordable than traditional ones. Banks typically require large down-payments and you may need to wait a few months before you can get the money you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. All of these options offer you the chance to get funding quickly and easily.

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Business lines of credit function exactly the same way as credit cards, but they charge interest only on money that you withdraw. These options are especially useful to cover short-term expenses.

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Working capital loans are useful for day-to-day costs for example, paying employees or purchasing inventory. They are not the best solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you select a company that has experience. Your credit score is important. The more impressive your score, more likely you are to receive favorable financing deals.

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Peer-to-peer lending is another alternative method of financing for small companies. Peer-to-business lenders offer small businesses loans through multiple investors, similar to crowdfunding. This option is particularly beneficial for small businesses who do not have collateral.

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