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There are a variety of choices available to small entrepreneurs looking for working capital loans to get their business off the ground. Some of these include SBA 7(a) term loans as well as working capital loans that are not secured. You could also look into alternative financing models that could be used to 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 a variety of purposes. You can use the money to refinance debt, grow your business, or even purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders will default. However, a fee is payable for the guarantee. This fee is usually 3.75 percent of the loan’s guaranteed amount.

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

As with most loans, the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It could be variable, fixed or linked to the Prime Rate.

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

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Unsecured working capital loans
An unsecure working capital loan is a smart financial decision regardless of whether or not you are expanding or starting out. It can be used to fund expansion, equipment, or to improve your building, among other things. The right one will make your business thrive.

It is much simpler than you might consider to obtain a capital loan. Contrary to a line-of-credit you can apply for the loan using a single application. You can even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. In this regard the business owner should have a high credit rating to qualify. You should also 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 get low prices on key products or upgrades to your facilities with working capital loans. A working capital loan can allow you to keep your business afloat during difficult economic times.

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Another advantage of an unsecured working capital loan is that you do not need to pledge any of your assets. Typically lenders will require the payment processor’s URL and a deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are choosing alternative financing models for small-sized businesses as their preferred option. They offer flexible financing options that can provide you with the money you need to expand your business.

Alternative loans are also less expensive than traditional loans. Banks typically require huge down payments, and you may need to wait a while before they are able provide the cash you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances from merchants. All of these options give you a way to obtain funding quickly and easily.

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Business lines of credit work similarly to credit cards, but they charge only interest on the amount that you withdraw. These options are especially beneficial for short-term expenditures.

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Working capital loans are useful for daily expenses for example, paying employees or placing orders for inventory. However, they’re not an best suited for major business transformations.

When choosing a lender for an alternative business loan, ensure you choose a firm with years of experience. Also, take into consideration your credit score. Your chances of getting a favorable finance deal are higher if you have a better credit score.

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Other alternative finance models for small businesses are peer-to peer lending. Peer-tobusiness lenders offer small businesses loans from many investors, similar to crowdfunding. This is particularly beneficial for small businesses that do have access to collateral.

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