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If you’re an owner of a small business seeking an working capital loan to get your business going, there are many alternatives you can look into. One of them is SBA 7(a) term loans as well as non-secured working capital loans. You may also want to look into alternative financing options that can be used to help finance your small business.

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SBA 7(a) 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 are loans that are extremely flexible that can be used for a variety of purposes. The money can be used to repay loans, expand your business, or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee comes with a cost. The cost is usually 3.75% of the loan’s guaranteed amount.

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

As with most loans, interest rates for 7(a) loans can vary according to the amount and the repayment terms. It is either fixed or variable or tied to the prime rate.

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You will need to complete an application form to be eligible for an SBA 7(a), loan. The lender will then look over your financial history and assess your business plan. After approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial decision, regardless of whether you are expanding or starting out. It can be used to buy equipment or expand your business or upgrade your building. The right option will help your business grow.

It’s much easier than you might consider to obtain a capital loan. As opposed to a credit line you can apply for an advance with just a single application. You can also use 3 months of bank statements from your business to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on more risk. To be eligible, a company owner must have excellent credit ratings. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your company. Using a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan can allow you to stay in business even in difficult economic times.

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Another great thing about an unsecured working capital loan is the fact 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 companies
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can help you get the cash you need for growth.

Alternative loans are also cheaper than conventional loans. Banks typically require large down payments and you may have wait for a while before you can secure the money you need.

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

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Business lines of credit function similarly to credit cards, but charge interest only on the money that you withdraw. These options are particularly beneficial for expenses that are short-term.

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Working capital loans can be useful for everyday expenses like ordering inventory or paying employees. They aren’t the best option for large-scale business changes.

Choose a lender who has expertise in alternative business loans. Also, think about 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 include peer-to -peer lending. Peer-to business lenders provide small businesses loans through many investors, similar to crowdfunding. This is especially beneficial for small businesses who don’t have collateral.

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