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There are numerous options available to small business owners who are looking for working capital loans to help them get their business off the starting point. Some of these include SBA 7(a) term loans and unsecure working capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a), term loans
If you are a small 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 are able to be used for many purposes. The funds can be used to refinance debt, grow your company, or purchasing assets.

The SBA guarantees the loan in part which means lenders are less likely to default. However, a fee will be payable to guarantee the loan. This fee is usually 3.75 percent of the guarantee amount of the loan.

The SBA website offers a thorough 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 all loans, the interest rate for a 7(a) loan will be contingent on the amount and the repayment terms. It can be fixed, variable, or tied to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a) loan. A lender will then review your financial situation and review your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working 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 type of loan will make your business thrive.

A working capital loan can be much easier than you think. In contrast to a line of credit it is possible to get an advance with just a single application. You can even fund your loan using 3 months of business bank statements.

Unsecured loans carry higher rates of interest. This is because the lender assumes greater risk. To qualify, a business owner must have excellent credit ratings. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent option to bridge a financial gap in your company. By taking 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 keep your company afloat in difficult economic times.

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A working capital loan that is unsecured is another benefit because you don’t have to pledge any assets. Most lenders will require the services of a payment processor and a deposit account.

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Small businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small-sized businesses as their preferred option. These flexible financing options can provide you with the cash you need for expansion.

Alternative loans are less expensive than conventional ones. Banks typically require substantial down payments, and you may be waiting a long time before they are able to provide the money you require.

Alternative business loan options include lines of credit invoice discounting, credit card, and merchant cash advances. All of these options offer you a way to obtain funds quickly and easily.

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Business lines of credit are similar to credit cards, except they charge interest only on cash you withdraw. These options are particularly useful for spending on short-term expenses.

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Working capital loans are a great option for daily costs such as purchasing inventory or paying employees. They aren’t the best solution for large-scale business transformations.

When selecting a lender for an alternative business loan, ensure you select a company with years of experience. Also, take into consideration your credit score. Your chances of getting a favorable loan deal are greater if you have a better credit score.

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Peer-to-peer lending is a different method of financing for small businesses. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from multiple investors. This option is particularly beneficial for small companies that do not have collateral.

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