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If you’re an owner of a small-sized business looking for a working capital loan in order to get your business going There are a variety of options that you may consider. Some of these options 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 help finance your small business.

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SBA 7(a) term loans
SBA 7(a) or term loans are available to small entrepreneurs who require working capital. They are extremely flexible loans that can be used for a variety of uses. You can use the money to refinance debt, expand your business, or for purchasing assets.

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

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

As with most loans, rates of interest on 7(a) loans will vary according to the amount and the repayment conditions. It is either fixed or variable and linked to the prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will review your financial history and assess your business plan. After approval, you’ll 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 working capital loan can be an investment that is financially sound. It can be used to finance expansion, equipment, or to improve your building, among other things. The right choice will help your business grow.

It is much simpler than you might imagine to get a capital loan. A loan can be obtained with just one page, unlike a line credit. You can even fund your loan using 3 months of business bank statements.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on more risk. As such the business owner must have a great credit score to be eligible. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent way for your company to bridge short-term financial gaps. By taking a working capital loan allows you to take advantage of low prices on key products and upgrades to your facilities. A working capital loan will allow you to keep your company afloat during difficult economic times.

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Another benefit of an unsecure working capital loan is that you do not have to pledge any of your assets. Typically lenders will request a payment processor link and the deposit account.

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Alternative finance models for small-sized companies
Alternative finance models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that will give you the funds you need to expand your business.

Alternative loans are more affordable than conventional ones. Banks will typically require large down payments, and you might need to wait a while before they can provide the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards and merchant cash advances. These options can help you to quickly receive funding.

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Business lines of credit are similar to credit cards, but they charge interest only on cash you take out. These types of credit are particularly beneficial for short-term expenditures.

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Working capital loans can be useful for everyday expenses like purchasing inventory or paying employees. They are not the ideal option for large-scale business changes.

Be sure to choose a lender who has experience in business loans for alternative businesses. Your credit score is also crucial. The higher your score, the better your chances of receiving favorable financing deals.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from several investors. This option is especially beneficial for small-sized businesses that do not have access to collateral.

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