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If you’re a small business owner seeking a working capital loan in order to start your business there are plenty of options that you may think about. Some of these options include SBA 7(a) term loans as well as unsecure working 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-scale company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many reasons. You can use the funds to refinance debt, expand your business, or buying assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. The guarantee comes with a fee. The fee is typically 3.75% of the loan’s guaranteed amount.

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

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

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To apply for an SBA 7(a) loan you must complete an application and get it approved. The lender will look over your financial history and review your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial decision regardless of whether or not you are expanding or just starting out. It can be used to finance expansion, equipment, or to upgrade your building, among other things. The right type of loan will make your business thrive.

A working capital loan may be much simpler than you think. The loan can be secured by filling out a single page unlike the line credit. You can even pay for your loan using 3 months of bank statements for business.

Unsecured loans carry higher interest rates. This is because the lender takes a greater risk. To qualify, a business owner must have good credit ratings. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans are an excellent option for your business to bridge short-term financial gaps. You can find low rates on the most important products or upgrades to your facilities with a working capital loan. A working capital loan can help you to keep your business running in difficult economic times.

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An unsecured working capital loan has another advantage: it doesn’t require the pledge of any assets. The lender will usually require an online payment processor and deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are turning to alternative financing models for small enterprises as their top choice. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also more affordable than traditional loans. Banks will typically require large down payments, and you may have to wait for a while before they will be able to give you the money you need.

Some other alternatives for business loans include lines of credit invoice discounting, credit card, and cash advances for merchants. These options can allow you to quickly get funding.

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

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Working capital loans can be useful for daily costs such as ordering inventory or paying employees. However, they’re not an best suited for major business changes.

If you are choosing a lender to get an alternative business loan, ensure you work with a company with prior experience. Also, think about your credit score. Your chances of getting a favorable financing deal are greater if you have a better credit score.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from multiple investors. This option is particularly useful for small businesses that do not have collateral.

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