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There are many options for small-scale business owners who are looking for working capital loans to get their business off the starting point. Some of these include SBA 7(a) term loans and non-secured working capital loans. You may also want to look at 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 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 many purposes. The funds can be used to repay loans, expand your business, or purchase assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. The guarantee is accompanied by a fee. This is typically 3.75% of the loan’s guaranteed amount.

People interested in applying can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

Similar to most loans, interest rates on 7(a) loans will vary depending on the amount and repayment conditions. It could be variable, fixed, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan you must submit an application and have it approved. The lender will go over your financial records and evaluate your business plan. After the approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
When you’re 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 upgrade your building among other things. The right type of loan will help your business thrive.

Getting a working capital loan can be much easier than you think. Unlike a line of credit it is possible to get an advance with just a single application. You can even use 3 months of bank statements from your company to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes a greater risk. So an owner of a business should have a high credit rating to qualify. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great option to bridge a financial gap in your business. Using a working capital loan you can take advantage of discounted prices on important products and improvements to your facilities. A working capital loan will allow you to keep your business running during tough 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. Typically lenders will require the payment processor’s link and the deposit account.

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Alternative finance models for small companies
Many entrepreneurs are turning to alternative finance models for small-sized businesses as their preferred option. These flexible financing options can provide the cash you require for growth.

Alternative loans are also more affordable than traditional loans. Banks typically require huge down payments, and you may have to wait for a while before they can provide the money you need.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options can help you quickly obtain funding.

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Business lines of credit work in the same way as credit cards but charge only interest on the amount that you withdraw. These are helpful for short-term expenditures.

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they’re not an appropriate for major business changes.

Choose a lender who has expertise in business loans for alternative businesses. Also, take into consideration your credit score. The more impressive your score, more likely you are to receive the best financing deal.

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Peer-to -peer lending is an alternative financing option for small businesses. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This is especially beneficial for small businesses that do not have collateral.

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