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If you’re a small business owner seeking a working capital loan to help your business get going there are many options you could consider. These include SBA 7(a) or term loans and unsecured work capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a), term loans
SBA 7(a), term loans are available to small business owners who require working capital. These are loans that are extremely flexible that can be used for a variety of purposes. The funds can be used to repay debt, expand your company or purchase assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee comes with a fee. This fee is usually 3.75 percent of the guarantee amount of the loan.

People interested in applying can get an understanding of the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

Like most loans, the rates of interest on 7(a) loans will differ depending on the amount and the repayment terms. 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 will need to fill out an application form and be approved. The lender will examine your financial records and evaluate 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 smart financial investment regardless of whether you are expanding or starting out. It can be used to finance equipment, expansion or to improve your building, among other things. The right type of loan will make your business thrive.

A working capital loan could be more straightforward than you think. It is possible to get a loan on a single form, unlike a line credit. You can even use three months of bank statements from your business to fund your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on greater risk. So an owner of a business should have a high credit score to be able to qualify. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are a great way for your company to bridge short-term financial gaps. You can obtain low prices for key products or improvements to your facilities by using working capital loans. A working capital loan can allow you to keep your business afloat in difficult economic times.

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A working capital loan that is unsecured offers another advantage: you don’t have to pledge any of your assets. The lenders will usually ask for an online payment processor and deposit account.

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Alternative financing models for small businesses
Many entrepreneurs are opting for alternative finance models for small companies as their preferred choice. These flexible financing options can help you get the cash you need for growth.

Alternative loans are also more affordable than traditional ones. Banks typically require huge down payments and you could be waiting a long time before they will be able to give you the cash you require.

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

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

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Working capital loans are useful for everyday expenses like ordering inventory or paying employees. However, they’re not an an ideal solution for major business transformations.

Be sure to select a lender with experience in alternative business loans. Your credit score is also important. Your chances of getting a favorable financing deal are better if have a higher credit score.

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Peer-to-peer lending is a different financing model for small companies. Peer-tobusiness lenders offer small businesses with loans from many investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that do not have collateral.

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