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There are many options for small-scale entrepreneurs looking for working capital loans to help them get their business off the beginning. Some of these options include SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available to finance your small-sized business.

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SBA 7(a) term loans
If you are a small-scale business owner who is 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 money can be used to refinance debt, expand your company, or purchase assets.

The SBA guarantees a part of the loan to make it less likely that lenders fail. The guarantee is accompanied by a fee. This fee is typically 3.75 percent of the guaranteed amount of the loan.

People interested in applying can get an understanding of the SBA 7(a) loan by visiting the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with all loans the rate of interest on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be variable, fixed or tied to the Prime Rate.

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To apply for an SBA 7(a) loan you must fill out an application and be approved. The lender will look over your financial history and review your business plan. After approval, you’ll 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 or not you are expanding or starting out. It can be used to finance equipment, expansion or to upgrade your building, among other things. The right option will make your business grow.

Getting a working capital loan could be much easier than you think. Contrary to a line-of-credit, you can get an advance with just a single application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes a greater risk. To qualify, a business owner must have good credit ratings. Also, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent option to fill a financial gap in your company. You can find low rates on the most important products or upgrades to your facilities with working capital loans. Getting a working capital loan will allow you to keep your business running during tough economic times.

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An unsecure working capital loan has another advantage: 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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Alternative financing models for small businesses
Many entrepreneurs are choosing alternative financing models for small-sized businesses as the most preferred option. These flexible financing options can give you the cash you need for expansion.

Alternative loans are more affordable than conventional ones. Banks usually require large down payments, and you may require a few days before they will be able to give you the cash you require.

Alternative business loan options include lines of credit invoice discounting, credit cards and cash advances for merchants. These options all offer you the possibility of obtaining funds quickly and easily.

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Business credit lines are similar to credit cards, except they charge interest only on the money you take out. These options are especially beneficial for expenses that are short-term.

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Working capital loans are useful for day-to-day costs for example, paying employees or ordering inventory. They are not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you work with a company with prior experience. Also, take into consideration your credit score. The greater your score, the better your chances of receiving favorable financing deals.

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

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