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There are numerous options for small-scale business owners who are looking for working capital loans to get their business off the start. These include SBA 7(a), term loans and unsecured capital loans. You may also consider looking into 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 who is 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 purposes. The money can be used to refinance the company’s debt, grow it or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee comes with a fee. The fee is typically 3.75 percent of the loan’s guarantee amount.

Interested parties can get an understanding of the SBA 7(a) loan by visiting the SBA website. They will also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

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

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To apply for an SBA 7(a) loan, you will need to fill out an application and be approved. The lender will examine your financial information and analyze your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working capital loan is an ideal financial decision. It can be used to fund equipment, expansion or to improve your building, among other things. The right type of loan can help your business grow.

Getting a working capital loan can be much simpler than you think. As opposed to a credit line you can obtain a loan by filling out a simple application. You can even pay for your loan using 3 months of bank statements for business.

Unsecured loans carry higher interest rates. This is due to the fact that the lender is taking on more risk. To qualify, a business owner must have good credit ratings. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are an excellent method for your company to bridge short-term financial gaps. By taking a working capital loan you can take advantage of low rates on key products and improvements to your facilities. A working capital loan can allow you to keep your business running even in tough economic times.

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A working capital loan that is unsecured also has a benefit: you don’t need to pledge any assets. Typically lenders will request a payment processor link and an account for deposit.

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Alternative financing models for small businesses
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that will give you the funds you need to grow.

Alternative loans are also cheaper than conventional loans. Banks usually require large down-payments and you may have to wait a while before you can secure the money you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the opportunity to obtain funding quickly and easily.

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Business lines of credit are similar to credit cards, except they charge interest only on money you withdraw. These options can be particularly useful for spending on short-term expenses.

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Working capital loans are beneficial for everyday expenses like paying employees or ordering inventory. However, they’re not the appropriate for major business transformations.

Be sure to choose a lender who has expertise in alternative business loans. Your credit score is also crucial. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Other alternative finance models for small businesses are peer-to peer lending. Peer-to-business lenders offer small businesses loans through many investors, similar to crowdfunding. This is especially beneficial for small-sized businesses that don’t have collateral.

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