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If you’re an owner of a small business looking for an working capital loan to help your business get going there are many options to take into consideration. One of them is SBA 7(a) term loans and unsecure working 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) or term loans are available to small-scale entrepreneurs who require working capital. They are extremely flexible loans that can be used for a variety of uses. You can use the funds for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders fail. However, a fee is paid for the guarantee. This is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

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

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You’ll need to submit an application to apply for an SBA 7(a), loan. 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
No matter if you’re just beginning or expanding, an unsecure working capital loan could be an investment that is financially sound. It can be used to finance equipment, expansion, or to improve your building, among other things. The right choice will help your business grow.

It’s much easier than you might consider to obtain a capital loan. As opposed to a credit line, you can get an advance with just a single application. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender is taking on more risk. To be considered for a loan, a business owner must have good credit ratings. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be a great way for your business to cover short-term financial gaps. You can obtain low prices for key products or improvements to your facilities using a working capital loan. A working capital loan will enable you to remain in business in 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 an account for deposit.

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Alternative financing models for small businesses
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need to fund expansion.

Alternative loans are also more affordable than traditional ones. Banks typically require large down-payments and you may have to wait a while before you can secure the funds you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit cards and merchant cash advances. These options can help you to quickly obtain funding.

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Business lines of credit work similarly to credit cards but charge interest only on money that you withdraw. These options can be particularly useful for spending on short-term expenses.

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Working capital loans can be useful for day-to-day costs like paying employees or purchasing inventory. However, they’re not the appropriate for large-scale business transformations.

Choose an institution with experience in alternative business loans. Your credit score is also important. Your chances of getting a favorable finance deal are better if have a better credit score.

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Peer-to-peer lending is another alternative method of financing for small businesses. Peer-to-business lenders provide small businesses with loans from many investors, similar to crowdfunding. This is particularly beneficial for small businesses that don’t have access to collateral.

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