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If you are an owner of a small-sized business seeking a working capital loan to get your business off the ground there are plenty of options that you may think about. These include SBA 7(a) or term loans as well as unsecured work capital loans. You may also want to look into alternative financing models that can be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small entrepreneurs who require working capital. These are extremely flexible loans that can be utilized for a variety of reasons. The funds can be used for refinancing debt, expanding your business, or buying assets.

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

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

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

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You’ll have to fill out an application in order to apply for an SBA 7(a), loan. The lender will go over your financial information and analyze your business plan. After the approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial choice regardless of whether or not you are expanding or just starting out. It can be used to purchase equipment or expand your business or to upgrade your building. The right type of loan will make your business thrive.

Getting a working capital loan can be much easier than you think. The loan can be secured by filling out a single page unlike the line credit. You could even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans are characterized by higher interest rates. This is because the lender takes on a greater risk. Therefore, a business owner should have a high credit score to be eligible. It is also essential to have a plan to repay the loan on time.

Unsecured working capital loans can be an excellent option for your company to bridge short-term financial gaps. You can enjoy low costs on the most important products or upgrades to your facilities with working capital loans. A working capital loan will enable you to continue to operate even during difficult economic times.

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Another benefit of an unsecure working capital loan is that you do not have to pledge any of your assets. Typically lenders will require a payment processor link and an account for deposits.

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Alternative financing models for small-sized companies
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you need to fund expansion.

Alternative loans are also less expensive than conventional ones. Banks typically require substantial down payments, and you might be waiting a long time before they will be able to give you the money 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 to quickly get funding.

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

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Working capital loans are a great option to cover the cost of daily expenses, such as ordering inventory or paying employees. They are not the ideal option for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a firm that has expertise. 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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Other alternative financing models for small businesses include peer-to -peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from several investors. This option is particularly beneficial for small-sized businesses that don’t have collateral.

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