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If you’re an owner of a small-sized business seeking a working capital loan to get your business going there are plenty of options you could think about. These include SBA 7(a), term loans and unsecured work capital loans. Alternative financing models may also be available to help finance your small business.

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SBA 7(a) and term loans
If you are a small company owner 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 debt, expand your company or purchase assets.

The SBA guarantees the loan in part which means lenders are less likely to default. However, a fee is paid to guarantee the loan. This fee is typically 3.75% of the guaranteed amount of the loan.

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

As with most loans, interest rates on 7(a) loans will differ depending on the amount and repayment conditions. It could be fixed, variable, or 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. A lender will review your financial situation and review 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
If you’re just starting out or expanding, a non-secure working capital loan can be a wise financial decision. It can be used to purchase equipment to expand your business or even to upgrade your facility. The right option will help your business thrive.

It is much simpler than you might think to get a working capital loan. Unlike a line of credit it is possible to get an advance with just a single application. You could even use 3 months of bank statements from your business to fund your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. Additionally, you must have a plan to pay back the loan in a timely manner.

Unsecured working capital loans are a fantastic option to fill a financial gap in your business. You can obtain low prices on essential products or upgrades to your facilities by using working capital loans. A working capital loan will help you to keep your business afloat during difficult economic times.

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An unsecure working capital loan is another benefit because you don’t have to pledge any assets. Most lenders will require an electronic payment processor as well as a deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are choosing alternative finance models for small-sized companies as their preferred choice. They offer flexible financing options that can provide you with the money you need to expand.

Alternative loans can be less expensive than conventional ones. Banks will typically require large down payments and you may be waiting a long time before they are able provide the money you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards and cash advances from merchants. These options all offer you the opportunity to obtain money quickly and conveniently.

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Business credit lines are similar to credit cards, but they charge only interest on the cash you withdraw. These options are especially beneficial to cover short-term expenses.

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Working capital loans can be useful for everyday expenses like ordering inventory or paying employees. They’re not the ideal option for large-scale business changes.

Make sure to choose an institution with experience in alternative business loans. Your credit score is also important. Your chances of getting a favorable finance deal are greater if you have a better credit score.

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Peer-to peer lending is another alternative financing model for small businesses. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is particularly useful for small-sized businesses that do not have collateral.

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