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There are a variety of options for small-scale entrepreneurs looking for working capital loans to help them get their business off the beginning. A few of these options are SBA 7(a) term loans and unsecured working capital loans. You might also look into alternative financing models that could be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These are extremely flexible loans that can be utilized for a variety of uses. The funds can be used to refinance debt, grow your business, or even purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. The guarantee comes with a fee. The cost is usually 3.75 percent of the loan’s guarantee amount.

People interested in applying can get more information about the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

Similar to most loans, interest rates on 7(a) loans will vary dependent on the amount and repayment conditions. It can be fixed or variable and tied to the prime rate.

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You’ll need to submit an application in order to apply for an SBA 7(a) loan. The lender will go over your financial history and assess your business plan. After approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial decision, regardless of whether you are expanding or starting out. It can be used to buy equipment, expand your business, or upgrade your building. The right option will make your business thrive.

It can be much easier than you might imagine to get a capital loan. Unlike a line of credit you can apply for an advance with just a single application. You can also use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher interest rates. This is because the lender takes a greater risk. To qualify, a business owner must have excellent credit ratings. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great way to bridge a short-term financial gap in your business. With a working capital loan you can take advantage of discounted prices on important products and improvements to your facilities. A working capital loan can allow you to continue to operate in tough economic times.

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An unsecure working capital loan offers another advantage: it doesn’t require the pledge of any of your assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need to fund growth.

Alternative loans are also more affordable than traditional loans. Banks usually require large down-payments and you may need to wait a few months before you can get the cash you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit card, and cash advances for merchants. These options can allow you to quickly get funds.

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Business credit lines are similar to credit cards, with the exception that they charge only interest on the money you withdraw. These options are especially beneficial for short-term expenditures.

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. They aren’t the best solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you work with a company with years of experience. Also, think about your credit score. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Other alternative financing options for small businesses include peer-to -peer lending. Peer-to-business lenders offer small businesses with loans from several investors, similar to crowdfunding. This is particularly beneficial for small businesses that do have access to collateral.

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