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

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SBA 7(a) and term loans
If you are a small-scale company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These are highly flexible loans that can be utilized for a variety of purposes. You can use the money to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders will default. The guarantee comes with a cost. This is typically 3.75% of the loan’s guaranteed amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with lenders who have approval within two days.

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

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You’ll need to fill out an application in order to apply for an SBA 7(a), loan. The lender will examine your financial records and evaluate 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 unsecured working capital loan is a smart financial decision, regardless of whether you are expanding or just starting out. It can be used to pay for expansion, equipment, or to upgrade your building, among other things. The right type of loan will make your business grow.

It’s much easier than you think to obtain a working capital loan. The loan can be secured with just one page unlike a line credit. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans have higher rates of interest. This is due to the fact that the lender assumes greater risk. So an owner of a business should have a high credit score to be eligible. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be a great solution to bridge a financial gap in your company. You can find low rates for key products or improvements to your facilities through working capital loans. A working capital loan can allow you to keep your business running during tough economic times.

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Another great thing about an unsecured working capital loan is that you do not have to pledge any of your assets. Lenders will typically ask for the services of a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that can help you get the funds you need to expand your business.

Alternative loans can be cheaper than conventional loans. Banks usually require large down payments and you may require a few days before they are able to provide the funds you require.

Some alternative business loan options 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 they charge interest only on money that you take out. These options are especially useful to cover short-term expenses.

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Working capital loans are great for everyday expenses such as ordering inventory or paying employees. They’re not the ideal solution for large-scale transformations of businesses.

Be sure to choose an institution with experience in business loans for alternative businesses. Your credit score is crucial. Your chances of getting a favorable financing deal are greater if you have a higher credit score.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from a variety of investors. This option is especially beneficial for small-sized businesses that do not have access to collateral.

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