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There are numerous options for small-scale business owners looking for working capital loans to help them get their business off the starting point. A few of these options are SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
If you are a small business owner and are in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for many purposes. You can use the money for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. However, a fee is payable for the guarantee. This fee is typically 3.75 percent of the guaranteed amount of the loan.

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

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

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To apply for an SBA 7(a) loan, you will need to fill out an application form and have it approved. The lender will review your financial information and analyze your business plan. After approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecure working capital loan is an ideal financial decision. It can be used to pay for expansion, equipment, or to upgrade your building, among other things. The right choice will help your business thrive.

It is much simpler than you might imagine to get a capital loan. Contrary to a line-of-credit you can apply for an advance with just a single application. You can even fund your loan using 3 months of business bank statements.

Unsecured loans are characterized by higher interest rates. This is because the lender takes on a greater risk. So, a business owner must have a strong credit rating to qualify. Additionally, you must have a plan to repay the loan on time.

Unsecured working capital loans are an excellent way for your business to cover short-term financial gaps. You can obtain low prices on essential products or upgrades to your facilities with a working capital loan. Getting a working capital loan will enable you to stay in business in tough economic times.

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Another great thing about an unsecure working capital loan is that you do not have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can give you the money you need to expand.

Alternative loans are also cheaper than traditional ones. Banks usually require large down-payments and you may need to wait a while before you can secure the funds you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit cards and cash advances for merchants. Each of these options gives you a way to obtain funding quickly and easily.

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Business lines of credit are similar to credit cards, but they charge only interest on the cash you withdraw. These types of credit can be especially helpful for short-term expenditures.

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Working capital loans are helpful for day-to-day expenses for things like paying employees or ordering inventory. They’re not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you work with a company with prior experience. Your credit score is crucial. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Peer-to -peer lending is an alternative financing model for small companies. Peer-to-business lenders offer loans to small businesses from multiple investors, similar to crowdfunding. This is particularly beneficial for small businesses that don’t have collateral.

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