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There are a myriad of options for small-scale business owners seeking working capital loans to get their business off the ground. These include SBA 7(a), term loans and unsecured work capital loans. Alternative financing models could 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 you are 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 reasons. The money can be used to repay debt, expand your company or to purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee is charged to guarantee the loan. The fee is usually 3.75% of the guaranteed amount of the loan.

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

Similar to most loans, rates of interest on 7(a) loans will differ in accordance with the amount borrowed and repayment conditions. It can be variable, fixed or tied to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and be approved. A lender will then assess your financial history and evaluate your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured capital loan is an ideal financial decision. It can be used to fund equipment, expansion or to improve your building, among other things. The right choice can help your business grow.

Getting a working capital loan is much simpler than you think. Contrary to a line-of-credit you can obtain a loan by filling out a simple application. You can even use three months of bank statements from your business to pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. To qualify, a business owner must have excellent credit ratings. You should also have a plan to repay the loan on time.

Unsecured working capital loans can be a great way for your company to bridge short-term financial gaps. Using a working capital loan you can take advantage of low prices on key products and upgrades to your facilities. Getting a working capital loan can allow you to continue to operate even during difficult economic times.

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A working capital loan that is unsecured offers another advantage: you don’t need to pledge any of your assets. Lenders will typically ask for a payment processor and a deposit account.

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

Alternative loans are also more affordable than traditional loans. Banks usually require large down-payments and you might have to wait a while before getting the funds you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances for merchants. Each of these options gives you the chance to get funds quickly and easily.

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Business lines of credit function similarly to credit cards, but they charge only interest on the amount that you withdraw. These options can be particularly useful for spending on short-term expenses.

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Working capital loans can be useful for daily expenses like paying employees or placing orders for inventory. However, they’re not an suitable for major business changes.

Make sure to choose a lender who has expertise in business loans for alternative businesses. Your credit score is important. The better your score, the better your chances of receiving an attractive financing deal.

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Other alternative financing models for small-sized businesses include peer-to-peer lending. Peer-tobusiness lenders offer loans to small businesses from several investors, similar to crowdfunding. This is especially beneficial for small-sized businesses that don’t have collateral.

Reuters