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If you are an owner of a small-sized business looking for a working capital loan in order to get your business off the ground There are a variety of options to think about. A few of these options are SBA 7(a) term loans and unsecure 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-scale 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 funds can be used for refinancing debt, expanding your company, or purchasing assets.

The SBA guarantees some of the loan to ensure that lenders are less likely to default. The guarantee comes with a fee. This fee is typically 3.75 percent of the guarantee amount of the loan.

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

Like most loans, the rate of interest on a 7(a) loan will be contingent on the amount and the repayment terms. It is either fixed or variable, and it can be linked to the prime rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a), loan. A lender will review your financial history and evaluate your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecure working capital loan can be a wise financial decision. It can be used to fund equipment, expansion, or to improve your building among other things. The right option will make your business grow.

Getting a working capital loan could be a lot easier than you think. Contrary to a line-of-credit you can obtain a loan with a one-page application. You can even use 3 months of bank statements from your company to finance your loan.

Unsecured loans carry higher rates of interest. This is because the lender is taking on more risk. Therefore, a business owner must have a great credit score in order to be eligible. Also, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great option to bridge a financial gap in your company. You can enjoy low costs on key products or upgrades to your facilities with a working capital loan. A working capital loan will help you to keep your business running in difficult economic times.

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Another benefit of having an unsecured working capital loan is the fact 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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Alternative financing models for small businesses
Many entrepreneurs are opting for alternative finance models for small businesses as their preferred option. They provide flexible financing options that can give you the cash you need to expand.

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

Some alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. These options can allow you to quickly receive funding.

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Business lines of credit work in the same way as credit cards but charge interest only on money that you withdraw. These types of credit are particularly beneficial to cover short-term expenses.

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

When choosing a lender for an alternative business loan, ensure you choose a firm with years of experience. Also, think about your credit score. The more impressive your score, better your chances of receiving the best financing deal.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from a variety of investors. This option is especially useful for small businesses that do have access to collateral.

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