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If you’re a small-scale business owner seeking a working capital loan in order to start your business, there are many alternatives you can think about. A few of these options are SBA 7(a) term loans and unsecured working capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) term loans
SBA 7(a) or term loans are available to small business owners who need working capital. These loans are flexible and can be used for a variety of reasons. The funds can be used to refinance the company’s debt, grow it or purchase assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. However, a fee is due for the guarantee. This fee is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Similar to most loans, interest rates on 7(a) loans can vary depending on the amount and repayment terms. It can be fixed, variable, or tied to the Prime Rate.

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You’ll have to fill out an application form to be eligible for an SBA 7(a) loan. The lender will examine your financial information and analyze your business plan. After approval, you will 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 is an ideal financial decision. It can be used to fund equipment, expansion, or to improve your building, among other things. The right option will allow your business to grow.

Getting a working capital loan is much simpler than you think. A loan can be obtained on a single form unlike a line credit. You can even use three months of bank statements from your company to pay for your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. In addition, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your company. With a working capital loan, you can take advantage of low prices on key products and upgrades to your facilities. A working capital loan can help you to keep your company afloat during difficult economic times.

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An unsecure working capital loan offers another advantage: you don’t need to pledge any of your assets. Typically, lenders will ask for a payment processor link and 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 option for many entrepreneurs. These flexible financing options can provide the cash you need for growth.

Alternative loans can be more affordable than conventional ones. Banks usually require large down-payments and you may have wait for a while before you can secure the money you need.

Lines of credit, cash advances for merchants invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the opportunity to obtain funds quickly and easily.

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Business lines of credit work in the same way as credit cards, but charge only interest on the amount that you withdraw. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans are useful to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they aren’t the suitable for major business transformations.

Choose a lender with experience in business loans for alternative businesses. Your credit score is also important. The greater your score, the more likely you are to receive the best financing deal.

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Peer-to peer lending is another alternative financing option for small companies. Peer-to-business lenders offer small businesses loans through multiple investors, much like crowdfunding. This option is particularly beneficial for small companies that do not have collateral.

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