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There are a myriad of options available to small business owners who are looking for working capital loans to help them get their business off the ground. These include SBA 7(a) as well as term loans as well as unsecured work capital loans. You could also look into alternative financing options that could be used to finance your small business.

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SBA 7(a) and term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These are highly flexible loans that can be utilized for a variety of reasons. The funds can be used to repay debt, expand your company or even purchase assets.

The SBA guarantees the loan in part so lenders are less likely to default. However, a fee is paid to guarantee the loan. The fee is typically 3.75 percent of the loan’s guarantee amount.

Anyone interested can gain an understanding of the SBA 7(a) loan by checking out the SBA website. They can also access the SBA Lender Match Tool, which connects applicants with lenders who have approval within two days.

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

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To be eligible for an SBA 7(a) loan you must fill out an application form and be approved. The lender will review your financial history and review your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured working capital loan can be an investment that is financially sound. It can be used to pay for equipment, expansion or to upgrade your building, among other things. The right one will make your business grow.

Getting a working capital loan could be much easier than you think. Unlike a line of credit it is possible to get a loan with a one-page application. You can even pay for your loan with 3 months of business bank statements.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. To be eligible, a business owner must have good credit ratings. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your company. By taking a working capital loan you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan can allow you to keep your business afloat during difficult economic times.

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An unsecured working capital loan has another advantage: you don’t have to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are turning to alternative finance models for small businesses as their preferred option. These flexible financing options can give you the funds you require for growth.

Alternative loans are also less expensive than traditional ones. Banks typically require substantial down payments and you may have to wait for a while before they will be able to give you the money you need.

Some alternative business loan options include lines of credit invoice discounting, credit card, and cash advances from merchants. All of these options offer you the possibility of obtaining funds quickly and easily.

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Business lines of credit are similar to credit cards, but they charge interest only on the money you take out. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans are a great option for daily costs such as ordering inventory or paying employees. They are not the ideal option for large-scale business changes.

Be sure to select a lender who has experience in alternative business loans. Your credit score is important. Your chances of getting a favorable finance deal are increased if you have a better credit score.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from multiple investors. This is especially beneficial for small companies that don’t have collateral.

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