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There are numerous options available to small business owners seeking working capital loans to help them get their business off the starting point. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small-scale business owners who need working capital. These loans are flexible and can be used for a variety of purposes. The funds can be used to repay debt, expand your company or purchase assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. However, a fee will be due to guarantee the loan. This fee is usually 3.75% of the loan’s guarantee amount.

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

As with most loans, the interest rate on a 7(a) loan will depend on the amount and repayment terms. It is either variable or fixed or tied 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. The lender will go over your financial history and review your business plan. After the approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or just starting out. It can be used to pay for equipment, expansion or to improve your building among other things. The right choice will help your business thrive.

It is much simpler than you might think to obtain a working capital loan. The loan can be secured using just one page, unlike the line credit. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. To be eligible, a company owner must have excellent credit ratings. In addition, you should have a plan to repay the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your company. You can find low rates for key products or improvements to your facilities using a working capital loan. Getting a working capital loan will allow you to keep your business running during tough economic times.

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A working capital loan that is unsecured has another advantage: it doesn’t require the pledge of any of your assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have additional financing options
Many entrepreneurs are choosing alternative financing models for small-sized companies as their preferred choice. These flexible financing options can help you get the cash you need to fund expansion.

Alternative loans are also more affordable than traditional ones. Banks will typically require large down payments and you could have to wait for a while before they are able to provide the money you require.

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

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Business lines of credit function similar to credit cards, but charge only interest on the amount that you withdraw. These options are especially useful to cover short-term expenses.

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

When selecting a lender for an alternative business loan, make sure you work with a company that has expertise. Also, take into consideration your credit score. Your chances of getting a favorable finance deal are higher if you have a higher credit score.

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Peer-to peer lending is another alternative method of financing for small businesses. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially useful for small businesses that don’t have collateral.

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