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If you’re a small-scale business owner looking for a working capital loan to help your business get going there are plenty of options to consider. These include SBA 7(a), term loans and unsecured work capital loans. You might also look at alternative financing options that could be used to finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small business owners who need working capital. These loans are flexible and are able to be used for many reasons. You can use the funds to refinance debt, expand your company, or purchasing assets.

The SBA guarantees the loan in part so that lenders are less likely to default. The guarantee comes with a fee. This is typically 3.75 percent of the loan’s guarantee amount.

People interested in applying can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Like most loans, the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It can be fixed or variable, and it can be 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 history and review your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working capital loan can be an ideal financial decision. It can be used to purchase equipment or expand your business or to improve your building. The right choice can help your business grow.

It’s much easier than you might imagine to get a capital loan. Unlike a line of credit you can apply for a loan with a one-page application. You can even pay for your loan with 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on greater risk. To qualify, a business owner must have excellent credit ratings. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to bridge short-term financial gaps. By taking a working capital loan you can avail of low prices on key products and upgrades to your facilities. Getting a working capital loan can allow you to stay in business even 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. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are opting for alternative financing models for small businesses as their preferred option. They provide flexible financing options that can provide you with the money you require to expand.

Alternative loans are also more affordable than conventional ones. Banks typically require large down payments and you may need to wait a while before you can secure the money you need.

Some other alternatives for business loans include lines of credit invoice discounting, credit cards and cash advances for merchants. These options can help you quickly get funds.

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Business lines of credit work in the same way as credit cards but charge interest only for money that you withdraw. These types of credit can be especially helpful for short-term expenditures.

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Working capital loans can be useful for day-to-day costs for things like paying employees or purchasing inventory. They are not the best solution for large-scale business transformations.

Make sure to choose an institution with experience in business loans for alternative businesses. Your credit score is also crucial. Your chances of getting a favorable financing deal are better if have a better credit score.

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Peer-to-peer lending is a different financing model for small companies. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is especially useful for small businesses that don’t have collateral.

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