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There are a myriad of options for small-scale business owners looking for working capital loans to get their business off the ground. These include SBA 7(a) and term loans, and unsecured work capital loans. Alternative financing models could be available to help finance your small business.

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SBA 7(a) and term loans
If you are a small business owner who is in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for a variety of purposes. The money can be used to repay debt, expand your business or to purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. The guarantee comes with a cost. The cost is usually 3.75% of the loan’s guaranteed amount.

Anyone interested can gain a better understanding of the SBA 7(a) loan by checking out 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.

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

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To be eligible for an SBA 7(a) loan you must submit an application and be approved. The lender will examine your financial history and review your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial choice regardless of whether or not you are expanding or starting out. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right choice will help your business flourish.

It is much simpler than you might consider to obtain a capital loan. It is possible to get a loan by filling out a single page, unlike the line credit. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender takes on greater risk. Therefore an owner of a business must have a great credit score to be able to qualify. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to cover short-term financial gaps. You can obtain low prices on essential products or upgrades to your facilities using working capital loans. A working capital loan will allow you to keep your business running even in difficult economic times.

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Another great thing about an unsecure working capital loan is that you do not have to pledge any of your assets. Typically lenders will ask for an online payment processor and the deposit account.

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Alternative financing models for small-sized businesses
Alternative finance models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can give you the cash you need to expand your business.

Alternative loans are also more affordable than conventional ones. Banks typically require huge down payments, and you might be waiting a long time before they are able to provide the money you require.

Lines of credit, cash advances for merchants, invoice discounting, credit card, and credit cards are all options for business loans. These options all offer you the chance to get funding quickly and easily.

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

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Working capital loans can be beneficial for everyday expenses for things like paying employees or purchasing inventory. However, they’re not the best suited for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you choose a firm with experience. Your credit score is important. The greater your score, the greater your chances of getting the best financing deal.

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Other alternative models for financing small businesses involve peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from multiple investors. This is especially beneficial for small businesses who don’t have collateral.

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