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If you’re an owner of a small business seeking an working capital loan to get your business off the ground there are plenty of options that you may take into consideration. These include SBA 7(a), term loans and unsecured capital loans. Alternative financing models could be available to help finance your small 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 can be used for many reasons. The money can be used to refinance debt, expand your company or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. However, a fee will be payable to guarantee the loan. This is usually 3.75% of the guaranteed amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

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

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You’ll need to fill out an application in order to apply for an SBA 7(a), loan. The lender will look over your financial records and evaluate your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial decision regardless of whether or not you are expanding or just starting out. It can be used to fund expansion, equipment, or to upgrade your building among other things. The right option will help your business thrive.

It’s much easier than you might imagine to get a capital loan. It is possible to get a loan on a single form unlike the line credit. You can even use three months of bank statements from your company to fund your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender is taking on more risk. To be eligible, a company owner must have good credit ratings. You should also have a plan for repaying the loan on time.

Unsecured working capital loans are a great way to bridge a short-term financial gap in your company. You can get low prices for key products or improvements to your facilities with working capital loans. A working capital loan can help you to keep your company afloat in difficult economic times.

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Another benefit of having an unsecured working capital loan is the fact that you do not have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

Janice Hamilton Senior Business Loan Processor United Federal Credit Union – Brooklyn, New York

Alternative finance models for small-sized companies
Alternative financing models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the cash you need for expansion.

Alternative loans are also less expensive than traditional loans. Banks usually require large down payments and you may need to wait a while before they can provide the money you need.

Lines of credit, merchant cash advances and invoice discounting, credit card, and credit cards are all options for business loans. All of these options offer you the opportunity to obtain quick and easy funding.

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Business lines of credit work similarly to credit cards, but charge interest only on money that you withdraw. These options are particularly useful for short-term expenses.

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Working capital loans are useful for daily expenses like paying employees or placing orders for inventory. They are not the best solution for large-scale business transformations.

Make sure to choose a lender who has expertise in alternative business loans. Also, think about your credit score. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Peer-to-peer lending is another alternative financing model for small businesses. Peer-to-business lenders provide small businesses loans from multiple investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that don’t have collateral.

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