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If you’re a small-scale business owner seeking a working capital loan in order to help your business get going There are a variety of options you could consider. One of them is SBA 7(a) term loans as well as unsecured working capital loans. Alternative financing models may also 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-scale business owners who require working capital. These are loans that are extremely flexible that can be used for a variety uses. The funds can be used to repay the company’s debt, grow it or even purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders fail. The guarantee is accompanied by a fee. This is typically 3.75% of the loan’s guarantee amount.

Anyone interested can gain a better understanding of the SBA 7(a) loan by visiting the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

As with all loans the interest rate on a 7(a) loan will depend on the amount and the repayment terms. It is either fixed or variable, and it can be pegged 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 examine your financial information and analyze your business plan. After approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured working capital loan could be a wise financial decision. It can be used to pay for expansion, equipment, or to improve your building, among other things. The right one will make your business grow.

It is much simpler than you might consider to obtain a capital loan. The loan can be secured by filling out a single page, unlike the line credit. You can even use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. In this regard, a business owner must have a strong credit score to be eligible. Additionally, you must have a plan to repay the loan on time.

Unsecured working capital loans are an excellent method for your company to bridge short-term financial gaps. With a working capital loan you can take advantage of discounted prices on important products and upgrades to your facilities. Getting a working capital loan will enable you to remain in business even in difficult economic times.

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An unsecure working capital loan offers another advantage: it doesn’t require the pledge of any of your assets. Typically lenders will ask for an online payment processor and an account for deposits.

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

Alternative loans can also be cheaper than traditional ones. Banks typically require huge down payments and you could require a few days before they can provide the funds you require.

Alternative business loan options include lines of credit invoice discounting, credit cards and cash advances from merchants. These options all offer you the opportunity to obtain funds quickly and easily.

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Business lines of credit are similar to credit cards, with the exception that they charge only interest on the cash you withdraw. These options are especially useful for expenses that are short-term.

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Working capital loans can be beneficial for everyday expenses like paying employees or ordering inventory. They are not the ideal solution for large-scale transformations of businesses.

Be sure to select an institution with experience in alternative business loans. Also, consider your credit score. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Other alternative finance models for small businesses involve peer-to-peer lending. Peer-to-business lenders offer loans to small businesses from multiple investors, similar to crowdfunding. This option is particularly useful for small businesses who don’t have collateral.

Reuters