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There are a myriad of alternatives available to small-scale business owners who are looking for working capital loans to get their business off the start. Some of these include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models could be available to help finance your small business.

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SBA 7(a) term loans
If you are a small business owner and you are 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 reasons. The funds can be used to refinance debt, expand your business or even purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders fail. However, a fee is charged to guarantee the loan. The cost is usually 3.75 percent of the loan’s guarantee amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

Like most loans, the interest rates on 7(a) loans can vary in accordance with the amount borrowed and the repayment terms. It can be fixed, variable or tied to the Prime Rate.

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To be eligible for an SBA 7(a) loan you must fill out an application form and have it approved. The lender will examine your financial history and assess your business plan. Once you have been approved, you sign a loan contract to 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 you are expanding or starting out. It can be used to fund expansion, equipment, or to improve your building, among other things. The right one will make your business thrive.

It is much simpler than you 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 three months of bank statements from your business to finance your loan.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. In this regard the business owner must have a strong credit rating to qualify. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to bridge short-term financial gaps. You can find low rates on essential products or upgrades to your facilities using a working capital loan. A working capital loan will enable you to remain in business even during difficult economic times.

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

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Small-scale businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small companies as their preferred choice. These flexible financing options can give you the funds you require for expansion.

Alternative loans are also cheaper than traditional ones. Banks typically require large down-payments, and you may have to wait a few months before you can secure the cash you require.

Some alternative business loan options 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 are similar to credit cards in that they charge interest only on cash you take out. These are useful for spending on short-term expenses.

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Working capital loans can be beneficial for everyday expenses for example, paying employees or purchasing inventory. However, they are not appropriate for major business changes.

Choose an institution with experience in alternative business loans. Also, think about your credit score. The higher your score, the higher your chances of securing the best financing deal.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Peer-to-business lenders offer loans to small businesses from several investors, similar to crowdfunding. This option is particularly useful for small-sized businesses that don’t have collateral.

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