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If you are a small business owner looking for a working capital loan to start your business, there are many options you could look into. Some of these include SBA 7(a) term loans as well as 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
SBA 7(a), term loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and are able to be used for many reasons. The money can be used to repay debt, expand your business or even purchase assets.

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

Interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They’ll also be able to access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Like all loans, the interest rates for 7(a) loans can vary dependent on the amount and repayment terms. It can be variable or fixed and can be tied to the Prime rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application and be approved. The lender will then look over your financial history and assess your business plan. After approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial decision, regardless of whether you are expanding or just starting out. It can be used to pay for equipment, expansion or to improve 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. As opposed to a credit line you can apply for the loan using a single application. You could even use 3 months of bank statements from your company to fund your loan.

Unsecured loans have higher interest rates. This is because the lender assumes greater risk. To qualify, a business owner must have good credit ratings. You should also have a plan for repaying the loan on time.

Unsecured working capital loans can be an excellent method for your company to bridge short-term financial gaps. You can enjoy low costs on the most important products or upgrades to your facilities by using working capital loans. A working capital loan will help you to keep your business in business even in tough economic times.

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Another great thing about an unsecured working capital loan is that you do not need to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Alternative finance models for small businesses
Alternative financing models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that can give you the funds you need to expand.

Alternative loans can also be cheaper than conventional loans. Banks will typically require large down payments, and you may need to wait a while before they will be able to give you the funds you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards, and merchant cash advances. These options can help you to quickly get funds.

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Business lines of credit function similar to credit cards but charge interest only for money that you withdraw. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans are beneficial for everyday expenses for things like paying employees or purchasing inventory. However, they’re not the an ideal solution for large-scale business changes.

When choosing a lender for an alternative business loan, ensure you work with a company with experience. Also, consider your credit score. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Other alternative financing models for small businesses are peer-to peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from multiple investors. This option is especially useful for small businesses that do have collateral.

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