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If you’re a small-scale business owner looking for an working capital loan to help your business get going there are plenty of options you could consider. Some of these options include SBA 7(a) term loans as well as unsecure working capital loans. You may also consider looking into alternative financing options that could be used to help finance your small business.

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SBA 7(a) term loans
If you are a small-scale business owner and you are in need of working capital, you should think about applying for SBA 7(a) term loans. These are extremely flexible loans that can be utilized for a variety of uses. You can use the funds to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders will default. However, a fee is charged for the guarantee. This fee is usually 3.75% of the loan’s guaranteed amount.

Anyone interested can gain an understanding of the SBA 7(a) loan by checking out the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

As with most loans, the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It can be fixed, variable or tied to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a) loan. A lender will review your financial standing and analyze your business plan. After approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial investment regardless of whether you are expanding or just starting out. It can be used to finance equipment, expansion, or to upgrade your building among other things. The right one will allow your business to grow.

The process of getting a working capital loan could be much easier than you think. It is possible to get a loan with just one page, unlike the line credit. You can even fund your loan using three months of bank statements for business.

Unsecured loans come with higher interest rates. This is due to the fact that the lender takes a greater risk. In this regard an owner of a business must have a strong credit score in order to be eligible. It is also essential to have a plan to repay the loan on time.

Unsecured working capital loans are a great option to fill a financial gap in your business. Using a working capital loan allows you to take advantage of discounted prices on important products and upgrades to your facilities. Getting a working capital loan will enable you to continue to operate even during difficult economic times.

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An unsecure working capital loan offers another advantage: you don’t have to pledge any assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Alternative finance models for small-sized businesses
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you require for growth.

Alternative loans can be more affordable than conventional ones. Banks usually require large down-payments, and you may have to wait a few months before getting the money you require.

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. These options can help you quickly get funds.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on the money you withdraw. These types of credit are particularly beneficial for short-term expenditures.

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Working capital loans can be useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they are not best suited for large-scale business changes.

Be sure to choose a lender who has experience in alternative business loans. Also, consider your credit score. Your chances of getting a favorable finance deal are increased if you have a better credit score.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Peer-to-business lenders provide small businesses loans from multiple investors, much like crowdfunding. This option is particularly beneficial for small-sized businesses that do not have collateral.

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