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There are a variety of choices available to small business owners looking for working capital loans to get their business off the starting point. These include SBA 7(a), term loans as well as unsecured work 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 reasons. The funds can be used to repay debt, expand your company, or purchase assets.

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

The interested parties can get an understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

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

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You’ll need to fill out an application to apply for an SBA 7(a), loan. The lender will review your financial information and analyze your business plan. After approval, you’ll sign a loan agreement to 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 starting out. It can be used to purchase equipment or expand your business or even to upgrade your facility. The right type of loan can help your business grow.

It’s a lot easier than you imagine to get a capital loan. The loan can be secured on a single form, unlike a line credit. You can even use 3 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. As such the business owner must have a good credit rating to qualify. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option for your company to bridge short-term financial gaps. With a working capital credit 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 in difficult economic times.

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A working capital loan that is unsecured offers another advantage: you don’t need to pledge any of your assets. Most lenders will require a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Alternative financing models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can provide you with the money you require to grow.

Alternative loans are also more affordable than traditional loans. Banks typically require huge down payments, and you might need to wait a while before they are able to provide the money you need.

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. Each of these options gives you the chance to get quick and easy funding.

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Business credit lines are similar to credit cards, but they charge interest only on the money you take out. These options are especially beneficial for short-term expenses.

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Working capital loans are a great option for everyday expenses such as purchasing inventory or paying employees. They are not the best solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you choose a firm with experience. Your credit score is crucial. The more impressive your score, higher your chances of securing an attractive financing deal.

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Other alternative financing options for small businesses include peer-to -peer lending. Similar to crowdfunding, peer-to business lenders offer small businesses loans from several investors. This is especially beneficial for small-sized businesses that do not have collateral.

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