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There are numerous alternatives available to small-scale entrepreneurs looking for working capital loans to help them get their business off the beginning. These include SBA 7(a) as well as term loans and unsecured work capital loans. You may also want to look into alternative financing models that can be used to 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. They are extremely flexible loans that can be used for a variety of reasons. The funds can be used to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. The guarantee is accompanied by a fee. The fee is usually 3.75% of the guaranteed amount of the loan.

The interested parties can get more information about the SBA 7(a) loan by checking out the SBA website. 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 rate for a 7(a) loan will depend on the amount and repayment terms. It can be fixed or variable and tied to the Prime rate.

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You will need to complete an application in order to apply for an SBA 7(a), loan. The lender will review your financial history and assess your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured working capital loan can be an investment that is financially sound. It can be used to pay for 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 is more straightforward than you think. The loan can be secured by filling out a single page unlike the line credit. You can also use 3 months of bank statements from your company to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender is taking on more risk. To qualify, a business owner must have good credit ratings. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be a great option to fill a financial gap in your company. You can find low rates on the most important products or upgrades to your facilities with a working capital loan. A working capital loan will allow you to keep your company afloat during tough economic times.

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

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Smaller businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that will give you the funds you need to grow.

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

Alternative business loan options include lines of credit invoice discounting, credit cards, and merchant cash advances. These options can allow you to quickly get funding.

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Business lines of credit are similar to credit cards, except they charge interest only on cash you take out. These options are particularly useful for short-term expenses.

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they’re not an an ideal solution for large-scale business transformations.

Be sure to choose a lender who has experience in business loans for alternative businesses. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are higher if you have a higher credit score.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from several investors. This option is especially beneficial for small businesses that don’t have access to collateral.

Reuters