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If you’re a small-scale business owner looking for a working capital loan in order to start your business there are many options that you may look into. These include SBA 7(a) or term loans, and unsecured work capital loans. You may also want to look into alternative financing options that can be used to finance your small business.

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SBA 7(a) term loans
If you are a small company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many reasons. You can use the money to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees the loan in part which means lenders are less likely to default. However, a fee is paid for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

The interested parties can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

As with all loans the rate of interest on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be variable, fixed, or 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 information and analyze your business plan. After the approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial decision regardless of whether or not 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 type of loan will make your business grow.

Getting a working capital loan can be a lot easier than you think. A loan can be obtained with just one page, unlike a line credit. You can even fund your loan using three months of business bank statements.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on more risk. To be eligible, a company owner must have excellent credit ratings. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans can be an excellent method for your business to bridge short-term financial gaps. You can find low rates on key products or upgrades to your facilities with a working capital loan. A working capital loan will allow you to stay in business even in difficult economic times.

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A working capital loan that is unsecured has another advantage: you don’t have to pledge any of your assets. Lenders will typically ask for an online payment processor and deposit account.

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Alternative financing models for small businesses
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the cash you need for expansion.

Alternative loans are also cheaper than conventional loans. Banks typically require huge down payments, and you might need to wait a while before they can provide the money you need.

Other alternatives to business loans include lines of credit invoice discounting, credit card, and cash advances from merchants. These options can allow you to quickly get funds.

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

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. They aren’t the best solution for large-scale business transformations.

Be sure to choose an institution with experience in alternative business loans. Your credit score is important. The higher your score, the more likely you are to receive favorable financing deals.

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

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