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There are many alternatives available to small-scale entrepreneurs looking for working capital loans to help them get their business off the ground. These include SBA 7(a) as well as term loans as well as unsecured work capital loans. You could also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a), term loans
SBA 7(a) or term loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for numerous reasons. The money can be used to repay debt, expand your company or even purchase assets.

The SBA guarantees a part of the loan to make it less 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 a better understanding of 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 approved lenders within two days.

As with all loans the interest rate on a 7(a) loan will depend on the amount and the terms of repayment. It can be variable or fixed, and it can be pegged to the prime rate.

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You will need to complete an application form to be eligible for an SBA 7(a) loan. A lender will then assess your financial history and assess your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured working capital loan could be an ideal financial decision. It can be used to purchase equipment, expand your business, or to improve your building. The right choice will allow your business to grow.

The process of getting a working capital loan could be more straightforward than you think. It is possible to get a loan with just one page unlike the line credit. You can even pay for your loan using 3 months of bank statements from your business.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender takes on more risk. Therefore the business owner must have a good credit score in order to be eligible. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent solution to bridge a financial gap in your business. Using a working capital loan you can avail of discounted prices on important products and improvements to your facilities. A working capital loan can help you to keep your business in business in difficult economic times.

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An unsecured working capital loan is another benefit because you don’t need to pledge any assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred choice for many entrepreneurs. They offer flexible financing options that can give you the money you need to expand your business.

Alternative loans are cheaper than conventional loans. Banks usually require large down-payments and you may need wait for a while before you can secure the cash you require.

Lines of credit, merchant cash advances invoice discounting, credit card, and credit cards are all options for business loans. These options all offer you a way to obtain funding quickly and easily.

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Business credit lines are similar to credit cards in that they charge interest only on cash you withdraw. These types of credit are particularly beneficial for expenses that are short-term.

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Working capital loans are beneficial for everyday expenses, such as paying employees or ordering inventory. However, they are not an ideal solution for major business changes.

When selecting a lender for an alternative business loan, make sure you choose a business that has prior experience. Your credit score is also important. Your chances of getting a favorable finance deal are better if have a better credit score.

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Peer-to-peer lending is a different financing option for small businesses. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from several investors. This option is particularly beneficial for small companies that don’t have collateral.

Reuters