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There are numerous options for small-scale business owners seeking working capital loans to help them get their business off the start. Some of these options include SBA 7(a) term loans as well as working capital loans that are not secured. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a) or term loans are available to small-scale business owners who need working capital. These are extremely flexible loans that can be used for a variety of reasons. The money can be used to repay the company’s debt, grow it or to purchase assets.

The SBA guarantees some of the loan to ensure that lenders are less likely to default. However, a fee is charged for the guarantee. This fee is usually 3.75% of the guaranteed amount of the loan.

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

Like most loans, the interest rate on a 7(a) loan will depend on the amount and the repayment terms. It can be variable or fixed or linked to the prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. A lender will then assess your financial history and evaluate your business plan. After the approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, a non-secure working capital loan can be an ideal financial decision. It can be used to buy equipment or expand your business or even to upgrade your facility. The right one can help your business grow.

The process of getting a working capital loan could be much easier than you think. In contrast to a line of credit you can apply for a loan with a one-page application. You can even pay for your loan with 3 months of bank statements for business.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes a greater risk. To be eligible, a company owner must have good credit ratings. In addition, you should have a plan in place to repay the loan on time.

Unsecured working capital loans can be a great option to fill a financial gap in your company. You can obtain low prices for key products or improvements to your facilities with a working capital loan. A working capital loan will enable you to stay in business in tough economic times.

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Another great thing about an unsecure working capital loan is that you do not need to pledge any of your assets. Most lenders will require the services of a payment processor and a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are opting for alternative financing models for small businesses as their preferred option. They offer flexible financing solutions that can provide you with the money you need to grow.

Alternative loans are also more affordable than traditional loans. Banks typically require large down payments, and you may have to wait a few months before you can secure the funds you require.

Lines of credit, merchant cash advances as well as invoice discounting card, and credit cards are all options for business loans. All of these options give you the opportunity to obtain quick and easy funding.

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Business lines of credit work similar to credit cards, but charge only interest on the amount that you withdraw. These types of credit can be especially beneficial for expenses that are short-term.

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. However, they are not best suited for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a business with expertise. Also, consider your credit score. The greater your score, the better your chances of receiving an attractive financing deal.

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Peer-to peer lending is another alternative financing option for small companies. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from several investors. This option is especially useful for small businesses that don’t have collateral.

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