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There are a myriad of options available to small business owners seeking working capital loans to help them get their business off the starting point. Some of these options include SBA 7(a) term loans and unsecure working 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
If you are a small business owner and are in need of working capital, you should think about applying for SBA 7(a) term loans. These loans are flexible and can be used for many reasons. You can use the money to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders fail. However, a fee is payable for the guarantee. This is typically 3.75% of the loan’s guarantee amount.

Anyone interested can gain a better understanding of the SBA 7(a) loan by visiting the SBA website. They’ll also be able to access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

As with most loans, rate of interest for 7(a) loans will differ depending on the amount and repayment conditions. It is either fixed or variable and tied to the Prime rate.

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To apply for an SBA 7(a) loan, you will need to submit an application and get it approved. The lender will then look over your financial history and assess your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecure working capital loan is an ideal financial decision. It can be used to buy equipment to expand your business or to improve your building. The right choice will help your business thrive.

It’s much easier than you imagine to get a capital loan. The loan can be secured with just one page, unlike the line credit. You can even fund your loan using three months of bank statements for business.

Unsecured loans are more expensive in terms of interest rates. This is because the lender is taking on more risk. In this regard, a business owner must have a great credit rating to qualify. Additionally, you must have a plan in place to repay the loan on time.

Unsecured working capital loans are an excellent method 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 improvements to your facilities. A working capital loan will allow you to keep your business in business during tough economic times.

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A working capital loan that is unsecured offers another advantage: it doesn’t require the pledge of any of your assets. The lender will usually require the services of a payment processor and a deposit account.

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Smaller businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small-sized enterprises as their top choice. They offer flexible financing solutions that will give you the funds you need to grow.

Alternative loans are more affordable than conventional ones. Banks usually require large down-payments and you might have wait for a while before getting the cash you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards, and merchant cash advances. Each of these options gives you a way to obtain funding quickly and easily.

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Business lines of credit work similarly to credit cards but charge interest only on the money that you withdraw. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans can be useful for day-to-day costs for things like paying employees or purchasing inventory. They aren’t the best option for large-scale business changes.

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, more likely you are to receive the best financing deal.

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Other alternative models for financing small businesses include peer-to -peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from multiple investors. This is especially beneficial for small businesses who don’t have collateral.

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