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There are a variety of options available to small entrepreneurs looking for working capital loans to help them get their business off the ground. These include SBA 7(a) or term loans and unsecured work capital loans. Alternative financing models may also be available 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 business owners who require working capital. These are loans that are extremely flexible that can be used for a variety of reasons. The funds can be used to repay the company’s debt, grow it or purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. The guarantee comes with a cost. This is usually 3.75 percent of the guaranteed amount of the loan.

The interested parties can get more information about the SBA 7(a) loan by looking through the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

As with most loans, the interest rate for a 7(a) loan will depend on the amount and the repayment terms. It can be variable, fixed, or tied to the Prime Rate.

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

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

It is much simpler than you might consider to obtain a capital loan. A loan can be obtained by filling out a single page unlike the line credit. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on greater risk. To be considered for a loan, a business owner must have excellent credit ratings. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your business. You can find low rates on key products or upgrades to your facilities using a working capital loan. A working capital loan will allow you to keep your business running in difficult economic times.

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

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Alternative finance models for small businesses
Many entrepreneurs are choosing alternative finance models for small-sized enterprises as their top choice. They provide flexible financing solutions that can give you the funds you need to grow.

Alternative loans are also less expensive than traditional loans. Banks typically require huge down payments and you may require a few days before they will be able to give you the money you need.

Lines of credit, cash advances for merchants as well as invoice discounting card, and credit cards are all options for business loans. These options can help you to quickly get funding.

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Business lines of credit function similarly to credit cards, but they charge interest only on the money that you withdraw. These types of credit can be especially useful for spending on short-term expenses.

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Working capital loans are a great option for everyday expenses like purchasing inventory or paying employees. They’re not the ideal solution for large-scale business transformations.

Make sure to choose a lender who has experience in alternative business loans. Also, think about your credit score. The higher your score, the higher your chances of securing favorable financing deals.

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

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