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There are a myriad of choices available to small business owners seeking working capital loans to help them get their business off the start. A few of these options are SBA 7(a) term loans and working capital loans that are not secured. You might also look at alternative financing options that can be used to 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 need working capital. These loans are flexible and can be used for a variety of reasons. You can use the funds for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. However, a fee is due for the guarantee. This is typically 3.75% of the loan’s guarantee amount.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

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

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will then look over your financial situation and review your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecure working capital loan can be an excellent financial choice. It can be used to purchase equipment to expand your business or to improve your building. The right option will make your business thrive.

The process of getting a working capital loan is much easier than you think. The loan can be secured by filling out a single page, unlike the line credit. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on more risk. As such, a business owner must have a good credit score in order to be eligible. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your business. You can obtain low prices on the most important products or upgrades to your facilities through a working capital loan. A working capital loan will help you to keep your business running during tough economic times.

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Another benefit of having an unsecured working capital loan is the fact that 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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Small-scale businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small enterprises as their top choice. They offer flexible financing solutions that can help you get the cash you need to expand your business.

Alternative loans are also less expensive than traditional ones. Banks typically require substantial down payments and you could require a few days before they are able provide the funds you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards 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 in that they charge only interest on the money you withdraw. These options are especially beneficial to cover short-term expenses.

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Working capital loans can be useful for day-to-day costs, such as paying employees or placing orders for inventory. They aren’t the best solution for large-scale transformations of businesses.

Be sure to select an institution with experience in alternative business loans. Your credit score is also crucial. Your chances of getting a favorable finance deal are better if have a better credit score.

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Other alternative financing models for small businesses involve peer-to-peer lending. Peer-tobusiness lenders offer small businesses with loans from several investors, similar to crowdfunding. This is especially beneficial for small companies that don’t have collateral.

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