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There are a myriad of choices available to small business owners who are looking for working capital loans to help them get their business off the ground. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. You may also consider looking at alternative financing options that can be used to help finance your small-scale 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 are highly flexible loans that can be utilized for a variety of uses. The money can be used to refinance debt, expand your business or purchase assets.

The SBA guarantees a portion of the loan which means lenders are less likely to default. The guarantee is accompanied by a fee. This is usually 3.75 percent of the guaranteed amount of the loan.

Anyone interested can gain an understanding of the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

Similar to most loans, rates of interest on 7(a) loans will vary according to the amount and repayment conditions. It could be fixed, variable, or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan you must fill out an application form and get it approved. A lender will then review your financial standing and analyze your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial decision regardless of whether or not you are expanding or starting out. It can be used to buy equipment to expand your business or to upgrade your building. The right choice will help your business thrive.

It’s much easier than you think to get a working capital loan. The loan can be secured on a single form, unlike the line credit. You can even fund your loan with 3 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. To qualify, a business owner must have good credit ratings. Additionally, you must have a plan in place to repay the loan on time.

Unsecured working capital loans are a fantastic solution to bridge a financial gap in your business. Using a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan will allow you to remain in business in tough economic times.

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Another advantage of an unsecure working capital loan is that you do not need to pledge any of your assets. The lender will usually require the services of a payment processor and a deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can give you the funds you require for growth.

Alternative loans are also cheaper than conventional loans. Banks typically require substantial down payments, and you may have to wait for a while before they will be able to give you the funds you require.

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

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Business lines of credit function similarly to credit cards but charge interest only on money that you take out. These options are especially beneficial for short-term expenses.

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

When choosing a lender for an alternative business loan, make sure you work with a company with experience. Your credit score is crucial. Your chances of getting a favorable loan deal are greater if you have a higher credit score.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from several investors. This option is particularly beneficial for small businesses that don’t have collateral.

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