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If you are a small business owner seeking a working capital loan to help your business get going there are plenty of options that you may take into consideration. These include SBA 7(a) as well as term loans and unsecured capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
SBA 7(a) or term loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and can be used for many purposes. The funds can be used to refinance debt, grow your business, or for purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders will default. The guarantee is accompanied by a fee. This is typically 3.75% of the loan’s guaranteed amount.

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

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

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To apply for an SBA 7(a) loan, you will need to fill out an application and have it approved. The lender will then look over your financial standing and analyze your business plan. Once you have been approved, you sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working capital loan can be an ideal financial decision. It can be used to pay for expansion, equipment, or to improve your building among other things. The right choice will help your business grow.

A working capital loan could be more straightforward than you think. Contrary to a line-of-credit you can apply for the loan using a single application. You can also use 3 months of bank statements from your company to finance your loan.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on more risk. To qualify, a business owner must have good credit ratings. In addition, you should have a plan to repay the loan on time.

Unsecured working capital loans are an excellent way for your business to bridge short-term financial gaps. With a working capital loan, you can take advantage of lower prices on essential products and improvements to your facilities. A working capital loan will allow you to keep your company afloat even in tough economic times.

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An unsecure working capital loan has another advantage: you don’t need to pledge any of your assets. Typically lenders will require the payment processor’s link and the deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are turning to alternative financing models for small companies as their preferred choice. They offer flexible financing options that can provide you with the funds you need to expand your business.

Alternative loans can be more affordable than conventional ones. Banks typically require substantial down payments and you could have to wait for a while before they are able to provide the cash you require.

Lines of credit, merchant cash advances invoice discounting, credit card and credit cards are all options for business loans. These options can allow you to quickly obtain funding.

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Business lines of credit work similar to credit cards, but charge interest only on the money that you take out. These are beneficial for expenses that are short-term.

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Working capital loans are useful for day-to-day costs, such as paying employees or ordering inventory. However, they’re not the appropriate for major business changes.

Choose a lender who has expertise in business loans for alternative businesses. Also, consider your credit score. The more impressive your score, higher your chances of securing an attractive financing deal.

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Other alternative financing options for small businesses include peer-to -peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from multiple investors. This option is especially beneficial for small businesses that do not have access to collateral.

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