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If you’re a small-scale business owner looking for a working capital loan in order to start your business, there are many options you could look into. These include SBA 7(a) and term loans and unsecured work 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
If you are a small business owner and you 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 purposes. The money can be used to repay the company’s debt, grow it or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee is due for the guarantee. The cost is usually 3.75% of the loan’s guarantee amount.

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

As with all loans, the rate of interest on a 7(a) loan will depend on the amount and the terms of repayment. It could be fixed, variable, or linked to the Prime Rate.

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To apply for an SBA 7(a) loan you must fill out an application and get it approved. A lender will 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
If you’re just starting out or expanding, a non-secure working capital loan can be an investment that is financially sound. It can be used to buy equipment, expand your business, or upgrade your building. The right choice will allow your business to grow.

It is much simpler than you imagine to get a capital loan. A loan can be obtained on a single form unlike a line credit. You can even use 3 months of bank statements from your company to finance your loan.

Unsecured loans come with higher rates of interest. This is because the lender takes on more risk. To qualify, a business owner must have excellent credit ratings. You must also have a plan for repaying the loan on time.

Unsecured working capital loans are a great option to bridge a financial gap in your business. With a working capital credit, you can take advantage of low rates on key products and improvements to your facilities. A working capital loan can allow you to keep your business in business during tough economic times.

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Another benefit of having an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will require the payment processor’s URL and a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are choosing alternative finance models for small-sized businesses as their preferred option. They offer flexible financing options that can help you get the funds you need to expand.

Alternative loans are also cheaper than traditional ones. Banks usually require large deposits and you may need to wait a few months before you can obtain the funds you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and cash advances from merchants. These options can allow you to quickly receive funding.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on the money you take out. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. However, they are not appropriate for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you select a company that has experience. Your credit score is also crucial. The better your score, the more likely you are to receive the best financing deal.

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Peer-to -peer lending is an alternative financing option for small businesses. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from a variety of investors. This is particularly useful for small businesses that don’t have collateral.

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