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If you are a small business owner seeking a working capital loan in order to get your business going, there are many options to take into consideration. A few of these options are SBA 7(a) term loans and unsecure working capital loans. You may also consider looking into alternative financing options that could be used to finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small business owners who need working capital. These are extremely flexible loans that can be used for a variety uses. The funds can be used for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees some of the loan so lenders are less likely to default. The guarantee comes with a cost. This is usually 3.75% of the guaranteed amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by checking out the SBA website. They will also be able access the SBA Lender Match Tool, which connects applicants to lenders with approval within two days.

As with all loans the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It can be variable, fixed, or linked 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 get it approved. A lender will review 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
Whether you are starting out or expanding, an unsecure working capital loan could be a wise financial decision. It can be used to buy equipment, expand your business, or upgrade your building. The right option will make your business thrive.

The process of getting a working capital loan can be a lot easier than you think. It is possible to get a loan on a single form, unlike the line credit. You can even fund your loan using 3 months of bank statements for business.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. So, a business owner must have a great credit rating to qualify. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans can be an excellent option for your company to bridge short-term financial gaps. By taking a working capital loan, you can take advantage of low rates on key products and improvements to your facilities. A working capital loan will help 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 assets. Typically lenders will request the payment processor’s URL and a deposit account.

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Small businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small companies as their preferred choice. They provide flexible financing solutions that can provide you with the cash you need to expand your business.

Alternative loans are cheaper than traditional ones. Banks typically require large down-payments and you may have wait for a while before you can get the funds you require.

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

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Business lines of credit are similar to credit cards, except they charge interest only on cash you withdraw. These are particularly useful to cover short-term expenses.

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Working capital loans are useful for daily expenses for example, paying employees or purchasing inventory. However, they are not an ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you choose a business that has experience. Your credit score is also important. The higher your score, the higher your chances of securing an attractive financing deal.

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Peer-to peer lending is another alternative financing model for small companies. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from several investors. This is particularly beneficial for small businesses that do have access to collateral.

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