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If you’re a small-scale business owner seeking a working capital loan to help your business get going there are plenty of options you could look into. Some of these options include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) and term loans
If you are a small-scale 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 numerous purposes. The funds can be used to refinance debt, grow your business, or for purchasing assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee is accompanied by a fee. This fee is typically 3.75% of the guaranteed amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with approved lenders within two days.

As with most loans, rate of interest for 7(a) loans will vary depending on the amount and repayment conditions. It can 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 get it approved. The lender will review your financial history and review your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a smart financial investment regardless of whether you are expanding or just starting out. It can be used to fund expansion, equipment, or to upgrade your building among other things. The right one will help your business thrive.

A working capital loan can be much simpler than you think. Contrary to a line-of-credit you can apply for a loan by filling out a simple application. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on more risk. Therefore, a business owner must have a strong credit rating to qualify. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option to bridge a financial gap in your business. With a working capital loan, you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan will help you to keep your business afloat even in tough economic times.

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A working capital loan that is unsecured is another benefit because you don’t have to pledge any of your assets. Typically lenders will request the payment processor’s link and an account for deposits.

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Smaller businesses have other financing options
Many entrepreneurs are opting for alternative finance models for small-sized businesses as their preferred option. They offer flexible financing options that can give you the money you require to grow.

Alternative loans are also less expensive than traditional ones. Banks usually require large down payments, and you may require a few days before they will be able to give you the cash you require.

Some alternative business loan options include lines of credit invoice discounting, credit card, and merchant cash advances. These options can help you to quickly obtain funding.

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

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Working capital loans are useful to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not the an ideal solution for major business transformations.

Be sure to select a lender who has expertise in business loans for alternative businesses. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Other alternative finance models for small businesses include peer-to -peer lending. Peer-to business lenders provide small businesses loans through multiple investors, much like crowdfunding. This option is especially beneficial for small businesses that do not have access to collateral.

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