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If you are an owner of a small-sized business seeking a working capital loan to start your business, there are many options you could consider. A few of these options are SBA 7(a) term loans as well as unsecured working capital loans. Alternative financing models could be available to finance your small 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 consider applying for SBA 7(a) term loans. These loans are flexible and can be used for numerous purposes. The funds can be used to repay loans, expand your business, or purchase assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. The guarantee comes with a fee. The fee is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website offers 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 within two days.

Like most loans, the interest rate on a 7(a) loan will be contingent on the amount and the repayment terms. 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 form and be approved. The lender will look over your financial history and review your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured capital loan is an excellent financial choice. It can be used to buy equipment to expand your business or to improve your building. The right choice will help your business flourish.

Getting a working capital loan could be more straightforward than you think. A loan can be obtained by filling out a single page unlike the line credit. You could even use 3 months of bank statements from your company to finance your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender is taking on more risk. As such, a business owner should have a high credit score in order to be eligible. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans can be an excellent way for your company to bridge short-term financial gaps. By taking a working capital loan allows you to take advantage of lower prices on essential products and improvements to your facilities. A working capital loan can allow you to keep your business running during tough economic times.

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Another great thing about an unsecure working capital loan is that you do not have to pledge any of your assets. Typically, lenders will ask for an online payment processor and a deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are turning to alternative financing models for small businesses as their preferred option. These flexible financing options can help you get the cash you need to fund expansion.

Alternative loans are also more affordable than traditional loans. Banks typically require large down payments and you might have to wait a while before you can secure the funds you require.

Lines of credit, cash advances for merchants and invoice discounting, credit card and credit cards are all options for business loans. These options all offer you the opportunity to obtain quick and easy funding.

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Business lines of credit work similarly to credit cards but charge interest only on the money that you withdraw. These are helpful for short-term expenditures.

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Working capital loans are great for everyday expenses such as purchasing inventory or paying employees. They aren’t the best option for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you select a company with prior experience. Your credit score is also important. Your chances of getting a favorable loan deal are greater if you have a better credit score.

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Peer-to peer lending is another alternative finance option for small-sized companies. Peer-to-business lenders provide small businesses with loans from multiple investors, much like crowdfunding. This option is particularly beneficial for small-sized businesses that do not have collateral.

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