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If you’re an owner of a small-sized business looking for a working capital loan to start your business there are plenty of options you could think about. One of them is SBA 7(a) term loans as well as unsecure working capital loans. You could also look into alternative financing options that can be used to help finance your small business.

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SBA 7(a), term loans
SBA 7(a) (term) loans are available to small-scale business owners who require working capital. These are extremely flexible loans that can be used for a variety reasons. The money can be used to repay debt, expand your company or purchase assets.

The SBA guarantees a portion of the loan so lenders are less likely to default. However, a fee is payable for the guarantee. The fee is usually 3.75% of the guaranteed amount of the loan.

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

Similar to most loans, interest rates for 7(a) loans will differ in accordance with the amount borrowed and the repayment conditions. It is either variable or fixed and can be pegged to the prime rate.

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To apply for an SBA 7(a) loan you must submit an application and get it approved. The lender will then look over your financial history and assess your business plan. After the approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured capital loan could be an excellent financial choice. It can be used to pay for expansion, equipment, or to upgrade your building among other things. The right one will make your business thrive.

It can be much easier than you might think to obtain a working capital loan. As opposed to a credit line you can obtain the loan using a single application. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender is taking on more risk. To qualify, a business owner must have good credit ratings. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your company. With a working capital loan you can take advantage of low prices on key products and improvements to your facilities. Getting a working capital loan can allow you to continue to operate during tough economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. The lender will usually require an online payment processor and deposit account.

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

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

Lines of credit, cash advances for merchants, invoice discounting, credit 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 function similar to credit cards but charge only interest on the amount that you take out. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans are great to cover the cost of daily expenses, such as purchasing inventory or paying employees. They aren’t the best solution for large-scale transformations of businesses.

If you are choosing a lender to get an alternative business loan, ensure you work with a company that has years of experience. Your credit score is important. Your chances of getting a favorable finance deal are higher if you have a better credit score.

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Other alternative financing options for small-sized businesses include peer-to-peer lending. Peer-tobusiness lenders offer small businesses loans from several investors, similar to crowdfunding. This option is especially beneficial for small businesses that do not have access to collateral.

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