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There are many alternatives available to small-scale business owners looking for working capital loans to get their business off the ground. 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
SBA 7(a) and 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 of reasons. The funds can be used to refinance debt, grow your business, or even purchasing assets.

The SBA guarantees some of the loan so lenders are less likely to default. However, a fee will be payable to guarantee the loan. The fee is typically 3.75 percent of the loan’s guarantee amount.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with all loans, the rate of interest on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be variable or fixed or pegged to the prime rate.

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You’ll need to fill out an application to apply for an SBA 7(a), loan. A lender will then review your financial history and assess your business plan. After approval, you’ll 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 unsecure working capital loan is an ideal financial decision. It can be used to purchase equipment to expand your business or to improve your building. The right choice can help your business grow.

Getting a working capital loan may be much simpler than you think. A loan can be obtained by filling out a single page unlike the line credit. You can even pay for your loan using three months of bank statements for business.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on more risk. To qualify, a business owner must have good credit ratings. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your company. You can get low prices on essential products or upgrades to your facilities with a working capital loan. A working capital loan can allow you to keep your business running during tough economic times.

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An unsecured working capital loan has another advantage: it doesn’t require the pledge of any of your assets. Typically lenders will require the payment processor’s link and the deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are turning to alternative finance models for small businesses as their preferred option. They offer flexible financing options that can provide you with the money you require to expand your business.

Alternative loans can be less expensive than conventional ones. Banks usually require large down payments and you may require a few days before they are able provide the money you require.

Lines of credit, merchant cash advances, invoice discounting, credit card and credit cards are all options for business loans. These options can allow you to quickly get funds.

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Business credit lines are similar to credit cards, except they charge interest only on the cash you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans are great to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they are not appropriate for large-scale business changes.

If you are choosing a lender to get an alternative business loan, make sure you choose a firm with expertise. Also, consider your credit score. The greater your score, the greater your chances of getting a favorable financing deal.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from multiple investors. This option is especially beneficial for small businesses that do not have access to collateral.

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