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If you are an owner of a small-sized business looking for a working capital loan in order to start your business there are plenty of options you could think about. These include SBA 7(a), term loans and unsecured work capital loans. Alternative financing models may also be available 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 need working capital. These are extremely flexible loans that can be used for a variety of uses. The money can be used to repay loans, expand your business or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. However, a fee will be due to guarantee the loan. This is typically 3.75% of the loan’s guarantee amount.

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

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

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You will need to complete an application in order to apply for an SBA 7(a) loan. The lender will then look over your financial situation and review your business plan. After the 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 decision, regardless of whether you are expanding or just starting out. It can be used to pay for expansion, equipment, or to improve your building among other things. The right type of loan will make your business flourish.

Getting a working capital loan could be much easier than you think. A loan can be obtained using just one page, unlike the line credit. You can even fund your loan with 3 months of business bank statements.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have excellent credit ratings. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way for your company to bridge short-term financial gaps. With a working capital credit, you can take advantage of low prices on key products and upgrades to your facilities. Getting a working capital loan can allow you to keep your business running even in difficult economic times.

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Another great thing about an unsecure working capital loan is the fact that you don’t have to pledge any of your assets. Lenders will typically ask for a payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can help you get the money you need to expand.

Alternative loans are also cheaper than conventional loans. Banks usually require large down payments and you could require a few days before they can provide the money you need.

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

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Business lines of credit work in the same way as credit cards, but they charge only interest on the amount that you withdraw. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans can be useful for day-to-day costs for example, paying employees or placing orders for inventory. They aren’t the best solution for large-scale transformations of businesses.

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

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Other alternative financing options for small businesses involve peer-to-peer lending. Peer-to-business lenders provide small businesses loans through many investors, similar to crowdfunding. This is especially beneficial for small businesses who do not have collateral.

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