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There are numerous options for small-scale entrepreneurs looking for working capital loans to help them get their business off the beginning. Some of these options include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
If you are a small business owner who is in need of working capital, you should consider applying for SBA 7(a) term loans. These are loans that are extremely flexible that can be utilized for a variety of reasons. The funds can be used to refinance debt, expand your business, or purchase assets.

The SBA guarantees a portion of the loan so lenders are less likely to default. However, a fee will be charged for the guarantee. The cost is usually 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 to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

Similar to most loans, interest rates for 7(a) loans can vary depending on the amount and the repayment conditions. It could be variable, fixed, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan, you will need to submit an application and have it approved. The lender will look over your financial records and evaluate your business plan. After approval, you will sign a loan agreement 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 or not you are expanding or starting out. It can be used to finance equipment, expansion or to improve your building among other things. The right type of loan will help your business grow.

Getting a working capital loan may be a lot easier than you think. Contrary to a line-of-credit you can apply for the loan using a single application. You can also use 3 months of bank statements from your company to pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender takes a greater risk. To qualify, a business owner must have good credit ratings. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be a great option to bridge a financial gap in your business. By taking a working capital loan allows you to take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan will help you to keep your business running in difficult economic times.

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Another advantage of an unsecure working capital loan is the fact that you do not need to pledge any of your assets. Typically, lenders will ask for the payment processor’s link and the deposit account.

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Alternative finance models for small businesses
Many entrepreneurs are choosing alternative financing models for small businesses as their preferred option. They provide flexible financing solutions that can help you get the money you need to expand.

Alternative loans are also more affordable than traditional loans. Banks typically require substantial down payments and you may have to wait for a while before they will be able to give you the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options can help you to quickly get funding.

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Business lines of credit are similar to credit cards, except they charge interest only on money you take out. These are beneficial for expenses that are short-term.

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Working capital loans can be useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they aren’t the appropriate for large-scale business changes.

Be sure to choose a lender with experience in business loans for alternative businesses. Your credit score is important. The higher your score, the better your chances of receiving a favorable financing deal.

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Other alternative financing options for small businesses involve peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from several investors. This is especially beneficial for small companies that do not have collateral.

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