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If you are an owner of a small-sized business looking for a working capital loan to help your business get going there are plenty of alternatives you can take into consideration. Some of these include SBA 7(a) term loans as well as working capital loans that are not secured. You may also want to look into alternative financing options that could be used to help finance your small business.

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SBA 7(a), term loans
If you are a small-scale 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 money can be used to refinance the company’s debt, grow it or even purchase assets.

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

People interested in applying can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also be able to access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

Like most loans, the rate of interest for 7(a) loans will vary according to the amount and the repayment conditions. It could be variable, fixed or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to complete an application and get it approved. The lender will go over your financial records and evaluate your business plan. After the approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial choice regardless of whether or not you are expanding or just starting out. It can be used to buy equipment to expand your business or to upgrade your building. The right one will make your business grow.

The process of getting a working capital loan may be much easier than you think. The loan can be secured on a single form, unlike the line credit. You can even pay for your loan with 3 months of business bank statements.

Unsecured loans have higher interest rates. This is because the lender is taking on more risk. To be eligible, a business owner must have excellent 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 for your company to bridge short-term financial gaps. You can find low rates for key products or improvements to your facilities by using working capital loans. A working capital loan will allow you to keep your business running even in tough economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not need to pledge any of your assets. Typically lenders will require the payment processor’s URL and an account for deposits.

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Alternative finance models for small-sized companies
Alternative financing models for small businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing options that will give you the cash you need to expand your business.

Alternative loans are more affordable than conventional ones. Banks typically require substantial down payments, and you might be waiting a long time before they will be able to give you the money you need.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. Each of these options gives you the chance to get funds quickly and easily.

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Business credit lines are similar to credit cards, with the exception that they charge only interest on the cash you take out. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans are helpful for day-to-day expenses for things like paying employees or purchasing inventory. However, they’re not the an ideal solution for major business changes.

When selecting a lender for an alternative business loan, make sure you choose a business with prior experience. Also, take into consideration your credit score. The higher your score, the higher your chances of securing the best financing deal.

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Peer-to-peer lending is another alternative financing option for small businesses. Peer-tobusiness lenders offer small businesses with loans from multiple investors, similar to crowdfunding. This option is especially useful for small businesses that do not have collateral.

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