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There are many alternatives available to small-scale business owners seeking working capital loans to help them get their business off the start. These include SBA 7(a) or term loans as well as unsecured work capital loans. You might also look at alternative financing options that could be used to finance your small business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small entrepreneurs who require working capital. These are loans that are extremely flexible that can be used for a variety of purposes. The funds can be used to refinance loans, expand your business or even purchase assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. The guarantee is accompanied by a fee. This fee is usually 3.75% of the guaranteed amount of the loan.

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

As with most loans, interest rates for 7(a) loans will vary dependent on the amount and the repayment terms. It can be variable, fixed, or tied to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a) loan. The lender will then look over your financial standing and analyze your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial decision, regardless of whether you are expanding or just starting out. It can be used to purchase equipment or expand your business or upgrade your building. The right option will make your business thrive.

It’s much easier than you might imagine to get a capital loan. Contrary to a line-of-credit you can obtain an advance with just a single application. You can even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans carry higher rates of interest. This is because the lender takes on more risk. To qualify, a business owner must have excellent credit ratings. You must also have a plan to repay the loan on time.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your business. You can obtain low prices on essential products or upgrades to your facilities through working capital loans. A working capital loan will allow you to stay in business in tough economic times.

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Another great thing about an unsecured working capital loan is that you do not have to pledge any of your assets. Typically lenders will ask for the payment processor’s URL and an account for deposit.

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Alternative finance models for small companies
Many entrepreneurs are opting for alternative financing models for small-sized businesses as their preferred option. These flexible financing options can provide you with the cash you require for expansion.

Alternative loans are also more affordable than traditional ones. Banks typically require large down payments and you may have to wait a few months before you can obtain the funds you require.

Lines of credit, cash advances for merchants, invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you a way to obtain quick and easy funding.

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

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Working capital loans are a great option for everyday expenses like ordering inventory or paying employees. They aren’t the best solution for large-scale transformations of businesses.

Be sure to select a lender who has experience in alternative business loans. Your credit score is crucial. The more impressive your score, greater your chances of getting an attractive financing deal.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This is particularly useful for small businesses that do have access to collateral.

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