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There are a variety of options for small-scale business owners who are looking for working capital loans to help them get their business off the beginning. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. You might also look into alternative financing models that could be used to finance your small-scale business.

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SBA 7(a) and term loans
If you are a small-scale business owner and you 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 a variety of reasons. The funds can be used to refinance loans, expand your business, or purchase assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. However, a fee will be paid for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

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

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To apply for an SBA 7(a) loan, you will need to fill out an application and get it approved. The lender will review your financial history and review your business plan. After the approval, you will sign a loan contract and receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working capital loan can be an excellent financial choice. It can be used to finance equipment, expansion or to improve your building among other things. The right one will help your business thrive.

It is much simpler than you think to get a working capital loan. Contrary to a line-of-credit you can apply for an advance with just a single application. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans come with higher interest rates. This is because the lender is taking on more risk. To be eligible, a business owner must have excellent credit ratings. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option to bridge a financial gap in your business. You can obtain low prices on key products or upgrades to your facilities using working capital loans. A working capital loan will allow you to keep your business in business even in tough economic times.

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A working capital loan that is unsecured has another advantage: it doesn’t require the pledge of any assets. Typically lenders will request an online payment processor and an account for deposits.

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Smaller businesses have other financing options
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the cash you need for growth.

Alternative loans are also less expensive than traditional loans. Banks typically require large down payments, and you may have to wait a few months before getting the money you require.

Lines of credit, cash advances for merchants invoice discounting, credit card and credit cards are all options for business loans. All of these options give you the chance to get quick and easy funding.

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Business lines of credit function similarly to credit cards, but they charge interest only on money that you withdraw. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans are helpful for day-to-day expenses for example, paying employees or ordering inventory. However, they are not best suited for major business transformations.

Make sure to choose a lender who has expertise in business loans for alternative businesses. Your credit score is crucial. The more impressive your score, better your chances of receiving favorable financing deals.

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Other alternative finance models for small businesses are peer-to peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from multiple investors. This option is particularly beneficial for small companies that do not have collateral.

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