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If you are an owner of a small business seeking a working capital loan to help your business get going there are plenty of alternatives you can consider. Some of these include SBA 7(a) term loans as well as unsecure working capital loans. Alternative financing models may also be available to 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 loans are flexible and can be used for numerous purposes. The funds can be used to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees some of the loan so that lenders are less likely to default. The guarantee comes with a cost. This fee is typically 3.75 percent of the guarantee amount of the loan.

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

As with most loans, rates of interest on 7(a) loans will vary in accordance with the amount borrowed and the repayment terms. It can be variable or fixed and can be tied 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. A lender will then review your financial standing and analyze your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial decision, regardless of whether you are expanding or just starting out. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right type of loan will make your business grow.

A working capital loan may be more straightforward than you think. Unlike a line of credit it is possible to get the loan using a single application. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender is taking on more risk. Therefore the business owner should have a high credit score in order to be eligible. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans can be an excellent way for your business to bridge short-term financial gaps. With a working capital credit you can take advantage of lower prices on essential products and upgrades to your facilities. Getting a working capital loan will enable you to continue to operate during tough economic times.

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Another great thing about an unsecured working capital loan is the fact that you do not need to pledge any of your assets. Typically lenders will require an online payment processor and the deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can help you get the cash you need to expand.

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

Lines of credit, merchant cash advances and invoice discounting, credit card, and credit cards are all options for business loans. These options can allow you to quickly get funding.

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Business lines of credit function exactly the same way as credit cards but charge interest only on money that you withdraw. These are particularly useful to cover short-term expenses.

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Working capital loans can be useful for day-to-day costs for things like paying employees or placing orders for inventory. They are not the ideal solution for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, ensure you choose a firm with experience. Also, consider your credit score. The greater your score, the higher your chances of securing favorable financing deals.

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Peer-to-peer lending is a different financing option for small companies. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This option is particularly useful for small companies that don’t have collateral.

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