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There are a myriad of options for small-scale business owners who are looking for working capital loans to get their business off the starting point. Some of these include SBA 7(a) term loans as well as unsecured working capital loans. Alternative financing models could be available to help finance your small business.

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SBA 7(a), term loans
SBA 7(a) or term loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and can be used for a variety of reasons. The funds can be used to repay loans, expand your business, or purchase assets.

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

Anyone interested can gain more information about the SBA 7(a) loan by checking out the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Like most loans, the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It is either fixed or variable and tied to the Prime rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and have it approved. A lender will then assess your financial situation and review your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial choice regardless of whether you are expanding or starting out. It can be used to buy equipment to expand your business or to improve your building. The right option will make your business flourish.

Getting a working capital loan could be much simpler than you think. Contrary to 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 company to fund your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender is taking on more risk. To be eligible, a company owner must have excellent credit ratings. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to cover short-term financial gaps. You can obtain low prices on essential products or upgrades to your facilities with a working capital loan. A working capital loan can help you to keep your business in business even in tough economic times.

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Another great thing about an unsecured working capital loan is the fact that you don’t have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

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

Alternative loans are less expensive than conventional ones. Banks typically require substantial down payments and you could need to wait a while before they can provide the funds you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit card, and cash advances from merchants. All of these options give you a way to obtain funding quickly and easily.

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

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Working capital loans are useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. 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 firm that has prior experience. Also, consider your credit score. The more impressive your score, more likely you are to receive an attractive financing deal.

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Other alternative models for financing small businesses include peer-to -peer lending. Peer-to-business lenders offer loans to small businesses from multiple investors, much like crowdfunding. This option is especially beneficial for small businesses that do have access to collateral.

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