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There are many options available to small business owners seeking working capital loans to help them get their business off the ground. These include SBA 7(a), term loans as well as unsecured work capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a) term loans
If you are a small business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. They are extremely flexible loans that can be utilized for a variety of purposes. The funds can be used to refinance debt, expand your business, or buying assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. The guarantee comes with a fee. This fee is typically 3.75% of the guaranteed amount of the loan.

Interested parties can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which connects applicants with approved lenders within two days.

Like most loans, the interest rates for 7(a) loans will vary depending on the amount and repayment conditions. It is either variable or fixed, and it can be pegged to the prime rate.

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To apply for an SBA 7(a) loan, you will need to complete an application and have it approved. The lender will examine your financial information and analyze 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
No matter if you’re just beginning or expanding, an unsecured working capital loan is an investment that is financially sound. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right choice will allow your business to grow.

Getting a working capital loan is more straightforward than you think. Unlike a line of credit you can apply for a loan by filling out a simple application. You can even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on greater risk. To be considered for a loan, a business owner must have good credit ratings. Additionally, you must have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be a great option to bridge a financial gap in your company. By taking a working capital loan you can avail of discounted prices on important products and upgrades to your facilities. A working capital loan can help you to keep your business in business during 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 of your assets. Most lenders will require the services of a payment processor and a deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can help you get the cash you need for expansion.

Alternative loans are also more affordable than traditional ones. Banks typically require huge down payments, and you might need to wait a while before they can provide the money you need.

Lines of credit, cash advances for merchants as well as invoice discounting card and credit cards are all options for business loans. These options can help you quickly receive funding.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on cash you withdraw. These options are especially useful to cover short-term expenses.

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Working capital loans are a great option for everyday expenses such as ordering inventory or paying employees. They are not the ideal solution for large-scale business transformations.

Be sure to choose a lender with experience in alternative business loans. Also, take into consideration your credit score. The greater your score, the more likely you are to receive the best financing deal.

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Other alternative financing models for small businesses are peer-to peer lending. Similar to crowdfunding, peer-to business lenders offer small businesses loans from multiple investors. This option is particularly beneficial for small businesses that don’t have collateral.

Reuters