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If you are a small-scale business owner seeking a working capital loan to get your business off the ground there are plenty of options to take into consideration. A few of these options are SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) and 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 are loans that are extremely flexible that can be utilized for a variety of reasons. You can use the funds to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders default. However, a fee is payable for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

Anyone interested can gain an understanding of the SBA 7(a) loan by visiting the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders within two days.

Similar to most loans, rate of interest for 7(a) loans will vary dependent on the amount and the repayment conditions. It can be 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 fill out an application and get it approved. The lender will then look over your financial situation and review your business plan. After the approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, a non-secure working capital loan could be an excellent financial choice. It can be used to pay for equipment, expansion or to upgrade your building among other things. The right choice will allow your business to grow.

Getting a working capital loan may be more straightforward than you think. Contrary to a line-of-credit, you can get the loan using a single application. You can even fund your loan with 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. It is also essential to have a plan to repay the loan on time.

Unsecured working capital loans can be a great option to bridge a financial gap in your business. With a working capital credit allows you to take advantage of low prices on key products and upgrades to your facilities. A working capital loan can allow you to keep your company afloat even in tough economic times.

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An unsecured working capital loan offers another advantage: it doesn’t require the pledge of any assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small businesses have other financing options
Alternative financing models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you need to fund expansion.

Alternative loans are also less expensive than traditional loans. Banks usually require large down payments and you could be waiting a long time before they are able to provide the funds you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit card, and cash advances from merchants. These options all offer you the opportunity to obtain funds quickly and easily.

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Business lines of credit work similarly to credit cards but charge interest only for money that you withdraw. These options are especially beneficial for expenses that are short-term.

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Working capital loans are a great option to cover the cost of daily expenses, such as ordering inventory or paying employees. They are not the best solution for large-scale business transformations.

Choose a lender with experience in business loans for alternative businesses. Your credit score is important. Your chances of getting a favorable financing deal are better if have a better credit score.

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Other alternative financing options for small businesses include peer-to -peer lending. Peer-tobusiness lenders offer small businesses loans through many investors, similar to crowdfunding. This is especially beneficial for small-sized businesses that do not have collateral.

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