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There are a variety of choices available to small entrepreneurs looking for working capital loans to get their business off the starting point. These include SBA 7(a), term loans and unsecured capital loans. You may also consider looking into alternative financing models that could be used to finance your small business.

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

The SBA guarantees a part of the loan to make it less likely that lenders default. However, a fee is charged for the guarantee. This fee is usually 3.75 percent of the loan’s guarantee amount.

People interested in applying can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with most loans, the rate of interest on a 7(a) loan will depend on the amount and repayment terms. It can be variable, fixed or linked to the Prime Rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a), loan. The lender will review your financial history and assess your business plan. After the approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial decision, regardless of whether you are expanding or just starting out. It can be used to buy equipment or expand your business or to improve your building. The right choice will help your business grow.

It can be much easier than you might think to get a working capital loan. As opposed to a credit line you can apply for an advance with just a single application. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on a 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 on time.

Unsecured working capital loans can be a great option to fill a financial gap in your company. With a working capital credit allows you to take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan will help you to keep your company afloat during tough economic times.

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A working capital loan that is unsecured is another benefit because you don’t have to pledge any of your assets. Typically lenders will require a payment processor link and the deposit account.

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Smaller businesses have other financing options
Many entrepreneurs are choosing alternative finance models for small-sized companies as their preferred choice. These flexible financing options can provide you with the cash you need for expansion.

Alternative loans are also less expensive than traditional loans. Banks usually require large deposits and you might have to wait a while before getting the money you require.

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

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Business lines of credit work exactly the same way as credit cards but charge interest only for money that you take out. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans can be useful for day-to-day costs, such as paying employees or ordering inventory. However, they are not suitable for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you choose a business that has years of experience. Also, consider your credit score. The better your score, the more likely you are to receive favorable financing deals.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from a variety of investors. This is particularly useful for small businesses that don’t have access to collateral.

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