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

The SBA guarantees the loan in part so lenders are less likely to default. However, a fee will be paid for the guarantee. This fee is usually 3.75% of the guaranteed amount of the loan.

The interested parties can get an understanding of the SBA 7(a) loan by checking out the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

Like most loans, the interest rates on 7(a) loans will vary dependent on the amount and the repayment terms. It is either variable or fixed or pegged to the prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a) loan. A lender will then assess your financial history and assess your business plan. Once you have been approved, you 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 decision regardless of whether you are expanding or starting out. It can be used to purchase equipment, expand your business, or upgrade your building. The right option will help your business grow.

The process of getting a working capital loan could be more straightforward than you think. A loan can be obtained on a single form unlike a line credit. You can even fund your loan using 3 months of business bank statements.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender is taking on more risk. So, a business owner must have a good credit score to be able to qualify. You must also have a plan to repay the loan on time.

Unsecured working capital loans are an excellent solution to bridge a financial gap in your business. You can obtain low prices on key products or upgrades to your facilities by using a working capital loan. A working capital loan can allow you to keep your business running in difficult economic times.

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Another advantage of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Most lenders will require an electronic payment processor as well as a deposit account.

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Alternative financing models for small companies
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need to fund expansion.

Alternative loans are also less expensive than traditional ones. Banks typically require large down-payments and you may need wait for a while before you can get the money you need.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and merchant cash advances. Each of these options gives you the chance to get funds quickly and easily.

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Business credit lines are similar to credit cards, except they charge interest only on cash you take out. These options are especially beneficial for short-term expenses.

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Working capital loans can be helpful for day-to-day expenses for example, paying employees or ordering inventory. They aren’t the best option for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you choose a business with prior experience. Also, think about your credit score. Your chances of getting a favorable financing deal are better if have a higher credit score.

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Peer-to-peer lending is a different finance option for small-sized companies. Peer-to-business lenders offer small businesses loans through several investors, similar to crowdfunding. This option is especially beneficial for small businesses that do not have collateral.

Reuters