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There are a variety of options available to small business owners looking for working capital loans to get their business off the start. These include SBA 7(a) and term loans and unsecured capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) term loans
If you are a small-scale business owner who is in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many purposes. The funds can be used to refinance the company’s debt, grow it or to purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders fail. The guarantee comes with a fee. This is typically 3.75% of the loan’s guaranteed amount.

Interested parties can get 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 matches applicants with SBA-approved lenders within two days.

Similar to most loans, interest rates on 7(a) loans will vary depending on the amount and repayment conditions. It can be variable or fixed and can be linked to the prime rate.

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You’ll have to fill out an application in order to apply for an SBA 7(a) loan. The lender will go over your financial history and assess your business plan. After approval, you 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, a non-secure working capital loan can be an investment that is financially sound. It can be used to pay for expansion, equipment, or to upgrade your building among other things. The right one will allow your business to grow.

The process of getting a working capital loan may be much easier than you think. Contrary to a line-of-credit, you can get an advance with just a single application. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. To be eligible, a company owner must have excellent credit ratings. You must also have a plan for repaying the loan on time.

Unsecured working capital loans can be a great option to fill a financial gap in your business. With a working capital loan, you can take advantage of low prices on key products and upgrades to your facilities. A working capital loan will help you to keep your business running during difficult economic times.

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An unsecure working capital loan offers another advantage: you don’t have to pledge any of your assets. Typically lenders will require the payment processor’s link and the deposit account.

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Alternative financing models for small companies
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing options that will give you the money you need to grow.

Alternative loans are also less expensive than traditional loans. Banks typically require large down payments and you may have to wait a few months before you can get the cash you require.

Lines of credit, merchant cash advances as well as invoice discounting card, and credit cards are all options for business loans. All of these options give you the possibility of obtaining funding quickly and easily.

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Business credit lines are similar to credit cards in that they charge only interest on the cash you take out. These options are especially useful for short-term expenses.

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Working capital loans are useful for day-to-day costs for things like paying employees or placing orders for inventory. However, they’re not an an ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you choose a business with experience. Your credit score is also crucial. The greater your score, the greater your chances of getting the best financing deal.

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Peer-to-peer lending is a different financing option for small businesses. Peer-tobusiness lenders offer small businesses loans through many investors, similar to crowdfunding. This option is especially useful for small-sized businesses that do not have access to collateral.

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