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There are a myriad of options available to small entrepreneurs looking for working capital loans to get their business off the starting point. Some of these include SBA 7(a) term loans and unsecure working capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
If you are a small-scale company owner in need of working capital, you should think about applying for SBA 7(a) term loans. These are extremely flexible loans that can be used for a variety of purposes. You can use the money to refinance debt, expand your business, or for purchasing assets.

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

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

Similar to most loans, interest rates on 7(a) loans will vary according to the amount and repayment conditions. It is either variable or fixed and tied to the Prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a) loan. The lender will review your financial information and analyze your business plan. Once you have been approved, you sign a loan contract to 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 pay for equipment, expansion, or to improve your building among other things. The right type of loan will help your business thrive.

It’s much easier than you imagine to get a capital loan. The loan can be secured on a single form, unlike the line credit. You can also use 3 months of bank statements from your company to finance your loan.

Unsecured loans carry higher interest rates. This is because the lender assumes greater risk. To be considered for a loan, a business owner must have excellent credit ratings. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent solution to bridge a financial gap in your business. By taking a working capital loan you can avail of low prices on key products and upgrades to your facilities. A working capital loan can help you to keep your business afloat during difficult economic times.

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Another benefit of having an unsecured working capital loan is that you do not need to pledge any of your assets. Typically, lenders will ask for an online payment processor and the deposit account.

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Alternative finance models for small-sized businesses
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that can provide you with the funds you need to expand your business.

Alternative loans can also be more affordable than conventional ones. Banks usually require large down payments, and you might be waiting a long time before they will be able to give you the funds you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards, and cash advances for merchants. These options can help you quickly obtain funding.

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Business lines of credit function in the same way as credit cards, but charge interest only for money that you withdraw. These options are particularly useful for spending on short-term expenses.

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Working capital loans can be useful for daily costs such as purchasing inventory or paying employees. However, they aren’t the suitable for major business transformations.

When choosing a lender for an alternative business loan, make sure you select a company that has experience. Also, consider your credit score. The higher your score, the greater your chances of getting favorable financing deals.

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Peer-to-peer lending is a different financing option for small businesses. Similar to crowdfunding, peer-to business lenders offer small businesses loans from a variety of investors. This option is especially beneficial for small businesses that do not have collateral.

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