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If you’re a small business owner seeking a working capital loan in order to get your business going there are plenty of options that you may take into consideration. These include SBA 7(a) and term loans and unsecured work capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a), term loans
SBA 7(a) and term loans are available to small-scale business owners who require working capital. These are highly flexible loans that can be used for a variety purposes. You can use the money to refinance debt, grow your business, or buying assets.

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

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

Like all loans, the interest rates on 7(a) loans will differ according to the amount and repayment conditions. It can be fixed, variable or linked to the Prime Rate.

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You’ll need 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. After the approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured working capital loan can be an investment that is financially sound. It can be used to purchase equipment or expand your business or to improve your building. The right one will make your business grow.

A working capital loan could be more straightforward than you think. Unlike a line of credit it is possible to get the loan using a single application. You can even fund your loan using three months of bank statements for business.

Unsecured loans carry higher rates of interest. This is because the lender takes on more risk. To be eligible, a company owner must have good credit ratings. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be a great way for your company to bridge short-term financial gaps. By taking a working capital loan allows you to take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan can allow you to keep your business running during tough economic times.

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Another benefit of an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will require the payment processor’s URL and the deposit account.

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Small-scale businesses have additional financing options
Alternative financing models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you need for growth.

Alternative loans are also more affordable than traditional ones. Banks will typically require large down payments, and you may need to wait a while before they are able to provide the money you require.

Lines of credit, cash advances for merchants invoice discounting, credit card and credit cards are all options for business loans. These options all offer you the chance to get funding quickly and easily.

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Business lines of credit function similar to credit cards, but charge interest only on the money that you take out. These options can be particularly useful for short-term expenses.

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Working capital loans are beneficial for everyday expenses, such as paying employees or purchasing inventory. However, they aren’t the best suited for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you choose a firm that has prior experience. Your credit score is also important. The higher your score, the higher your chances of securing favorable financing deals.

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Peer-to-peer lending is another alternative finance option for small-sized companies. Peer-tobusiness lenders offer small businesses loans from multiple investors, similar to crowdfunding. This is especially beneficial for small companies that do not have collateral.

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