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There are numerous alternatives available to small-scale business owners seeking working capital loans to get their business off the start. These include SBA 7(a) as well as 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) (term) loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for numerous reasons. The funds can be used to repay debt, expand your business or to purchase assets.

The SBA guarantees the loan in part which means lenders are less likely to default. However, a fee is charged for the guarantee. This fee is typically 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They’ll also be able to access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders within two days.

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

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To apply for an SBA 7(a) loan, you will need to complete an application and be approved. A lender will review your financial standing and analyze your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or starting out. It can be used to fund equipment, expansion, or to improve your building, among other things. The right type of loan will make your business flourish.

The process of getting a working capital loan can be a lot easier than you think. Unlike a line of credit you can apply for a loan by filling out a simple application. You can also 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 a greater risk. To be eligible, a business owner must have excellent credit ratings. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great way to bridge a short-term financial gap in your company. With a working capital loan you can avail of low rates on key products and upgrades to your facilities. A working capital loan can help you to keep your business in business in difficult economic times.

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A working capital loan that is unsecured also has a benefit: you don’t have to pledge any assets. The lenders will usually ask for a payment processor and a deposit account.

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Alternative finance models for small businesses
Many entrepreneurs are choosing alternative finance models for small businesses as their preferred option. These flexible financing options can help you get the funds you require for growth.

Alternative loans are also more affordable than traditional ones. Banks typically require large down-payments, and you may have to wait a while before you can secure the funds you require.

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

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Business lines of credit are similar to credit cards, with the exception that they charge interest only on cash you withdraw. These are useful for short-term expenses.

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Working capital loans are great for everyday expenses like purchasing inventory or paying employees. However, they’re not an an ideal solution for major business changes.

Be sure to choose an institution with experience in alternative business loans. Also, consider your credit score. The higher your score, the greater your chances of getting the best financing deal.

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

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