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There are numerous alternatives available to small-scale business owners who are looking for working capital loans to get their business off the start. A few of these options are SBA 7(a) term loans and unsecure working capital loans. Alternative financing models could be available to help 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 entrepreneurs who require working capital. These loans are flexible and are able to be used for many reasons. The funds can be used to refinance debt, grow your business, or buying assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders default. The guarantee comes with a fee. This fee is usually 3.75% of the guaranteed amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by looking through the SBA website. They also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with most loans, the interest rate on a 7(a) loan will be contingent on the amount and repayment terms. It can be variable or fixed or tied to the Prime rate.

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To apply for an SBA 7(a) loan you must submit an application and have it approved. A lender will then assess your financial situation and review your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a smart financial decision, regardless of whether you are expanding or starting out. It can be used to buy equipment or expand your business or even to upgrade your facility. The right type of loan will make your business grow.

Getting a working capital loan could be more straightforward than you think. 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 pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. In this regard, a business owner should have a high credit score to be able to qualify. Additionally, you must have a plan to repay the loan on time.

Unsecured working capital loans are an excellent option for your business to bridge short-term financial gaps. You can obtain low prices on key products or upgrades to your facilities with working capital loans. A working capital loan will help you to keep your business running during tough economic times.

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An unsecure working capital loan also has a benefit: you don’t need to pledge any assets. The lenders will usually ask for an online payment processor and deposit account.

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Smaller businesses have other financing options
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing options that can help you get the money you need to expand.

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

Some alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. These options can allow you to quickly receive funding.

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

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Working capital loans are useful for daily expenses like paying employees or purchasing inventory. They are not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you choose a firm that has experience. Your credit score is crucial. The higher your score, the higher your chances of securing favorable financing deals.

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Other alternative financing models for small businesses are peer-to peer lending. Peer-to-business lenders offer small businesses with loans from many investors, similar to crowdfunding. This option is especially beneficial for small-sized businesses that do not have collateral.

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