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There are a myriad of options for small-scale business owners looking for working capital loans to help them get their business off the start. Some of these options include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models could be available to help finance your small business.

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

The SBA guarantees some of the loan which means lenders are less likely to default. However, a fee will be due to guarantee the loan. This fee is usually 3.75% of the loan’s guarantee amount.

People interested in applying can get more information about the SBA 7(a) loan by checking out the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

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

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To apply for an SBA 7(a) loan you must fill out an application form and get it approved. A lender will review 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
A working capital loan that is unsecured is a wise financial decision regardless of whether or not you are expanding or just starting out. It can be used to pay for expansion, equipment, or to improve your building among other things. The right choice can help your business grow.

It is much simpler than you might consider to obtain a capital loan. A loan can be obtained by filling out a single page, unlike a line credit. You can even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans are characterized by higher rates of interest. This is because the lender takes a greater risk. To qualify, a business owner must have excellent credit ratings. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a fantastic way to bridge a short-term financial gap in your business. You can get low prices on the most important products or upgrades to your facilities by using a working capital loan. A working capital loan will help you to keep your business afloat even in tough economic times.

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Another advantage of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will request a payment processor link and the deposit account.

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Alternative finance models for small companies
Many entrepreneurs are choosing alternative financing models for small-sized businesses as the most preferred option. They provide flexible financing options that can help you get the funds you need to grow.

Alternative loans are also more affordable than traditional loans. Banks typically require large down-payments, and you may have wait for a while before you can obtain the money you require.

Lines of credit, merchant cash advances, invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the chance to get funding quickly and easily.

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Business lines of credit work exactly the same way as credit cards, but charge interest only on money that you take out. These options are especially beneficial to cover short-term expenses.

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Working capital loans are a great option to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not an an ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you select a company with years of experience. Also, take into consideration your credit score. The greater your score, the better your chances of receiving a favorable financing deal.

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Peer-to-peer lending is a different finance option for small-sized companies. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This is especially beneficial for small companies that don’t have collateral.

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