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There are a variety of alternatives available to small-scale business owners seeking working capital loans to get their business off the starting point. One of them is SBA 7(a) term loans and working capital loans that are not secured. You may also consider looking into alternative financing models that can be used to help finance your small business.

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SBA 7(a) term loans
If you are a small-scale business owner and are in need of working capital, you should consider applying for SBA 7(a) term loans. These are highly flexible loans that can be used for a variety of purposes. The funds can be used to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee is due for the guarantee. The fee is typically 3.75 percent of the loan’s guarantee amount.

Interested parties can get an understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also be able to access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders within two days.

As with most loans, interest rates for 7(a) loans will differ in accordance with the amount borrowed and repayment conditions. It is either variable or fixed, and it can be linked to the prime rate.

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

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured working capital loan could be an investment that is financially sound. It can be used to buy equipment or expand your business or to upgrade your building. The right type of loan can help your business grow.

It can be much easier than you might think to get a working capital loan. It is possible to get a loan on a single form, unlike a line credit. You can even pay for your loan with 3 months of bank statements for business.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on more risk. To be eligible, a business owner must have good credit ratings. It is also essential to have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent way for your business to bridge short-term financial gaps. With a working capital loan you can avail of discounted prices on important products and improvements to your facilities. Getting a working capital loan will enable you to continue to operate in tough economic times.

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An unsecure working capital loan has another advantage: you don’t have to pledge any of your assets. Most lenders will require a payment processor and a deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are turning to alternative financing models for small-sized businesses as their preferred option. They provide flexible financing solutions that can give you the money you require to expand your business.

Alternative loans are also more affordable than traditional loans. Banks typically require large down-payments and you may need to wait a while before you can get the money you need.

Some alternative business loan options include lines of credit invoice discounting, credit cards and cash advances for merchants. Each of these options gives you the chance to get quick and easy funding.

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Business credit lines are similar to credit cards, but they charge interest only on the money you take out. These options are especially useful for short-term expenses.

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Working capital loans are a great option for everyday expenses such as ordering inventory or paying employees. They are not the best solution for large-scale business transformations.

Choose a lender who has expertise in alternative business loans. Also, consider your credit score. The higher your score, the more likely you are to receive the best financing deal.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Peer-to business lenders provide small businesses loans through many investors, similar to crowdfunding. This option is especially useful for small businesses that do have collateral.

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