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If you’re an owner of a small-sized business seeking an working capital loan to get your business going there are plenty of options you could consider. One of them is SBA 7(a) term loans and unsecured working capital loans. You could also look into alternative financing options 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 think about applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many purposes. The money can be used to repay debt, expand your business or purchase assets.

The SBA guarantees some of the loan so lenders are less likely to default. The guarantee comes with a fee. The cost is usually 3.75% of the loan’s guaranteed amount.

The 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 matches applicants with SBA-approved lenders within two days.

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

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To apply for an SBA 7(a) loan, you will need to fill out an application form and get it approved. A lender will review your financial history and assess your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured working capital loan is a wise financial decision. It can be used to buy equipment or expand your business or to improve your building. The right one will allow your business to grow.

It’s a lot easier than you might consider to obtain a capital loan. Contrary to a line-of-credit it is possible to get a loan with a one-page application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans are characterized by higher rates of interest. This is because the lender takes on a greater risk. To be eligible, a business owner must have good credit ratings. You should also have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent method for your business to bridge short-term financial gaps. You can get low prices for key products or improvements to your facilities by using a working capital loan. Getting a working capital loan will allow you to remain in business in tough economic times.

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An unsecured working capital loan also has a benefit: you don’t have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

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Smaller businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the cash you need to fund growth.

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

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options can help you to quickly obtain funding.

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

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Working capital loans can be beneficial for everyday expenses, such as paying employees or placing orders for inventory. They aren’t the best solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you choose a firm that has prior experience. Your credit score is important. The greater your score, the higher your chances of securing a favorable financing deal.

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Other alternative financing models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is especially useful for small businesses that do not have access to collateral.

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