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If you are a small-scale business owner seeking a working capital loan in order to get your business going, there are many options that you may look into. One of them is SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available to help finance your small business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small-scale business owners who require working capital. These loans are flexible and can be used for many purposes. The money can be used to repay the company’s debt, grow it or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee is accompanied by a fee. This is usually 3.75 percent of the guaranteed amount of the loan.

The interested parties can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They will also be able access the SBA Lender Match Tool, which connects applicants to lenders with approval within two days.

Similar to most loans, rate of interest for 7(a) loans will vary depending on the amount and the repayment conditions. It could be fixed, variable or tied to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a) loan. The lender will examine your financial information and analyze your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured working capital loan can be an ideal financial decision. It can be used to buy equipment, expand your business, or to upgrade your building. The right one will make your business thrive.

Getting a working capital loan could be more straightforward than you think. In contrast to a line of credit, you can get the loan using a single application. You can even pay for your loan with 3 months of bank statements from your business.

Unsecured loans have higher rates of interest. This is due to the fact that the lender is taking on more risk. To qualify, a business owner must have excellent credit ratings. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your business. You can obtain low prices for key products or improvements to your facilities by using working capital loans. A working capital loan will help you to keep your business in business even in tough economic times.

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Another benefit of an unsecure working capital loan is the fact that you don’t have to pledge any of your assets. Typically lenders will ask for the payment processor’s link and an account for deposits.

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Small-scale businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the funds you require for expansion.

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.

Alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances for merchants. These options all offer you the opportunity to obtain funding quickly and easily.

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Business lines of credit work similarly to credit cards but charge interest only for money that you withdraw. These options are especially beneficial for short-term expenditures.

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Working capital loans can be useful to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not an appropriate for major business changes.

Make sure to choose an institution with experience in alternative business loans. Also, take into consideration your credit score. Your chances of getting a favorable finance deal are better if have a higher credit score.

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Peer-to peer lending is another alternative financing model for small businesses. Peer-to-business lenders provide small businesses loans from multiple investors, similar to crowdfunding. This is particularly beneficial for small businesses that don’t have access to collateral.

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