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There are numerous options available to small business owners seeking working capital loans to help them get their business off the starting point. These include SBA 7(a) or term loans and unsecured capital loans. You may also want to look at alternative financing options that can be used to help finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small-scale business owners who need working capital. These are extremely flexible loans that can be utilized for a variety of reasons. You can use the money for refinancing debt, expanding your business, or buying assets.

The SBA guarantees a portion of the loan so lenders are less likely to default. However, a fee will be paid for the guarantee. The cost is usually 3.75% of the loan’s guarantee amount.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They’ll also be able to access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

Like most loans, the rate of interest for 7(a) loans can vary dependent on the amount and the repayment conditions. It can be fixed, variable or linked to the Prime Rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will examine your financial history and review your business plan. After approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, a non-secure working capital loan can be an ideal financial decision. It can be used to pay for equipment, expansion, or to improve your building, among other things. The right type of loan will allow your business to grow.

A working capital loan could be much easier than you think. Contrary to a line-of-credit you can apply for a loan by filling out a simple application. You can even fund your loan using three months of bank statements from your business.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are a fantastic way to bridge a short-term financial gap in your business. Using a working capital loan, you can take advantage of low prices on key products and improvements to your facilities. Getting a working capital loan will allow you to stay in business in tough economic times.

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An unsecure working capital loan is another benefit because you don’t need to pledge any assets. Typically lenders will require the payment processor’s link and an account for deposit.

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Smaller businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small-sized companies as their preferred choice. They offer flexible financing solutions that will give you the money you need to expand your business.

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

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards, and merchant cash advances. Each of these options gives you the chance to get funding quickly and easily.

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Business lines of credit are similar to credit cards, except they charge interest only on money you withdraw. These types of credit are particularly beneficial for short-term expenses.

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Working capital loans are useful for day-to-day costs for things like paying employees or placing orders for inventory. They’re not the ideal option for large-scale business changes.

Be sure to select an institution with experience in business loans for alternative businesses. Also, think about your credit score. The more impressive your score, better your chances of receiving favorable financing deals.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially beneficial for small-sized businesses that do not have access to collateral.

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