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There are numerous options available to small entrepreneurs looking for working capital loans to get their business off the starting point. A few of these options are SBA 7(a) term loans as well as unsecure working capital loans. You might also look at alternative financing options that can be used to finance your small business.

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SBA 7(a) and 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 used for a variety of purposes. The funds can be used to repay debt, expand your business or purchase assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. However, a fee is paid to guarantee the loan. This fee is typically 3.75 percent of the guarantee amount of the loan.

Anyone interested can gain more information about the SBA 7(a) loan by visiting the SBA website. They will also be able access the SBA Lender Match Tool, which connects applicants with lenders who have approval within two days.

Similar to most loans, interest rates for 7(a) loans will differ according to the amount and repayment conditions. It is either variable or fixed and pegged to the Prime rate.

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To apply for an SBA 7(a) loan you must fill out an application form and have it approved. The lender will examine your financial history and review your business plan. After the approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice, regardless of whether you are expanding or starting out. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right option will help your business thrive.

It can be much easier than you might think to obtain a working capital loan. As opposed to a credit line it is possible to get the loan using a single application. You can even fund your loan by using 3 months of bank statements for business.

Unsecured loans are characterized by higher interest rates. This is because the lender is taking on more risk. Therefore the business owner must have a great credit score to be eligible. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great solution to bridge a financial gap in your business. With a working capital credit allows you to take advantage of low prices on key products and improvements to your facilities. A working capital loan can help you to keep your business in business during tough economic times.

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Another benefit of having an unsecure working capital loan is that you don’t have to pledge any of your assets. Most lenders will require an online payment processor and deposit account.

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Alternative finance models for small-sized businesses
Alternative finance models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the cash you need for growth.

Alternative loans can be cheaper than conventional loans. Banks typically require substantial down payments, and you may be waiting a long time before they are able to provide the funds you require.

Lines of credit, merchant cash advances as well as invoice discounting card and credit cards are all options for business loans. These options can allow you to quickly get funds.

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Business lines of credit function similar to credit cards but charge interest only for money that you withdraw. These options are especially beneficial to cover short-term expenses.

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Working capital loans are useful for daily costs such as ordering inventory or paying employees. They are not the best option for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you work with a company that has experience. Your credit score is crucial. Your chances of getting a favorable finance deal are better if have a higher credit score.

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Other alternative models for financing small businesses involve peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially useful for small businesses that do have collateral.

Reuters