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If you are a small-scale business owner seeking a working capital loan to get your business off the ground there are plenty of options to take into consideration. These include SBA 7(a) as well as term loans and unsecured work capital loans. You may also want to 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) or term loans are available to small business owners who need working capital. These are extremely flexible loans that can be used for a variety of purposes. You can use the money for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. The guarantee is accompanied by a fee. The cost is usually 3.75 percent of the loan’s guaranteed amount.

Anyone interested can gain 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 matches applicants with approved lenders within two days.

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

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To be eligible for an SBA 7(a) loan you must fill out an application form and be approved. The lender will review your financial information and analyze your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecure working capital loan is a wise financial decision. It can be used to pay for expansion, equipment, or to upgrade your building among other things. The right option will make your business grow.

It is much simpler than you might think to obtain a working capital loan. As opposed to a credit line, you can get a loan by filling out a simple application. You can even use three months of bank statements from your company to pay for your loan.

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

Unsecured working capital loans can be an excellent method for your company to bridge short-term financial gaps. Using a working capital loan you can avail of low rates on key products and improvements to your facilities. Getting a working capital loan can allow you to keep your business running in tough economic times.

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Another advantage of 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 financing models for small-sized businesses
Many entrepreneurs are opting for alternative financing models for small businesses as their preferred option. These flexible financing options can give you the funds you require for expansion.

Alternative loans can also be cheaper than conventional loans. Banks typically require large down payments and you may need wait for a while before getting the money you require.

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

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

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Working capital loans can be beneficial for everyday expenses for example, paying employees or purchasing inventory. They are not the best solution for large-scale business transformations.

Make sure to choose a lender who has expertise in alternative business loans. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are greater if you have a better credit score.

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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 is particularly useful for small businesses that do not have collateral.

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