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There are many options for small-scale entrepreneurs looking for working capital loans to get their business off the starting point. One of them is SBA 7(a) term loans as well as working capital loans that are not secured. You could also look at alternative financing options that can be used to help finance your small-scale business.

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SBA 7(a) and term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for numerous purposes. The money can be used to repay debt, expand your business or purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders fail. However, a fee will be payable for the guarantee. The cost is usually 3.75% of the loan’s guarantee amount.

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

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

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To be eligible for an SBA 7(a) loan, you will need to fill out an application form and be approved. 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
An unsecure working capital loan is a smart financial investment regardless of whether or not you are expanding or starting out. It can be used to purchase equipment to expand your business or even to upgrade your facility. The right one will make your business flourish.

It can be much easier than you might consider to obtain a capital loan. As opposed to a credit line it is possible to get a loan by filling out a simple application. You could even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender is taking on more risk. So an owner of a business must have a good credit score to be able to qualify. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option for your business to cover short-term financial gaps. You can get low prices on the most important products or upgrades to your facilities through working capital loans. A working capital loan can help you to keep your business afloat during tough economic times.

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

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Smaller businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that can provide you with the cash you need to expand your business.

Alternative loans are also less expensive than traditional loans. Banks typically require substantial down payments and you may be waiting a long time before they are able provide the money you need.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and merchant cash advances. These options can help you quickly get funding.

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Business lines of credit work exactly the same way as credit cards, but they 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 for daily costs such as purchasing inventory or paying employees. However, they’re not an appropriate for large-scale business changes.

Be sure to choose an institution with experience in alternative business loans. Your credit score is also important. The more impressive your score, more likely you are to receive an attractive financing deal.

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Peer-to-peer lending is another alternative method of financing for small companies. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is particularly beneficial for small-sized businesses that do not have collateral.

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