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There are a variety of options for small-scale business owners who are 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 non-secured working capital loans. Alternative financing models could be available to help finance your small business.

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SBA 7(a) term loans
If you are a small company owner in need of working capital, you should think about applying for SBA 7(a) term loans. These are highly flexible loans that can be used for a variety of purposes. The funds can be used to refinance loans, expand your business or even purchase assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. However, a fee will be paid for the guarantee. This fee is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

As with all loans, the interest rate on a 7(a) loan will be contingent on the amount and the repayment terms. It is either variable or fixed or tied to the Prime rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a), loan. The lender will examine your financial records and evaluate your business plan. After the approval, you will 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 decision regardless of whether or not you are expanding or just starting out. It can be used to fund equipment, expansion or to improve your building, among other things. The right one will make your business grow.

It’s much easier than you consider to obtain a capital loan. The loan can be secured by filling out a single page, unlike the line credit. You can 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. To be eligible, a business owner must have good credit ratings. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be an excellent method for your company to bridge short-term financial gaps. With a working capital loan allows you to take advantage of low rates on key products and upgrades to your facilities. A working capital loan will help you to keep your company afloat during difficult economic times.

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Another benefit of having an unsecured working capital loan is the fact 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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Smaller businesses have other financing options
Many entrepreneurs are choosing alternative finance models for small enterprises as their top choice. These flexible financing options can give you the cash you need for expansion.

Alternative loans can also be cheaper than traditional ones. Banks typically require large down-payments, and you may have to wait a few months before you can secure the cash you require.

Lines of credit, merchant cash advances invoice discounting, credit card and credit cards are all options for business loans. These options can help you to quickly receive funding.

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Business lines of credit are similar to credit cards, but they charge interest only on cash you take out. These options are particularly helpful for short-term expenditures.

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Working capital loans are great for daily costs such as ordering inventory or paying employees. However, they are not best suited for large-scale business transformations.

Choose a lender who has expertise in business loans for alternative businesses. Also, take into consideration your credit score. The greater your score, the more likely you are to receive the best financing deal.

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Other alternative models for financing small businesses are peer-to peer lending. Peer-to-business lenders offer small businesses loans from multiple investors, similar to crowdfunding. This is especially beneficial for small companies that don’t have collateral.

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