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If you’re an owner of a small-sized business seeking a working capital loan in order to get your business going, there are many options to look into. These include SBA 7(a) and term loans and unsecured capital loans. You may also consider looking at alternative financing options that can be used to finance your small business.

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SBA 7(a), term loans
SBA 7(a) (term) loans are available to small-scale business owners who require working capital. These loans are flexible and are able to be used for many reasons. 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 fail. However, a fee will be payable for the guarantee. This is typically 3.75 percent of the loan’s guarantee amount.

The interested parties can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with all loans the interest rate on a 7(a) loan will depend on the amount and repayment terms. It can be variable or fixed and can be linked to the prime rate.

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To be eligible for an SBA 7(a) loan you must complete an application and get it approved. The lender will examine 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, a non-secure working capital loan is an excellent financial choice. It can be used to finance equipment, expansion, or to improve your building, among other things. The right one will help your business grow.

It can be much easier than you might think to obtain a working capital loan. A loan can be obtained with just one page, unlike a line credit. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes a greater risk. To be considered for a loan, a business owner must have excellent credit ratings. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. You can get low prices on essential products or upgrades to your facilities with a working capital loan. A working capital loan can allow you to keep your business running in difficult economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not need to pledge any of your assets. The lenders will usually ask for a payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that can help you get the money you require to expand your business.

Alternative loans are also more affordable than traditional ones. Banks typically require large down-payments and you may have to wait a few months before getting the money you need.

Some alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances from merchants. These options can allow you to quickly get funding.

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Business lines of credit function similar to credit cards, but charge only interest on the amount that you withdraw. These are particularly useful to cover short-term expenses.

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Working capital loans are useful for daily expenses for example, paying employees or placing orders for inventory. They’re not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you select a company that has expertise. Your credit score is crucial. The higher your score, the better your chances of receiving favorable financing deals.

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Other alternative financing options for small businesses involve peer-to-peer lending. Peer-to-business lenders provide small businesses loans through multiple investors, much like crowdfunding. This option is particularly useful for small businesses that do not have collateral.

Reuters