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There are a myriad of options for small-scale business owners looking for working capital loans to help them get their business off the start. These include SBA 7(a), term loans and unsecured work capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) and term loans
If you are a small-scale business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. These are highly flexible loans that can be utilized for a variety of reasons. The money can be used to refinance debt, expand your company or purchase assets.

The SBA guarantees some of the loan to ensure that lenders are less likely to default. The guarantee comes with a cost. The 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 also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

As with most loans, interest rates for 7(a) loans will vary dependent on the amount and the repayment conditions. It could be fixed, variable, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan you must complete an application and get it approved. A lender will then assess your financial history and assess your business plan. After approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial decision regardless of whether or not you are expanding or just starting out. It can be used to finance expansion, equipment, or to upgrade your building among other things. The right choice will help your business thrive.

A working capital loan could be much easier than you think. The loan can be secured by filling out a single page, unlike the line credit. You could even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans carry higher interest rates. This is because the lender takes on greater risk. Therefore the business owner must have a strong credit score to be able to qualify. Also, 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. With a working capital credit you can avail of low rates on key products and upgrades to your facilities. A working capital loan can allow you to keep your business afloat even in tough economic times.

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Another great thing about an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Most lenders will require an electronic payment processor as well as a deposit account.

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Alternative financing models for small companies
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the funds you require for expansion.

Alternative loans are also more affordable than traditional loans. Banks usually require large down payments, and you might require a few days before they are able provide the cash you require.

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

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

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Working capital loans are a great option to cover the cost of daily expenses, such as purchasing inventory or paying employees. They’re not the ideal solution for large-scale transformations of businesses.

If you are choosing a lender to get an alternative business loan, make sure you choose a business with prior experience. Your credit score is important. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Peer-to -peer lending is an alternative financing option for small businesses. Peer-to-business lenders offer loans to small businesses from several investors, similar to crowdfunding. This option is particularly useful for small companies that don’t have collateral.

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