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If you’re a small-scale business owner looking for a working capital loan to help your business get going there are plenty of alternatives you can take into consideration. These include SBA 7(a) and term loans and unsecured work capital loans. You might also look into alternative financing options that could be used to finance your small-scale 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 can be used for numerous purposes. The funds can be used to refinance debt, expand your company, or purchasing assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee comes with a fee. The cost is usually 3.75% of the loan’s guarantee amount.

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

As with all loans the rate of interest on 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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You’ll need to fill out an application in order to apply for an SBA 7(a), loan. The lender will review your financial records and evaluate your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a wise financial decision regardless of whether you are expanding or just starting out. It can be used to fund equipment, expansion or to upgrade your building among other things. The right type of loan will make your business thrive.

It’s much easier than you might imagine to get a capital loan. A loan can be obtained on a single form, 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 takes a greater risk. So the business owner must have a strong credit score in order to be eligible. You should also have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent method for your business to cover short-term financial gaps. By taking a working capital loan you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan will allow you to keep your business afloat even in tough economic times.

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Another benefit of an unsecured working capital loan is that you don’t have to pledge any of your assets. The lender will usually require the services of a payment processor and a deposit account.

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Small businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you need for expansion.

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

Lines of credit, cash advances for merchants, invoice discounting, credit card and credit cards are all options for business loans. All of these options give you a way to obtain funding quickly and easily.

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Business lines of credit function exactly the same way as credit cards, but charge interest only for money that you take out. These are particularly useful for short-term expenses.

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Working capital loans are useful for everyday expenses such as ordering inventory or paying employees. However, they are not an ideal solution for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you choose a business that has experience. Also, consider your credit score. Your chances of getting a favorable finance deal are better if have a higher credit score.

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Peer-to-peer lending is a different method of financing for small companies. Peer-to business lenders provide small businesses loans through many investors, similar to crowdfunding. This option is particularly useful for small companies that don’t have collateral.

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