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There are a myriad of choices available to small entrepreneurs looking for working capital loans to get their business off the beginning. Some of these options include SBA 7(a) term loans and unsecure working capital loans. Alternative financing models could be available to help finance your small-sized business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These are loans that are extremely flexible that can be utilized for a variety of purposes. You can use the money to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees a portion of the loan to make it less likely that lenders default. However, a fee is charged for the guarantee. This is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

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

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You’ll need to submit an application to apply for an SBA 7(a), loan. A lender will review your financial standing and analyze your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a wise financial choice regardless of whether or not you are expanding or starting out. It can be used to purchase equipment or expand your business or to improve your building. The right type of loan will make your business grow.

It can be much easier than you think to get a working capital loan. In contrast to a line of credit, you can get a loan by filling out a simple application. You can also use 3 months of bank statements from your company to fund your loan.

Unsecured loans have higher interest rates. This is because the lender takes on greater risk. Therefore, a business owner must have a great credit score to be able to qualify. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great way to bridge a short-term financial gap in your business. With a working capital credit you can avail of discounted prices on important products and improvements to your facilities. A working capital loan will enable you to continue to operate in tough economic times.

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An unsecured working capital loan offers another advantage: it doesn’t require the pledge of any assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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

Alternative loans are also cheaper than conventional loans. Banks typically require huge down payments and you may be waiting a long time before they are able to provide the funds you require.

Alternative business loan options include lines of credit invoice discounting, credit card, and cash advances for merchants. These options can help you quickly receive funding.

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Business lines of credit work in the same way as credit cards, but charge interest only on money that you withdraw. These are particularly useful to cover short-term expenses.

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Working capital loans can be beneficial for everyday expenses for things like paying employees or placing orders for inventory. They’re not the ideal solution for large-scale transformations of businesses.

When choosing a lender for an alternative business loan, ensure you choose a business with prior experience. Your credit score is also crucial. The higher your score, the higher your chances of securing a favorable financing deal.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from a variety of investors. This is especially beneficial for small businesses who do not have collateral.

Reuters