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If you are an owner of a small business looking for a working capital loan in order to get your business going there are plenty of options to take into consideration. Some of these include SBA 7(a) term loans and unsecure working capital loans. You could also look into alternative financing models that could be used to finance your small business.

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SBA 7(a), term loans
SBA 7(a) or term loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for numerous reasons. The funds can be used to refinance debt, expand your company, or purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. However, a fee will be payable for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

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

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To be eligible for an SBA 7(a) loan, you will need to complete an application and be approved. The lender will examine your financial information and analyze your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a smart financial investment, regardless of whether you are expanding or starting out. It can be used to purchase equipment or expand your business or to upgrade your building. The right choice can help your business grow.

Getting a working capital loan can be a lot easier than you think. In contrast to a line of credit you can obtain a loan with a one-page application. You can even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans come with higher interest rates. This is because the lender assumes greater risk. As such an owner of a business should have a high credit rating to qualify. In addition, you should have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your company. You can enjoy low costs 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 even in tough economic times.

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An unsecured working capital loan also has a benefit: you don’t need 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-scale businesses have additional financing options
Many entrepreneurs are opting for alternative financing models for small-sized enterprises as their top choice. They offer flexible financing options that can provide you with the money you require to expand your business.

Alternative loans are also more affordable than traditional loans. Banks typically require substantial down payments, and you may have to wait for a while before they are able provide the money you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you the opportunity to obtain quick and easy funding.

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Business lines of credit function in the same way as credit cards but charge only interest on the amount that you withdraw. These options are especially useful for expenses that are short-term.

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Working capital loans are useful for everyday expenses such as purchasing inventory or paying employees. However, they’re not the best suited for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you choose a business with years of experience. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are better if have a higher credit score.

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Other alternative financing options for small-sized businesses include peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from multiple investors. This is particularly useful for small-sized businesses that do not have access to collateral.

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