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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 ground. Some of these include SBA 7(a) term loans as well as working capital loans that are not secured. You may also want to look into alternative financing options that could be used to help finance your small-scale business.

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SBA 7(a), term loans
If you are a small business owner and are in need of working capital, you should think about applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety reasons. The funds can be used to refinance the company’s debt, grow it or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. The guarantee is accompanied by a fee. The fee is usually 3.75 percent of the guaranteed amount of the loan.

Anyone interested can gain an understanding of the SBA 7(a) loan by checking out the SBA website. They will also be able to access the SBA Lender Match Tool, which connects applicants with lenders who have approval within two days.

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

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To be eligible for an SBA 7(a) loan, you will need to submit an application and be approved. A lender will then assess your financial situation and review your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
An unsecured working capital loan is a smart financial investment regardless of whether or not you are expanding or just starting out. It can be used to purchase equipment, expand your business, or to upgrade your building. The right one will help your business grow.

It’s much easier than you might think to get a working capital loan. A loan can be obtained by filling out a single page unlike a line credit. You can even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. In this regard an owner of a business must have a good credit rating to qualify. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans are an excellent option to fill a financial gap in your company. You can find low rates on key products or upgrades to your facilities through working capital loans. A working capital loan can allow you to keep your company afloat during difficult economic times.

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A working capital loan that is unsecured also has a benefit: you don’t need to pledge any assets. The lender will usually require an online payment processor and deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are turning to alternative financing models for small businesses as their preferred option. These flexible financing options can provide the cash you require for growth.

Alternative loans are also less expensive than traditional ones. Banks typically require large down payments, and you may have to wait a while before you can obtain the cash you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options all offer you the possibility of obtaining money quickly and conveniently.

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Business lines of credit work exactly the same way as credit cards, but they charge only interest on the amount that you take out. These types of credit can be especially 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’re not the best suited for major business transformations.

Be sure to select an institution with experience in business loans for alternative businesses. Your credit score is also important. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Peer-to -peer lending is an alternative finance option for small-sized businesses. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from multiple investors. This option is especially beneficial for small businesses that don’t have access to collateral.

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