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There are numerous alternatives available to small-scale business owners seeking working capital loans to help them get their business off the beginning. These include SBA 7(a) or term loans, and unsecured work capital loans. Alternative financing models may also be available to help finance your small business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small business owners who need working capital. These loans are flexible and can be used for a variety of reasons. The money can be used to repay debt, expand your company, or purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee will be payable for the guarantee. The fee is typically 3.75 percent of the loan’s guarantee amount.

People interested in applying can get more information about the SBA 7(a) loan by checking out the SBA website. They also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

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

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You’ll have to fill out an application form to be eligible for an SBA 7(a) loan. The lender will examine your financial records and evaluate your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured capital loan could be an ideal financial decision. It can be used to finance equipment, expansion or to improve your building among other things. The right type of loan will allow your business to grow.

It is much simpler than you might consider to obtain a capital loan. The loan can be secured using just one page unlike the line credit. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender is taking on more risk. To qualify, a business owner must have good credit ratings. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans can be an excellent method for your business to bridge short-term financial gaps. You can enjoy low costs on the most important products or upgrades to your facilities through working capital loans. A working capital loan can allow you to continue to operate during tough economic times.

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An unsecure working capital loan also has a benefit: you don’t need to pledge any of your assets. Lenders will typically ask for a payment processor and a deposit account.

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Small businesses have other financing options
Many entrepreneurs are opting for alternative finance models for small businesses as their preferred option. They provide flexible financing solutions that can provide you with the cash you need to expand your business.

Alternative loans can also be cheaper than conventional loans. Banks usually require large down payments and you could be waiting a long time before they will be able to give you the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and merchant cash advances. All of these options offer you a way to obtain quick and easy funding.

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Business lines of credit are similar to credit cards, with the exception that they charge only interest on the cash you take out. These options can be particularly useful for short-term expenses.

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Working capital loans are beneficial for everyday expenses, such as paying employees or ordering inventory. However, they aren’t the appropriate for major business transformations.

Make sure to choose a lender with experience in business loans for alternative businesses. Also, think about your credit score. Your chances of getting a favorable financing deal are greater if you have a higher credit score.

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Other alternative financing options for small businesses include peer-to -peer lending. Similar to crowdfunding, peer-to business lenders offer small businesses loans from several investors. This option is especially useful for small businesses that do have access to collateral.

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