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If you’re a small-scale business owner looking for an working capital loan to get your business going there are many options to look into. Some of these include SBA 7(a) term loans as well as unsecured working capital loans. Alternative financing models may also be available to finance your small-sized 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 are extremely flexible loans that can be used for a variety reasons. The funds can be used to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. However, a fee is paid to guarantee the loan. This is typically 3.75 percent of the loan’s guaranteed amount.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

Like most loans, the interest rates on 7(a) loans will vary according to the amount and repayment conditions. It can be variable or fixed, and it can be tied to the Prime rate.

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To apply for an SBA 7(a) loan, you will need to submit an application and have it approved. The lender will then look over your financial situation and review your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured capital loan can be an investment that is financially sound. It can be used to finance equipment, expansion, or to upgrade your building among other things. The right type of loan will help your business grow.

It can be much easier than you imagine to get a capital loan. Contrary to a line-of-credit you can apply for a loan with a one-page application. You can even use 3 months of bank statements from your company to finance your loan.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender takes on more risk. So, a business owner must have a great credit score in order to be eligible. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans can be a great option to bridge a financial gap in your business. You can find low rates on essential products or upgrades to your facilities by using working capital loans. Getting a working capital loan can allow you to stay in business even during difficult economic times.

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A working capital loan that is unsecured has another advantage: it doesn’t require the pledge of any of your assets. The lender will usually require an electronic payment processor as well as a deposit account.

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Smaller businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. They offer flexible financing options that can give you the money you require to grow.

Alternative loans are also more affordable than conventional ones. Banks will typically require large down payments and you could require a few days before they can provide the cash you require.

Other alternatives to business loans include lines of credit, invoice discounting, credit cards and merchant cash advances. These options can help you to quickly receive funding.

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

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Working capital loans can be helpful for day-to-day expenses like paying employees or purchasing inventory. However, they’re not the appropriate for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you work with a company with prior experience. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Peer-to-peer lending is a different method of financing for small businesses. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially useful for small businesses that do not have collateral.

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