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There are numerous options for small-scale business owners looking for working capital loans to get their business off the starting point. These include SBA 7(a) and term loans and unsecured work capital loans. You may also want to look at alternative financing options that can be used to finance your small business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small-scale entrepreneurs who require working capital. These are loans that are extremely flexible that can be used for a variety purposes. You can use the funds to refinance debt, grow your business, or buying assets.

The SBA guarantees some of the loan so that lenders are less likely to default. The guarantee comes with a fee. This is usually 3.75 percent of the guaranteed amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

Like all loans, the interest rates for 7(a) loans will differ depending on the amount and the repayment conditions. It can be fixed or variable or pegged to the prime rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will then look over your financial history and assess your business plan. After the approval, you’ll sign a loan contract 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 or not you are expanding or starting out. It can be used to buy equipment, expand your business, or upgrade your building. The right one will make your business flourish.

It can be much easier than you imagine to get a capital loan. A loan can be obtained by filling out a single page, unlike the line credit. You could even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. In this regard the business owner should have a high credit score to be eligible. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great solution to bridge a financial gap in your company. With a working capital loan allows you to take advantage 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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A working capital loan that is unsecured also has a benefit: you don’t have to pledge any of your assets. Typically lenders will require the payment processor’s link and an account for deposits.

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Alternative financing models for small-sized companies
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you require for expansion.

Alternative loans are also less expensive than traditional loans. Banks typically require substantial down payments, and you might have to wait for a while before they are able provide the cash you require.

Lines of credit, cash advances for merchants invoice discounting, credit card, and credit cards are all options for business loans. These options all offer you the opportunity to obtain quick and easy funding.

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Business lines of credit function similarly to credit cards, but they charge interest only for money that you withdraw. These are beneficial for expenses that are short-term.

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Working capital loans are great for everyday expenses like ordering inventory or paying employees. However, they’re not the best suited for major business changes.

If you are choosing a lender to get an alternative business loan, make sure you select a company that has expertise. Also, take into consideration your credit score. The higher your score, the higher your chances of securing a favorable financing deal.

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Peer-to-peer lending is another alternative finance option for small-sized businesses. Peer-to-business lenders provide small businesses loans from several investors, similar to crowdfunding. This option is particularly useful for small companies that do not have collateral.

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