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If you are an owner of a small business seeking a working capital loan to get your business going there are plenty of options to consider. A few of these options are SBA 7(a) term loans and unsecured working capital loans. Alternative financing models could 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 loans are flexible and can be used for a variety of reasons. The funds can be used to repay debt, expand your company, or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. However, a fee is due for the guarantee. This fee is usually 3.75% of the loan’s guaranteed amount.

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

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

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To be eligible for an SBA 7(a) loan you must fill out an application form and get it approved. A lender will review your financial history and evaluate your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured capital loan could be an investment that is financially sound. It can be used to fund equipment, expansion or to improve your building among other things. The right type of loan will make your business flourish.

It is much simpler than you think to get a working capital loan. It is possible to get a loan on a single form, unlike the line credit. You can even fund your loan using three months of bank statements for business.

Unsecured loans come with higher interest rates. This is because the lender takes on more risk. As such, a business owner should have a high credit score to be able to qualify. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent option for your business to bridge short-term financial gaps. You can obtain low prices on essential products or upgrades to your facilities through working capital loans. A working capital loan can help you to keep your company afloat during difficult economic times.

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Another benefit of having an unsecure working capital loan is the fact that you do not need to pledge any of your assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Alternative financing models for small-sized businesses
Many entrepreneurs are choosing alternative financing models for small businesses as their preferred option. They offer flexible financing options that can provide you with the money you need to expand your business.

Alternative loans are also more affordable than conventional ones. Banks will typically require large down payments, and you might need to wait a while before they are able to provide the money you need.

Alternative business loan options include lines of credit invoice discounting, credit card, and cash advances for merchants. These options all offer you a way to obtain money quickly and conveniently.

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

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Working capital loans are useful to cover the cost of daily expenses, such as ordering inventory or paying employees. They’re not the ideal solution for large-scale business transformations.

Make sure to choose an institution with experience in alternative business loans. Also, take into consideration your credit score. The more impressive your score, higher your chances of securing the best financing deal.

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Peer-to-peer lending is a different finance option for small-sized companies. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially beneficial for small businesses that don’t have collateral.

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