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There are numerous options available to small business owners who are looking for working capital loans to get their business off the start. These include SBA 7(a) or term loans and unsecured capital loans. You could also look into alternative financing models that could 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 business owners who require working capital. These loans are flexible and are able to be used for many purposes. You can use the funds for refinancing debt, expanding your business, or for purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. However, a fee is paid for the guarantee. This fee is typically 3.75 percent of the guaranteed amount of the loan.

The interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

As with most loans, interest rates on 7(a) loans will vary dependent on the amount and the repayment conditions. It could be fixed, variable or tied to the Prime Rate.

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To apply for an SBA 7(a) loan, you will need to fill out an application form and be approved. The lender will examine your financial records and evaluate your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or starting out. It can be used to fund equipment, expansion, or to upgrade your building among other things. The right option can help your business grow.

It can be much easier than you consider to obtain a capital loan. The loan can be secured by filling out a single page, unlike a line credit. You could even use 3 months of bank statements from your business to fund your loan.

Unsecured loans come with higher rates of interest. This is because the lender is taking on more risk. In this regard the business owner must have a strong credit rating to qualify. You must also have a plan to repay the loan on time.

Unsecured working capital loans are an excellent method for your business to cover short-term financial gaps. You can find low rates for key products or improvements to your facilities with a working capital loan. A working capital loan can allow you to keep your company afloat even in 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. Typically lenders will require a payment processor link and an account for deposits.

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Alternative finance models for small businesses
Alternative financing models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can help you get the cash you need for expansion.

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

Lines of credit, merchant cash advances as well as invoice discounting card, and credit cards are all options for business loans. These options can allow you to quickly receive funding.

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

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Working capital loans are a great option for everyday expenses like purchasing inventory or paying employees. However, they aren’t the best suited for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a business with expertise. Your credit score is important. The better your score, the better your chances of receiving favorable financing deals.

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Peer-to-peer lending is a different financing model for small companies. Peer-to business lenders provide loans to small businesses from multiple investors, much like crowdfunding. This option is particularly useful for small businesses that don’t have collateral.

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