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There are a myriad of options for small-scale business owners looking for working capital loans to help them get their business off the beginning. Some of these include SBA 7(a) term loans as well as working capital loans that are not secured. Alternative financing models could be available to finance your small business.

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

The SBA guarantees a portion of the loan so lenders are less likely to default. However, a fee will be charged for the guarantee. This is usually 3.75 percent of the guarantee amount of the loan.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They’ll also be able to access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with most loans, the rate of interest on a 7(a) loan will depend on the amount and the terms of repayment. It could be fixed, variable, or linked to the Prime Rate.

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You’ll need to submit an application in order to apply for an SBA 7(a), loan. A lender will review your financial standing and analyze 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 wise financial decision, regardless of whether you are expanding or just starting out. It can be used to pay for expansion, equipment, or to upgrade your building, among other things. The right option will make your business flourish.

It’s much easier than you might think to get a working capital loan. A loan can be obtained using just one page, unlike a line credit. You can even use three months of bank statements from your company to fund your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender is taking on more risk. So an owner of a business should have a high credit score to be eligible. Additionally, you must have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your business. You can get low prices on the most important products or upgrades to your facilities by using working capital loans. Getting a working capital loan will allow you to continue to operate even during difficult economic times.

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An unsecured working capital loan offers another advantage: you don’t need to pledge any assets. Most lenders will 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 companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the funds you require for growth.

Alternative loans are more affordable than conventional ones. Banks typically require large down-payments and you may need to wait a while before you can obtain the funds you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards, and cash advances for merchants. These options all offer you the chance to get money quickly and conveniently.

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Business lines of credit work exactly the same way as credit cards but charge interest only on money that you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans are useful for daily expenses for things like paying employees or placing orders for inventory. However, they aren’t the an ideal solution for major business changes.

Be sure to choose a lender with experience in business loans for alternative businesses. Your credit score is also crucial. The more impressive your score, greater your chances of getting a favorable financing deal.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to-business lenders offer small businesses loans from several investors. This option is especially beneficial for small businesses that do have access to collateral.

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