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There are a myriad of choices available to small business owners seeking working capital loans to help them get their business off the ground. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models may also be available to help finance your small business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. They are extremely flexible loans that can be used for a variety of reasons. The funds can be used to repay the company’s debt, grow it, or purchase assets.

The SBA guarantees a part of the loan to make it less likely that lenders fail. The guarantee comes with a cost. This is usually 3.75 percent of the guaranteed amount of the loan.

People interested in applying can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They can also access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

Like most loans, the rate of interest for 7(a) loans will differ dependent on the amount and the repayment terms. It can be variable, fixed or linked to the Prime Rate.

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You’ll need to fill out an application form to be eligible for an SBA 7(a) loan. The lender will then look over your financial history and evaluate your business plan. After the approval, you sign a loan contract and 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 a wise financial decision. It can be used to purchase equipment, expand your business, or to improve your building. The right option will allow your business to grow.

It is much simpler than you think to obtain a working capital loan. In contrast to a line of credit it is possible to get the loan using a single application. You can even fund your loan with 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. To be eligible, a business owner must have good credit ratings. Also, you should have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent option to bridge a financial gap in your company. You can get low prices on the most important products or upgrades to your facilities with a working capital loan. A working capital loan will allow you to keep your business in business during difficult economic times.

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An unsecure working capital loan also has a benefit: you don’t have to pledge any of your assets. Lenders will typically ask for an online payment processor and deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small-sized businesses are fast becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can help you get the funds you need to expand your business.

Alternative loans are cheaper than traditional ones. Banks typically require large down payments and you might have wait for a while before you can get the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. Each of these options gives you the opportunity to obtain funding quickly and easily.

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Business credit lines are similar to credit cards in that they charge only interest on the cash you take out. These are particularly useful to cover short-term expenses.

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Working capital loans can be helpful for day-to-day expenses for things like paying employees or placing orders for inventory. They are not the best solution for large-scale transformations of businesses.

If you are choosing a lender to get an alternative business loan, make sure you choose a firm with expertise. Also, consider your credit score. Your chances of getting a favorable finance deal are increased if you have a higher credit score.

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Peer-to -peer lending is an alternative method of financing for small businesses. Peer-to-business lenders provide small businesses loans through multiple investors, much like crowdfunding. This is particularly beneficial for small-sized businesses that do not have access to collateral.

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