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If you’re a small business owner seeking a working capital loan in order to get your business going there are many options you could take into consideration. These include SBA 7(a) as well as term loans and unsecured capital loans. Alternative financing models could be available to help finance your small-sized business.

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

The SBA guarantees a portion of the loan to make it less likely that lenders will default. However, a fee is paid for the guarantee. The fee is usually 3.75% of the guaranteed amount of the loan.

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

As with most loans, rate of interest for 7(a) loans will vary depending on the amount and the repayment conditions. It can be variable or fixed, and it can be pegged to the prime rate.

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To apply for an SBA 7(a) loan you must complete an application and get it approved. The lender will look over your financial history and assess your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured capital loan could be a wise financial decision. It can be used to buy equipment, expand your business, or even to upgrade your facility. The right choice will help your business flourish.

It is much simpler than you think to obtain a working capital loan. Contrary to a line-of-credit it is possible to get a loan with a one-page application. You can even use 3 months of bank statements from your company to pay for your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on greater risk. So, a business owner must have a great credit rating to qualify. Additionally, you must have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way to bridge a short-term financial gap in your business. You can find low rates on the most important products or upgrades to your facilities using working capital loans. A working capital loan will enable you to keep your business running during tough economic times.

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Another great thing about an unsecured working capital loan is that you don’t have to pledge any of your assets. Typically, lenders will ask for the payment processor’s URL and an account for deposit.

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Small-scale businesses have additional financing options
Alternative finance models for small-sized companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing options that will give you the money you require to expand your business.

Alternative loans are also more affordable than traditional ones. Banks typically require substantial down payments and you could have to wait for a while before they are able to provide the cash you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit cards, and cash advances for merchants. Each of these options gives 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 only interest on the money you take out. These are particularly useful to cover short-term expenses.

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Working capital loans are useful for everyday expenses like purchasing inventory or paying employees. They aren’t the best solution for large-scale transformations of businesses.

When choosing a lender for an alternative business loan, make sure you work with a company with expertise. Your credit score is important. Your chances of getting a favorable finance deal are higher if you have a higher credit score.

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Peer-to-peer lending is another alternative finance option for small-sized companies. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This option is particularly beneficial for small companies that don’t have collateral.

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