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If you are a small business owner looking for a working capital loan in order to get your business going, there are many alternatives you can take into consideration. 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) and term loans are available to small business owners who require working capital. They are extremely flexible loans that can be utilized for a variety of uses. The funds can be used to refinance debt, expand your company, or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee comes with a cost. The cost is usually 3.75 percent of the loan’s guaranteed amount.

Interested parties can get more information about 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, the interest rate for a 7(a) loan will depend on the amount and repayment terms. It could be variable, fixed, or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to submit an application and get it approved. The lender will then look over your financial situation and review your business plan. Once you have been approved, you sign a loan contract to 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 buy equipment to expand your business or to upgrade your building. The right option will make your business grow.

Getting a working capital loan could be much simpler than you think. The loan can be secured by filling out a single page unlike the line credit. You can also use 3 months of bank statements from your company to fund your loan.

Unsecured loans carry higher interest rates. This is because the lender is taking on more risk. Therefore an owner of a business must have a good credit score to be able to qualify. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent option to fill a financial gap in your business. You can get low prices on the most important products or upgrades to your facilities by using a working capital loan. Getting a working capital loan will allow you to keep your business running during tough economic times.

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A working capital loan that is unsecured offers another advantage: you don’t need to pledge any assets. Typically lenders will require the payment processor’s link and a deposit account.

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Alternative financing models for small companies
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you need for growth.

Alternative loans are also less expensive than traditional ones. Banks usually require large down payments and you could require a few days before they are able provide the cash you require.

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

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Business lines of credit function similarly to credit cards but charge interest only for money that you withdraw. These types of credit are particularly beneficial to cover short-term expenses.

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Working capital loans can be helpful for day-to-day expenses, such as paying employees or purchasing inventory. However, they aren’t the an ideal solution for major business changes.

If you are choosing a lender to get an alternative business loan, ensure you select a company that has years of experience. Your credit score is important. Your chances of getting a favorable financing deal are better if have a better credit score.

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Other alternative finance models for small businesses include peer-to -peer lending. Peer-to-business lenders provide loans to small businesses from several investors, similar to crowdfunding. This option is particularly beneficial for small businesses that don’t have collateral.

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