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There are many choices available to small business owners looking for working capital loans to help them get their business off the ground. Some of these include SBA 7(a) term loans and non-secured working capital loans. You may also consider looking into alternative financing models that could be used to help finance your small-scale business.

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SBA 7(a) term loans
SBA 7(a) and term loans are available to small-scale entrepreneurs who require working capital. They are extremely flexible loans that can be used for a variety uses. The money can be used to repay debt, expand your company or to purchase assets.

The SBA guarantees the loan in part so that lenders are less likely to default. The guarantee comes with a fee. The fee is typically 3.75 percent of the loan’s guaranteed amount.

The interested parties can get a better understanding of the SBA 7(a) loan by looking through the SBA website. They can also access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

Like most loans, the interest rates on 7(a) loans will vary dependent on the amount and repayment conditions. It is either variable or fixed, and it can be linked to the Prime rate.

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To apply for an SBA 7(a) loan you must fill out an application form and have it approved. A lender will review your financial history and evaluate 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
No matter if you’re just beginning or expanding, an unsecured capital loan is an excellent financial choice. It can be used to buy equipment, expand your business, or to upgrade your building. The right one will help your business grow.

Getting a working capital loan could be much simpler than you think. As opposed to a credit line, you can get an advance with just a single application. You can even use 3 months of bank statements from your business to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on more risk. To be eligible, a business owner must have good credit ratings. You must also have a plan to repay the loan on time.

Unsecured working capital loans are an excellent method for your company to bridge short-term financial gaps. You can obtain low prices on key products or upgrades to your facilities through a working capital loan. A working capital loan will allow you to keep your business afloat even in tough economic times.

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Another advantage of an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will require the payment processor’s URL and an account for deposit.

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Small businesses have other financing options
Many entrepreneurs are opting for alternative finance models for small-sized enterprises as their top choice. They provide flexible financing solutions that will give you the funds you need to expand your business.

Alternative loans are also less expensive than traditional loans. Banks typically require large down-payments and you might have to wait a while before you can get the money you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards, and cash advances from merchants. All of these options offer you a way to obtain funds quickly and easily.

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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 withdraw. These options are especially useful to cover short-term expenses.

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Working capital loans are a great option for everyday expenses such as 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, ensure you work with a company with prior experience. Also, consider your credit score. Your chances of getting a favorable loan deal are better if have a better credit score.

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Peer-to -peer lending is an alternative financing option for small companies. Peer-to business lenders provide loans to small businesses from multiple investors, much like crowdfunding. This is especially beneficial for small businesses who don’t have collateral.

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