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If you are a small-scale business owner looking for a working capital loan to help your business get going there are many alternatives you can take into consideration. These include SBA 7(a) and term loans and unsecured capital loans. Alternative financing models could be available to help finance your small business.

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SBA 7(a) term loans
If you are a small business owner who is in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for a variety of purposes. The funds can be used to refinance debt, expand your company or to purchase assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. However, a fee will be charged to guarantee the loan. This fee is typically 3.75% of the guaranteed amount of the loan.

The interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with all loans the interest rate on a 7(a) loan will be contingent on the amount and repayment terms. It is either variable or fixed, and it can be pegged to the prime rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application and be approved. The lender will go over your financial records and evaluate your business plan. After approval, you’ll sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured capital loan can be a wise financial decision. It can be used to fund expansion, equipment, or to improve your building among other things. The right type of loan will make your business grow.

Getting a working capital loan may be much easier than you think. As opposed to a credit line you can obtain the loan using a single application. You can even use three months of bank statements from your business to pay for your loan.

Unsecured loans are characterized by higher rates of interest. This is because the lender is taking on more risk. To be considered for a loan, a business owner must have good credit ratings. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great option to bridge a financial gap in your company. By taking a working capital loan you can avail of low prices on key products and improvements to your facilities. A working capital loan will enable you to continue to operate in tough economic times.

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An unsecured working capital loan is another benefit because it doesn’t require the pledge of any of your assets. Typically lenders will ask for a payment processor link and the deposit account.

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Small businesses have other financing options
Alternative financing models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can give you the cash you need to expand your business.

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

Some other alternatives for business loans include lines of credit invoice discounting, credit cards, and merchant cash advances. These options can help you to quickly get funding.

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Business lines of credit work similar to credit cards but charge only interest on the amount that you take out. These options are especially useful for expenses that are short-term.

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Working capital loans can be helpful for day-to-day expenses for example, paying employees or placing orders for inventory. They are not the ideal option for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a firm that has experience. Also, think about your credit score. The higher your score, the higher your chances of securing the best financing deal.

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Other alternative finance models for small businesses include peer-to -peer lending. Peer-to-business lenders provide small businesses loans from multiple investors, similar to crowdfunding. This is particularly useful for small-sized businesses that do not have collateral.

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