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If you are a small business owner looking for a working capital loan to get your business going there are many options that you may think about. These include SBA 7(a) as well as term loans as well as unsecured work capital loans. You could also look into alternative financing models that can be used to finance your small-scale business.

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SBA 7(a) and term loans
SBA 7(a) or term loans are available to small-scale business owners who need working capital. These loans are flexible and are able to be used for many reasons. You can use the funds to refinance debt, grow your business, or buying assets.

The SBA guarantees a portion of the loan to make it less likely that lenders default. The guarantee comes with a cost. This is typically 3.75% of the loan’s guaranteed amount.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

As with all loans the rate of interest on a 7(a) loan will be contingent on the amount and the repayment terms. 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 complete an application and be approved. The lender will examine your financial records and evaluate your business plan. After approval, you will 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 smart financial decision regardless of whether or not you are expanding or just starting out. It can be used to buy equipment or expand your business or upgrade your building. The right type of loan will help your business grow.

It is much simpler than you consider to obtain a capital loan. In contrast to a line of credit you can obtain the loan using a single application. You can even pay for your loan by using 3 months of bank statements for 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 excellent credit ratings. Also, you should have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great option to bridge a financial gap in your business. With a working capital credit, you can take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan can allow you to keep your business running in difficult economic times.

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

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Small businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the cash you need to fund expansion.

Alternative loans are also more affordable than traditional ones. Banks typically require large down payments, and you may have wait for a while before getting the funds you require.

Lines of credit, merchant cash advances invoice discounting, credit card and credit cards are all options for business loans. Each of these options gives you a way to obtain money quickly and conveniently.

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Business lines of credit work exactly the same way as credit cards but charge interest only on the money that you withdraw. These options are particularly useful for spending on short-term expenses.

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Working capital loans are useful for day-to-day costs like paying employees or purchasing inventory. They are not the ideal option for large-scale business changes.

Be sure to select a lender with experience in business loans for alternative businesses. Also, consider your credit score. The better your score, the more likely you are to receive favorable financing deals.

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Other alternative finance models for small businesses involve peer-to-peer lending. Peer-to-business lenders offer small businesses loans through multiple investors, much like crowdfunding. This is especially beneficial for small-sized businesses that don’t have collateral.

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