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If you are a small-scale business owner seeking a working capital loan to get your business going there are plenty of options you could think about. A few of these options are SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
If you are a small company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These are loans that are extremely flexible that can be utilized for a variety of uses. You can use the funds for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. However, a fee will be paid to guarantee the loan. The fee is typically 3.75% of the loan’s guaranteed amount.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

As with most loans, the rate of interest on a 7(a) loan will depend on the amount and repayment terms. It is either fixed or variable and linked to the prime rate.

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You will need to complete an application form to be eligible for an SBA 7(a) loan. A lender will then review your financial situation and review your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a smart financial decision, regardless of whether you are expanding or starting out. It can be used to finance equipment, expansion, or to upgrade your building, among other things. The right option will make your business thrive.

A working capital loan is much easier than you think. As opposed to a credit line you can apply for an advance with just a single application. You can even pay for your loan using three months of business bank statements.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender assumes greater risk. So the business owner must have a great credit score to be eligible. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent option for your company to bridge short-term financial gaps. With a working capital loan, you can take advantage of low rates on key products and improvements to your facilities. A working capital loan will allow you to stay in business in tough economic times.

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An unsecured working capital loan also has a benefit: you don’t need to pledge any assets. Most lenders will require a payment processor and a deposit account.

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Smaller businesses have other financing options
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing options that can help you get the money you need to grow.

Alternative loans are also more affordable than traditional ones. Banks usually require large down-payments and you may have to wait a few months before getting the funds you require.

Lines of credit, cash advances for merchants invoice discounting, credit card, and credit cards are all options for business loans. Each of these options gives you the chance to get funding quickly and easily.

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Business lines of credit are similar to credit cards, except they charge only interest on the money you take out. These options are especially beneficial to cover short-term expenses.

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Working capital loans can be useful for day-to-day costs, such as paying employees or placing orders for inventory. They are not the ideal option for large-scale business changes.

Be sure to select an institution with experience in alternative business loans. Also, think about your credit score. The higher your score, the higher your chances of securing a favorable financing deal.

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Other alternative finance models for small businesses involve peer-to-peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from a variety of investors. This is particularly beneficial for small-sized businesses that do not have access to collateral.

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