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There are a variety of options for small-scale business owners seeking working capital loans to get their business off the starting point. These include SBA 7(a) and term loans as well as unsecured work capital loans. You may also want to look at alternative financing options that could be used to help finance your small business.

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

The SBA guarantees some of the loan so lenders are less likely to default. The guarantee is accompanied by a fee. This is usually 3.75% of the guaranteed amount of the loan.

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 to lenders with approval within two days.

As with all loans, the interest rate on a 7(a) loan will be contingent on the amount and the terms of repayment. It can be variable, fixed or 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. The lender will examine your financial history and assess your business plan. After approval, you’ll sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
An unsecure working capital loan is a wise financial choice regardless of whether you are expanding or starting out. It can be used to purchase equipment or expand your business or even to upgrade your facility. The right option will help your business grow.

A working capital loan may be more straightforward than you think. Unlike a line of credit you can apply for an advance with just a single application. You can even pay for your loan using three months of bank statements for business.

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

Unsecured working capital loans are a fantastic way to bridge a short-term financial gap in your business. Using a working capital loan allows you to take advantage of discounted prices on important products and upgrades to your facilities. Getting a working capital loan will allow you to keep your business running during tough economic times.

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An unsecure working capital loan offers another advantage: you don’t need to pledge any of your assets. Most lenders will require an electronic payment processor as well as a deposit account.

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Alternative finance models for small-sized companies
Many entrepreneurs are opting for alternative financing models for small companies as their preferred choice. They offer flexible financing options that can give you the money you need to expand your business.

Alternative loans are also more affordable than traditional ones. Banks will typically require large down payments and you may require a few days before they can provide the money you need.

Lines of credit, cash advances for merchants as well as invoice discounting card and credit cards are all options for business loans. These options can help you to quickly receive funding.

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Business lines of credit work exactly the same way as credit cards but charge only interest on the amount that you withdraw. These are helpful for short-term expenditures.

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Working capital loans can be helpful for day-to-day expenses for things like paying employees or purchasing inventory. They aren’t the best solution for large-scale business transformations.

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

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Other alternative financing options for small businesses are peer-to peer lending. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from several investors. This is particularly beneficial for small-sized businesses that do not have collateral.

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