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If you are an owner of a small business looking for a working capital loan to get your business going There are a variety of options you could consider. These include SBA 7(a), term loans and unsecured work capital loans. 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 business owner and are in need of working capital, you should think about applying for SBA 7(a) term loans. These are highly flexible loans that can be used for a variety reasons. The funds can be used to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. However, a fee will be paid for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

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

Like most loans, the rates of interest on 7(a) loans will differ depending on the amount and the repayment terms. It can be variable or fixed or pegged to the Prime rate.

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You will need to complete an application in order to apply for an SBA 7(a) loan. 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
An unsecured working capital loan is a wise financial decision regardless of whether or not you are expanding or starting out. It can be used to buy equipment or expand your business or to improve your building. The right type of loan can help your business grow.

Getting a working capital loan is much easier than you think. Contrary to a line-of-credit, you can get a loan by filling out a simple application. You can even use three months of bank statements from your company to pay for your loan.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes 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 pay back the loan in a timely manner.

Unsecured working capital loans can be an excellent way for your business to cover short-term financial gaps. Using a working capital loan you can avail of discounted prices on important products and upgrades to your facilities. A working capital loan will enable you to continue to operate during 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. Most lenders will require an online payment processor and deposit account.

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Small-scale businesses have additional financing options
Many entrepreneurs are choosing alternative finance models for small businesses as the most preferred option. They offer flexible financing solutions that can provide you with the funds you need to grow.

Alternative loans are also cheaper than conventional loans. Banks will typically require large down payments, and you may require a few days before they will be able to give you the funds you require.

Other alternatives to business loans include lines of credit invoice discounting, credit cards and cash advances from merchants. These options can help you quickly get funding.

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Business credit lines are similar to credit cards, with the exception that they charge only interest on the money you withdraw. These options are especially useful for short-term expenditures.

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Working capital loans can be beneficial for everyday expenses like paying employees or placing orders for inventory. However, they aren’t the suitable for large-scale business changes.

When selecting a lender for an alternative business loan, make sure you choose a business that has experience. Also, think about your credit score. The better your score, the more likely you are to receive the best financing deal.

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Peer-to-peer lending is a different finance option for small-sized businesses. Similar to crowdfunding, peer-to business lenders offer small businesses loans from multiple investors. This is particularly useful for small businesses that do not have access to collateral.

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