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If you’re an owner of a small business looking for a working capital loan to get your business off the ground, there are many options you could think about. A few of these options are SBA 7(a) term loans and non-secured working capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) and term loans
If you are a small-scale business owner and are in need of working capital, you should think about applying for SBA 7(a) term loans. These loans are flexible and can be used for numerous reasons. The funds can be used to refinance debt, grow your business, or buying assets.

The SBA guarantees a portion of the loan to make it less likely that lenders fail. The guarantee is accompanied by a fee. The fee is usually 3.75 percent of the guarantee amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with approved lenders within two days.

As with all loans the interest rate for a 7(a) loan will depend on the amount and the repayment terms. It could be variable, fixed, or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan you must fill out an application form and be approved. A lender will then assess your financial history and evaluate 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 unsecured working capital loan is a wise financial choice regardless of whether or not you are expanding or starting out. It can be used to finance equipment, expansion or to improve your building among other things. The right type of loan will make your business thrive.

The process of getting a working capital loan can be much easier than you think. The loan can be secured with just one page unlike a line credit. You can even use three months of bank statements from your company to finance your loan.

Unsecured loans come with higher rates of interest. This is because the lender takes on greater risk. To be considered for a loan, 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 can be an excellent way for your business to cover short-term financial gaps. With a working capital loan, you can take advantage of lower prices on essential products and improvements to your facilities. A working capital loan will help you to keep your business running in difficult economic times.

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Another advantage of an unsecure working capital loan is that you do not have to pledge any of your assets. The lenders will usually ask for an online payment processor and deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are opting for alternative finance models for small enterprises as their top choice. They provide flexible financing options that will give you the cash you need to expand.

Alternative loans can be cheaper than conventional loans. Banks typically require large down payments and you might have to wait a few months before you can secure the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. All of these options give you a way to obtain money quickly and conveniently.

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Business lines of credit function similarly to credit cards, but they charge interest only for money that you withdraw. These are useful for short-term expenses.

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Working capital loans are useful for daily expenses like paying employees or purchasing inventory. They’re not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, make sure you choose a business that has expertise. Also, think about your credit score. The better your score, the higher your chances of securing a favorable financing deal.

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Other alternative financing models for small businesses involve peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This option is especially useful for small businesses that do have access to collateral.

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