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

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SBA 7(a) term loans
If you are a small-scale business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many reasons. The funds can be used to repay the company’s debt, grow it or to purchase assets.

The SBA guarantees the loan in part so that lenders are less likely to default. However, a fee will be paid for the guarantee. This fee is typically 3.75 percent of the guaranteed amount of the loan.

The interested parties can get more information about the SBA 7(a) loan by checking out the SBA website. They can also 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 could be fixed, variable or tied to the Prime Rate.

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To be eligible for an SBA 7(a) loan you must fill out an application and get it approved. The lender will review your financial history and assess 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 smart financial investment regardless of whether you are expanding or just starting out. It can be used to buy equipment, expand your business, or to improve your building. The right type of loan will help your business grow.

A working capital loan is a lot easier than you think. As opposed to a credit line, you can get an advance with just a single application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans carry higher rates of interest. This is due to the fact that the lender takes on more risk. Therefore an owner of a business must have a strong credit rating to qualify. Additionally, you must have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your company to bridge short-term financial gaps. With a working capital credit you can take advantage of discounted prices on important products and improvements to your facilities. A working capital loan will allow you to keep your business afloat during tough economic times.

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Another great thing about an unsecure working capital loan is that you do not need to pledge any of your assets. Most lenders will require the services of a payment processor and a deposit account.

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Alternative finance models for small businesses
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can provide you with the cash you need to expand your business.

Alternative loans are also less expensive than traditional loans. Banks typically require huge down payments and you could have to wait for a while before they can provide the money you require.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. These options can help you quickly get funds.

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Business lines of credit work similar to credit cards, but they charge interest only for money that you take out. These are useful for short-term expenses.

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Working capital loans can be useful for daily expenses like paying employees or placing orders for inventory. They are not the ideal option for large-scale business changes.

Make sure to choose a lender with experience in business loans for alternative businesses. Also, take into consideration your credit score. The better your score, the more likely you are to receive a favorable financing deal.

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Peer-to-peer lending is another alternative financing model for small companies. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from several investors. This is particularly beneficial for small businesses that do have collateral.

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