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If you’re a small business owner looking for a working capital loan in order to start your business there are plenty of alternatives you can consider. A few of these options are SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available 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-scale business owners who require working capital. These loans are flexible and can be used for numerous purposes. You can use the funds to refinance debt, grow your business, or even purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders fail. The guarantee comes with a cost. This fee is usually 3.75 percent of the loan’s guarantee amount.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

Like most loans, the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It can be variable, fixed, or linked to the Prime Rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a) loan. The lender will go over your financial records and evaluate your business plan. Once you have been approved, you 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 starting out. It can be used to pay for expansion, equipment, or to improve your building, among other things. The right choice will help your business flourish.

It’s much easier than you consider to obtain a capital loan. Unlike a line of credit it is possible to get an advance with just a single application. You can even use three months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender takes on a greater risk. To be considered for a loan, a business owner must have good credit ratings. Also, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your company. By taking a working capital loan, you can take advantage of lower prices on essential products and upgrades to your facilities. A working capital loan can allow you to keep your business running in difficult economic times.

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Another benefit of having an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will require the payment processor’s link and a deposit account.

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Alternative finance models for small-sized companies
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the funds you require for expansion.

Alternative loans are also cheaper than traditional ones. Banks usually require large down-payments and you may need to wait a while before you can obtain the cash you require.

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 get funding.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on the money you take out. These types of credit can be especially beneficial for expenses that are short-term.

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Working capital loans can be helpful for day-to-day expenses for example, paying employees or placing orders for inventory. They’re not the ideal solution for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you work with a company that has expertise. Also, take into consideration your credit score. Your chances of getting a favorable finance deal are increased if you have a higher credit score.

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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 offer small businesses loans from multiple investors. This option is particularly beneficial for small-sized businesses that do not have collateral.

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