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There are numerous options for small-scale business owners seeking working capital loans to get their business off the ground. These include SBA 7(a) or term loans and unsecured capital loans. Alternative financing models may also be available 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 think about applying for SBA 7(a) term loans. These are loans that are extremely flexible that can be used for a variety of purposes. You can use the money to refinance debt, expand your company, or purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders fail. However, a fee will be paid to guarantee the loan. This fee is usually 3.75 percent of the guaranteed amount of the loan.

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

Like most loans, the interest rates on 7(a) loans can vary in accordance with the amount borrowed and the repayment conditions. It is either fixed or variable and tied to the prime rate.

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You’ll need to submit an application in order to apply for an SBA 7(a), loan. A lender will then assess your financial history and evaluate your business plan. After approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial investment regardless of whether you are expanding or just starting out. It can be used to purchase equipment or expand your business or upgrade your building. The right one can help your business grow.

The process of getting a working capital loan is much simpler than you think. As opposed to a credit line you can obtain the loan using a single application. You can even use 3 months of bank statements from your company to finance your loan.

Unsecured loans have higher rates of interest. This is due to the fact that the lender takes on a greater risk. Therefore the business owner must have a good credit score to be eligible. Additionally, you must have a plan to pay back the loan on time.

Unsecured working capital loans can be a great option to fill a financial gap in your business. You can get low prices on key products or upgrades to your facilities with working capital loans. A working capital loan will enable you to keep your business running during tough economic times.

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Another great thing about an unsecured working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will ask for an online payment processor and a deposit account.

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Alternative financing models for small businesses
Alternative financing models for small companies are quickly becoming the preferred choice for many entrepreneurs. They provide flexible financing solutions that can provide you with the money you require to expand your business.

Alternative loans are also more affordable than traditional loans. Banks typically require huge down payments and you may need to wait a while before they are able to provide the cash you require.

Some other alternatives for business loans include lines of credit invoice discounting, credit card, and cash advances from merchants. All of these options give you a way to obtain funding quickly and easily.

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Business credit lines are similar to credit cards, but they charge interest only on the cash you withdraw. These options can be particularly beneficial for expenses that are short-term.

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Working capital loans are great for everyday expenses such as ordering inventory or paying employees. However, they’re not the best suited for major business transformations.

Be sure to select a lender who has experience in alternative business loans. Your credit score is important. The higher your score, the better your chances of receiving the best 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 several investors. This option is especially beneficial for small businesses that don’t have access to collateral.

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