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There are a myriad of alternatives available to small-scale business owners seeking working capital loans to get their business off the start. These include SBA 7(a), term loans as well as unsecured work capital loans. You may also consider looking into alternative financing models that can be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for many purposes. The funds can be used to refinance debt, expand your business, or buying assets.

The SBA guarantees a portion of the loan to make it less likely that lenders default. The guarantee comes with a fee. This fee is usually 3.75% of the loan’s guaranteed amount.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which connects applicants with lenders that have been approved within two days.

As with all loans the rate of interest on a 7(a) loan will depend on the amount and the terms of repayment. It is either variable or fixed and 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 be approved. The lender will examine your financial history and review your business plan. After approval, you’ll sign a loan contract and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured capital loan can be an investment that is financially sound. It can be used to purchase equipment or expand your business or even to upgrade your facility. The right type of loan can help your business grow.

It’s a lot easier than you might consider to obtain a capital loan. In contrast to a line of credit you can obtain an advance with just a single application. You can even pay for your loan using 3 months of bank statements for business.

Unsecured loans carry higher rates of interest. This is due to the fact that the lender takes on more risk. So an owner of a business should have a high credit score in order to be eligible. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great solution to bridge a financial gap in your company. You can get low prices on essential products or upgrades to your facilities through a working capital loan. A working capital loan can allow you to continue to operate even in difficult economic times.

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An unsecure working capital loan has another advantage: you don’t have to pledge any assets. Typically, lenders will ask for the payment processor’s URL and an account for deposit.

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Alternative finance models for small-sized companies
Alternative finance models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you need to fund expansion.

Alternative loans are also more affordable than conventional ones. Banks usually require large down payments, and you might have to wait for a while before they can provide the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. These options can help you to quickly get funding.

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Business lines of credit function exactly the same way as credit cards, but they charge interest only on money that you withdraw. These options are especially useful for short-term expenditures.

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

Choose a lender with experience in alternative business loans. Also, think about your credit score. Your chances of getting a favorable loan deal are increased if you have a better credit score.

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Peer-to peer lending is another alternative finance option for small-sized companies. Peer-to business lenders provide small businesses with loans from multiple investors, similar to crowdfunding. This option is especially useful for small-sized businesses that do not have access to collateral.

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