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There are a variety of alternatives available to small-scale business owners seeking working capital loans to get their business off the starting point. One of them is SBA 7(a) term loans and unsecure working capital loans. You could also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a) term loans
If you are a small business owner and you are in need of working capital, you should think about applying for SBA 7(a) term loans. They are extremely flexible loans that can be utilized for a variety of uses. You can use the funds for refinancing debt, expanding your business, or even purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. The guarantee comes with a fee. This is usually 3.75 percent of the guarantee amount of the loan.

Anyone interested can gain an understanding of the SBA 7(a) loan by looking through the SBA website. They’ll also be able to access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders in just two days.

Similar to most loans, interest rates on 7(a) loans can vary dependent on the amount and repayment conditions. It can be fixed, variable, or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan, you will need to fill out an application form and get it approved. A lender will then review your financial standing and analyze your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecured working capital loan can be a wise financial decision. It can be used to fund equipment, expansion or to improve your building among other things. The right choice can help your business grow.

It’s much easier than you might consider to obtain a capital loan. In contrast to a line of credit you can apply for a loan by filling out a simple application. You can even fund your loan by using 3 months of business bank statements.

Unsecured loans have higher interest rates. This is due to the fact that the lender assumes greater risk. To be considered for a loan, a business owner must have good credit ratings. Additionally, you must have a plan to pay back the loan in a timely manner.

Unsecured working capital loans are an excellent option to bridge a financial gap in your business. With a working capital loan, you can take advantage of low rates on key products and improvements to your facilities. A working capital loan can allow you to keep your business afloat during tough economic times.

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An unsecure working capital loan also has a benefit: you don’t have to pledge any of your assets. Typically lenders will require an online payment processor and an account for deposit.

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Small-scale businesses have additional financing options
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the cash you need for growth.

Alternative loans are also less expensive than traditional ones. Banks typically require huge down payments, and you may be waiting a long time before they are able to provide the money you need.

Some alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. All of these options give you the possibility of obtaining funds quickly and easily.

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Business credit lines are similar to credit cards in that they charge interest only on the money you withdraw. These are particularly useful for short-term expenses.

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Working capital loans are a great option for everyday expenses such as ordering inventory or paying employees. They are not the best option for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you choose a business that has experience. Your credit score is crucial. The higher your score, the higher your chances of securing an attractive financing deal.

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Other alternative models for financing small businesses are peer-to peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from several investors. This option is particularly beneficial for small businesses who don’t have collateral.

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