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There are a variety of alternatives available to small-scale business owners looking for working capital loans to get their business off the ground. One of them is SBA 7(a) term loans and working capital loans that are not secured. You might also look into alternative financing options that could be used to help finance your small business.

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

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

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They’ll also be able to access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

Like all loans, the rates of interest on 7(a) loans will vary in accordance with the amount borrowed and repayment terms. It could be variable, fixed, or linked to the Prime Rate.

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You’ll need to submit an application to apply for an SBA 7(a), loan. The lender will then look over your financial standing and analyze your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured capital loan can be a wise financial decision. It can be used to purchase equipment to expand your business or to upgrade your building. The right one will make your business flourish.

A working capital loan may be much simpler than you think. In contrast to a line of credit it is possible to get the loan using a single application. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes a greater risk. Therefore, a business owner must have a strong credit score in order to be eligible. It is also essential to have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great option to fill a financial gap in your business. With a working capital loan you can take advantage of low prices on key products and improvements to your facilities. A working capital loan can help you to keep your company afloat during tough economic times.

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An unsecure working capital loan also has a benefit: you don’t need to pledge any assets. The lender will usually require a payment processor and a deposit account.

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Smaller businesses have other financing options
Alternative financing models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can give you the funds you require for expansion.

Alternative loans can also be more affordable than conventional ones. Banks usually require large deposits and you may have wait for a while before you can secure the money you need.

Some other alternatives for business loans include lines of credit invoice discounting, credit cards and merchant cash advances. All of these options give you the possibility of obtaining money quickly and conveniently.

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

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Working capital loans are a great option for daily costs such as ordering inventory or paying employees. They’re not the ideal solution for large-scale business transformations.

When choosing a lender for an alternative business loan, ensure you work with a company with years of experience. Your credit score is also important. The greater your score, the greater your chances of getting favorable financing deals.

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Peer-to peer lending is another alternative method of financing for small companies. Peer-to-business lenders offer small businesses loans through many investors, similar to crowdfunding. This option is particularly beneficial for small-sized businesses that don’t have collateral.

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