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If you are an owner of a small business seeking an working capital loan to start your business there are plenty of options you could look into. Some of these include SBA 7(a) term loans and non-secured working capital loans. Alternative financing models could be available to help finance your small business.

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SBA 7(a) and term loans
If you are a small-scale business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for a variety of purposes. You can use the money to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees a part of the loan to reduce the likely that lenders will default. However, a fee will be charged to guarantee the loan. The cost is usually 3.75% of the loan’s guarantee amount.

Anyone interested can gain a better understanding of the SBA 7(a) loan by looking through the SBA website. They will also be able access the SBA Lender Match Tool, which matches applicants to lenders with approval within two days.

As with most loans, interest rates for 7(a) loans will differ depending on the amount and the repayment conditions. It can be fixed or variable and can be pegged to the prime rate.

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To be eligible for an SBA 7(a) loan you must fill out an application and have it approved. The lender will go over your financial history and review your business plan. After the approval, you will sign a loan contract and 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 is a wise financial decision. It can be used to buy equipment, expand your business, or to upgrade your building. The right one will make your business thrive.

It’s much easier than you might consider to obtain a capital loan. A loan can be obtained by filling out a single page unlike a line credit. You can even fund your loan using 3 months of business bank statements.

Unsecured loans come with higher interest rates. This is because the lender assumes greater risk. To be eligible, a business owner must have excellent credit ratings. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans can be a great solution to bridge a financial gap in your business. You can enjoy low costs on essential products or upgrades to your facilities with working capital loans. A working capital loan will allow you to stay in business 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 require the payment processor’s URL and a deposit account.

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Small-scale businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing solutions that can give you the money you need to expand your business.

Alternative loans are less expensive than conventional ones. Banks usually require large down-payments and you may need to wait a few months before you can get the money you need.

Lines of credit, merchant cash advances, invoice discounting, credit card, and credit cards are all options for business loans. These options all offer you the opportunity to obtain quick and easy funding.

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Business lines of credit function exactly the same way as credit cards but charge only interest on the amount that you take out. These options can be particularly helpful for short-term expenditures.

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Working capital loans are great to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not the an ideal solution for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you choose a business with prior experience. Also, think about your credit score. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This is particularly beneficial for small businesses that do not have access to collateral.

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