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There are a myriad of alternatives available to small-scale business owners looking for working capital loans to get their business off the starting point. Some of these options include SBA 7(a) term loans as well as working capital loans that are not secured. You may also want to look at alternative financing options that could be used to finance your small business.

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

The SBA guarantees a portion of the loan to make it less likely that lenders fail. The guarantee comes with a cost. This fee is usually 3.75 percent of the guaranteed amount of the loan.

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

Like most loans, the interest rates for 7(a) loans will differ dependent on the amount and repayment conditions. It is either variable or fixed, and it can be linked to the prime rate.

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To be eligible for an SBA 7(a) loan you must fill out an application and get it approved. The lender will look over your financial information and analyze your business plan. Once you have been approved, you sign a loan contract to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, a non-secure working capital loan could be a wise financial decision. It can be used to fund expansion, equipment, or to upgrade your building, among other things. The right option will make your business flourish.

It can be much easier than you might think to obtain a working capital loan. Unlike a line of credit it is possible to get a loan by filling out a simple application. You can even use three months of bank statements from your business to fund your loan.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. As such the business owner must have a strong credit score to be able to qualify. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent option to bridge a financial gap in your company. Using a working capital loan you can take advantage of discounted prices on important products and improvements to your facilities. A working capital loan will allow you to keep your business running during tough economic times.

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Another advantage of an unsecured working capital loan is that you do not have to pledge any of your assets. Typically lenders will ask for the payment processor’s link and an account for deposit.

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Alternative financing models for small companies
Many entrepreneurs are opting for alternative finance models for small enterprises as their top choice. These flexible financing options can help you get the funds you require for expansion.

Alternative loans are also less expensive than traditional ones. Banks typically require substantial down payments, and you may have to wait for a while before they are able provide the cash you require.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards and merchant cash advances. All of these options offer you the opportunity to obtain funding quickly and easily.

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Business lines of credit function in the same way as credit cards, but they charge interest only for money that you take out. These options can be particularly useful for short-term expenses.

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Working capital loans can be useful to cover the cost of daily expenses, such as ordering inventory or paying employees. However, they’re not an suitable for major business transformations.

When choosing a lender for an alternative business loan, make sure you select a company with years of experience. Your credit score is also important. Your chances of getting a favorable loan deal are increased if you have a better credit score.

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Other alternative finance models for small-sized businesses include peer-to-peer lending. Peer-tobusiness lenders offer small businesses with loans from multiple investors, similar to crowdfunding. This option is especially beneficial for small-sized businesses that do not have access to collateral.

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