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There are a myriad of options available to small business owners looking for working capital loans to get their business off the starting point. Some of these include SBA 7(a) term loans and working capital loans that are not secured. Alternative financing models could be available 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. These loans are flexible and can be used for a variety of reasons. The funds can be used to repay debt, expand your business or to purchase assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. However, a fee is payable for the guarantee. This fee is typically 3.75% of the guaranteed amount of the loan.

Interested parties can get an understanding of the SBA 7(a) loan by checking out the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

As with all loans, the interest rate on a 7(a) loan will be contingent on the amount and the repayment terms. It can be fixed or variable, and it can be tied to the prime rate.

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To apply for an SBA 7(a) loan you must fill out an application and get it approved. The lender will look over your financial history and review your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured working capital loan is a wise financial decision. It can be used to finance equipment, expansion or to improve your building, among other things. The right choice will allow your business to grow.

It is much simpler than you might consider to obtain a capital loan. It is possible to get a loan using just one page unlike a line credit. You can even pay for your loan by using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. In this regard, a business owner must have a great credit score to be eligible. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans can be a great way for your company to bridge short-term financial gaps. You can obtain low prices on the most important products or upgrades to your facilities using a working capital loan. Getting a working capital loan will enable you to stay in business in tough economic times.

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An unsecured working capital loan offers another advantage: you don’t need to pledge any of your assets. Lenders will typically ask for the services of a payment processor and a deposit account.

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Alternative financing models for small-sized companies
Many entrepreneurs are opting for alternative finance models for small-sized businesses as the most preferred option. These flexible financing options can provide the cash you need to fund growth.

Alternative loans are also more affordable than traditional loans. Banks usually require large deposits and you might have wait for a while before you can obtain the cash you require.

Lines of credit, merchant cash advances and invoice discounting, credit card, and credit cards are all options for business loans. These options can help you to quickly obtain funding.

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Business credit lines are similar to credit cards in that they charge interest only on the cash you take out. These options are especially beneficial for short-term expenses.

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

When choosing a lender for an alternative business loan, make sure you choose a firm that has years of experience. Your credit score is also crucial. Your chances of getting a favorable loan deal are better if have a higher credit score.

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Peer-to-peer lending is another alternative method of financing for small businesses. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This option is particularly useful for small businesses who don’t have collateral.

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