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There are a myriad of choices available to small business owners seeking working capital loans to help them get their business off the start. Some of these options include SBA 7(a) term loans and unsecure working capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small business owners who require working capital. These loans are flexible and are able to be used for many reasons. The funds can be used to repay debt, expand your business or purchase assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. The guarantee comes with a cost. This fee is typically 3.75% of the guaranteed amount of the loan.

The SBA website offers a thorough explanation of the SBA 7 (a) loan. They can also access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

Like most loans, the interest rates for 7(a) loans will differ dependent on the amount and the repayment terms. It could be fixed, variable, or linked to the Prime Rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a), loan. The lender will look over your financial records and evaluate 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
A working capital loan that is unsecured is a smart financial decision regardless of whether or not you are expanding or starting out. It can be used to purchase equipment to expand your business or to improve your building. The right choice will help your business flourish.

A working capital loan could be much simpler than you think. A loan can be obtained on a single form unlike the line credit. You can even pay for your loan using three months of business bank statements.

Unsecured loans have higher rates of interest. This is because the lender takes on greater risk. Therefore the business owner must have a strong credit score in order to be eligible. In addition, you should have a plan for repaying the loan on time.

Unsecured working capital loans can be an excellent option for your company to bridge short-term financial gaps. You can find low rates for key products or improvements to your facilities using a working capital loan. A working capital loan will allow you to keep your company afloat in difficult economic times.

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Another benefit of an unsecure working capital loan is the fact that you don’t have to pledge any of your assets. Typically lenders will request the payment processor’s link and an account for deposit.

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Alternative financing models for small-sized businesses
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. They offer flexible financing options that can provide you with the cash you need to expand.

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

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

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Business lines of credit work in the same way as credit cards, but they charge only interest on the amount that you take out. These are particularly useful for short-term expenditures.

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Working capital loans are useful for everyday expenses like ordering inventory or paying employees. However, they are not best suited for major business transformations.

Make sure to choose a lender who has experience in alternative business loans. Also, think about your credit score. The more impressive your score, higher your chances of securing the best financing deal.

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Peer-to-peer lending is another alternative finance option for small-sized businesses. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from several investors. This option is particularly useful for small businesses that don’t have collateral.

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