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There are many choices available to small entrepreneurs looking for working capital loans to help them get their business off the ground. Some of these options 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 business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety of reasons. The money can be used to repay the company’s debt, grow it, or purchase assets.

The SBA guarantees some of the loan so lenders are less likely to default. However, a fee is payable to guarantee the loan. This fee is usually 3.75 percent of the guaranteed amount of the loan.

The interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders within two days.

Like all loans, the rate of interest for 7(a) loans will differ dependent on the amount and the repayment conditions. It can be fixed, variable, or tied to the Prime Rate.

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You will need to complete an application form to be eligible for an SBA 7(a), loan. The lender will go over your financial history and assess 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
An unsecured working capital loan is a smart financial decision regardless of whether or not you are expanding or just starting out. It can be used to purchase equipment to expand your business or to upgrade your building. The right option will help your business thrive.

It’s much easier than you think to get a working capital loan. A loan can be obtained by filling out a single page unlike the line credit. You can even pay for your loan with 3 months of bank statements for business.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender assumes greater risk. As such the business owner should have a high credit rating to qualify. It is also essential to have a plan for repaying the loan on time.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your business. You can enjoy low costs on essential products or upgrades to your facilities with a working capital loan. A working capital loan will allow you to keep your business running during tough economic times.

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Another great thing about an unsecured working capital loan is the fact that you don’t have to pledge any of your assets. The lender will usually require an online payment processor and deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the cash you need for expansion.

Alternative loans are also less expensive than traditional loans. Banks usually require large deposits and you may need to wait a few months before you can obtain the money you need.

Some alternative business loan options include lines of credit invoice discounting, credit cards and cash advances from merchants. These options can help you quickly get funding.

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Business lines of credit function exactly 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 are useful for daily expenses for things like paying employees or ordering inventory. However, they’re not the an ideal solution for major business changes.

When choosing a lender for an alternative business loan, make sure you choose a firm with expertise. Your credit score is also crucial. Your chances of getting a favorable finance deal are increased if you have a higher credit score.

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Peer-to-peer lending is a different financing option for small companies. Peer-tobusiness lenders offer small businesses loans from several investors, similar to crowdfunding. This is particularly beneficial for small-sized businesses that do not have collateral.

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