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If you are a small business owner looking for a working capital loan in order to help your business get going there are plenty of options that you may consider. These include SBA 7(a) or term loans and unsecured work capital loans. You may also want to look at alternative financing options that can be used to help finance your small business.

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

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

The SBA website offers a comprehensive explanation of the SBA 7 (a) loan. They will also be able to access the SBA Lender Match Tool, which connects applicants to lenders with approval within two days.

Similar to most loans, interest rates for 7(a) loans will vary dependent on the amount and the repayment conditions. It could be variable, fixed, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan, you will need to complete an application and get it approved. A lender will then review your financial history and assess your business plan. After approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, a non-secure working capital loan can be an investment that is financially sound. It can be used to buy equipment to expand your business or to upgrade your building. The right one will make your business grow.

Getting a working capital loan may be much easier than you think. As opposed to a credit line you can apply for the loan using a single application. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have excellent credit ratings. In addition, you should have a plan in place to repay the loan in a timely manner.

Unsecured working capital loans are a great option to fill a financial gap in your business. By taking a working capital loan allows you to take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan can help you to keep your business afloat during tough economic times.

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A working capital loan that is unsecured also has a benefit: you don’t need to pledge any assets. Lenders will typically ask for a payment processor and a deposit account.

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Small-scale businesses have other financing options
Alternative financing models for small businesses are fast becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the cash you need to fund growth.

Alternative loans are also more affordable than conventional ones. Banks typically require substantial down payments, and you might need to wait a while before they can provide the money you require.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards and cash advances for merchants. These options can help you quickly receive funding.

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

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Working capital loans can be useful for day-to-day costs, such as paying employees or ordering inventory. However, they’re not an appropriate for major business changes.

Be sure to select a lender who has experience in alternative business loans. Your credit score is crucial. The greater your score, the 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. Peer-tobusiness lenders offer loans to small businesses from many investors, similar to crowdfunding. This is particularly beneficial for small businesses that don’t have collateral.

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