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There are many choices available to small business owners seeking working capital loans to get their business off the start. These include SBA 7(a) or term loans as well as unsecured work capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) and term loans
If you are a small-scale company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and are able to be used for many reasons. The funds can be used to refinance debt, expand your business, or for purchasing assets.

The SBA guarantees some of the loan which means lenders are less likely to default. However, a fee is due for the guarantee. This is typically 3.75 percent of the loan’s guaranteed amount.

Anyone interested can gain more information about the SBA 7(a) loan by looking through the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants to SBA-approved lenders within two days.

Like all loans, the interest rates on 7(a) loans can vary according to the amount and repayment terms. It could be variable, fixed, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan you must submit an application and be approved. A lender will then review your financial standing 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
If you’re just starting out or expanding, an unsecured working capital loan is an investment that is financially sound. It can be used to finance expansion, equipment, or to improve your building, among other things. The right option will help your business grow.

Getting a working capital loan could be a lot easier than you think. Contrary to a line-of-credit, you can get a loan by filling out a simple application. You can even pay for your loan with 3 months of business bank statements.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. As such an owner of a business should have a high credit score to be eligible. It is also essential to have a plan for repaying the loan on time.

Unsecured working capital loans are a great way for your business to bridge short-term financial gaps. With a working capital credit you can take advantage of low rates on key products and upgrades to your facilities. A working capital loan will help you to keep your business in business during difficult economic times.

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An unsecure working capital loan also has a benefit: you don’t need to pledge any of your assets. Typically, lenders will ask for an online payment processor and an account for deposit.

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Alternative finance 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 help you get the cash you need to fund expansion.

Alternative loans can also be less expensive than conventional ones. Banks typically require large down payments, and you may have to wait a few months before you can get the money you need.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options all offer you a way to obtain money quickly and conveniently.

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Business lines of credit function similarly to credit cards but charge interest only on the money that you withdraw. These are helpful for short-term expenditures.

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Working capital loans can be beneficial for everyday expenses like paying employees or purchasing inventory. However, they’re not an suitable for major business transformations.

When selecting a lender for an alternative business loan, ensure you choose a business with prior experience. Also, think about your credit score. Your chances of getting a favorable loan deal are greater if you have a higher credit score.

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Other alternative finance models for small businesses are peer-to peer lending. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from multiple investors. This option is especially useful for small businesses that don’t have access to collateral.

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