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There are numerous alternatives available to small-scale business owners looking for working capital loans to help them get their business off the starting point. These include SBA 7(a) as well as term loans, and unsecured work capital loans. You may also want to look into alternative financing options that could be used to help finance your small-scale business.

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SBA 7(a) and term loans
SBA 7(a) and term loans are available to small-scale business owners who need working capital. These are highly flexible loans that can be used for a variety of uses. The funds can be used to refinance debt, expand your company or even purchase assets.

The SBA guarantees some of the loan to ensure that lenders are less likely to default. The guarantee comes with a cost. This is usually 3.75 percent of the guarantee amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They will also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

Similar to most loans, interest rates for 7(a) loans will vary in accordance with the amount borrowed and repayment terms. It can be fixed, variable, or tied to the Prime Rate.

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You’ll need to fill out an application to apply for an SBA 7(a), loan. The lender will go over your financial history and review your business plan. Once you have been approved, you sign a loan agreement to 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 you are expanding or just starting out. It can be used to purchase equipment or expand your business or to improve your building. The right choice will help your business thrive.

The process of getting a working capital loan could be a lot easier than you think. The loan can be secured using just one page, unlike the line credit. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans carry higher rates of interest. This is due to the fact that the lender takes on greater risk. To qualify, a business owner must have excellent credit ratings. You should also have a plan to repay the loan on time.

Unsecured working capital loans can be a great way for your business to bridge short-term financial gaps. With a working capital loan, you can take advantage of discounted prices on important products and upgrades to your facilities. A working capital loan will help you to keep your business afloat during difficult economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will request a payment processor link and the deposit account.

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Smaller businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. These flexible financing options can provide the cash you need to fund growth.

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

Alternative business loan options include lines of credit invoice discounting, credit cards and merchant cash advances. All of these options offer you the chance to get funding quickly and easily.

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Business credit lines are similar to credit cards, with the exception that they charge interest only on cash you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans are beneficial for everyday expenses for things like paying employees or purchasing inventory. They’re not the ideal solution for large-scale business transformations.

Make sure to choose a lender who has experience in alternative business loans. Your credit score is important. The higher your score, the better your chances of receiving an attractive financing deal.

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Peer-to-peer lending is a different financing option for small companies. Similar to crowdfunding, these peer-to-business lenders provide small businesses with loans from multiple investors. This option is especially useful for small businesses that do not have collateral.

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