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There are many options for small-scale business owners seeking working capital loans to 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 models that could be used to finance your small business.

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SBA 7(a) term loans
If you are a small company owner in need of working capital, you should think about applying for SBA 7(a) term loans. These are extremely flexible loans that can be used for a variety of purposes. The funds can be used to refinance loans, expand your business or even purchase assets.

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

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

As with most loans, the rate of interest on a 7(a) loan will depend on the amount and the repayment terms. It could be fixed, variable, or linked 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 examine your financial history and review your business plan. After approval, you will sign a loan agreement to receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, a non-secure working capital loan could be an excellent financial choice. It can be used to buy equipment to expand your business or upgrade your building. The right option will make your business thrive.

Getting a working capital loan can be a lot easier than you think. A loan can be obtained with just one page unlike a line credit. You could even use 3 months of bank statements from your company to finance your loan.

Unsecured loans are characterized by higher rates of interest. This is because the lender assumes greater risk. In this regard the business owner should have a high credit score to be able to qualify. You should also have a plan for repaying the loan on time.

Unsecured working capital loans are an excellent method for your business to bridge short-term financial gaps. With a working capital credit you can avail of low rates on key products and upgrades to your facilities. Getting a working capital loan will enable you to continue to operate even in difficult economic times.

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Another great thing about an unsecured working capital loan is the fact that you do not have to pledge any of your assets. The lenders will usually ask for a payment processor and a deposit account.

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Small businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that will give you the money you require to grow.

Alternative loans are cheaper than traditional ones. Banks typically require large down-payments, and you may have to wait a few months before you can secure the cash you require.

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

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Business lines of credit are similar to credit cards, with the exception that they charge interest only on the cash you withdraw. These options are especially beneficial for expenses that are short-term.

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Working capital loans are useful for day-to-day costs, such as paying employees or ordering inventory. However, they’re not the suitable for major business transformations.

Be sure to select a lender with experience in business loans for alternative businesses. Also, consider your credit score. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Other alternative financing options for small businesses involve peer-to-peer lending. Peer-to business lenders provide loans to small businesses from multiple investors, much like crowdfunding. This option is particularly beneficial for small businesses that don’t have collateral.

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