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If you’re an owner of a small-sized business looking for a working capital loan in order to help your business get going there are plenty of alternatives you can consider. Some of these options include SBA 7(a) term loans as well as unsecured working capital loans. You could also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a), term loans
If you are a small business owner who is in need of working capital, you should think about applying for SBA 7(a) term loans. These loans are flexible and can be used for numerous reasons. You can use the funds to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a portion of the loan to ensure that lenders are less likely to default. However, a fee is due to guarantee the loan. This fee is typically 3.75 percent of the guaranteed amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They’ll also be able to access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with all loans the interest rate on a 7(a) loan will depend on the amount and the terms of repayment. It can be variable or fixed or tied to the Prime rate.

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To apply for an SBA 7(a) loan, you will need to fill out an application form and be approved. The lender will review your financial history and assess your business plan. After approval, you’ll sign a loan contract to 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 you are expanding or just starting out. It can be used to buy equipment or expand your business or to improve your building. The right option can help your business grow.

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 can also use 3 months of bank statements from your business to pay for your loan.

Unsecured loans have higher interest rates. This is due to the fact that the lender takes on a greater risk. Therefore, a business owner must have a strong credit score in order to be eligible. You should also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are an excellent method for your company to bridge short-term financial gaps. You can obtain low prices on the most important products or upgrades to your facilities with a working capital loan. Getting a working capital loan will enable you to stay in business during tough economic times.

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Another benefit of having 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 an electronic payment processor as well as a deposit account.

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Small-scale businesses have other financing options
Alternative finance models for small companies are quickly becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that can give you the cash you need to expand your business.

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

Some alternative business loan options include lines of credit invoice discounting, credit card, and cash advances for merchants. These options can help you quickly receive funding.

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Business lines of credit work similar to credit cards, but charge interest only on the money that you take out. These types of credit can be especially useful for short-term expenses.

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Working capital loans are a great option for everyday expenses such as ordering inventory or paying employees. However, they’re not the appropriate for major 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 higher your chances of securing an attractive financing deal.

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Other alternative models for financing small businesses involve peer-to-peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from several investors. This is especially beneficial for small businesses who don’t have collateral.

Reuters