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If you are an owner of a small business looking for a working capital loan to get your business going there are many options that you may look into. Some of these include SBA 7(a) term loans as well as non-secured working capital loans. Alternative financing models could be available to finance your small-sized business.

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SBA 7(a) and 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. The funds can be used to refinance debt, expand your business, or purchase assets.

The SBA guarantees a portion of the loan so that lenders are less likely to default. However, a fee is payable for the guarantee. This fee is usually 3.75 percent of the guarantee amount of the loan.

The SBA website provides a detailed explanation of the SBA 7 (a) loan. They will also be able access the SBA Lender Match Tool, which matches applicants with lenders who have approval within two days.

Similar to most loans, interest rates for 7(a) loans will vary depending on the amount and the repayment conditions. It is either variable or fixed or linked to the Prime rate.

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To be eligible for an SBA 7(a) loan you must fill out an application form and have it approved. The lender will look over your financial history and assess your business plan. After approval, you will 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 wise financial choice, regardless of whether you are expanding or starting out. It can be used to purchase equipment, expand your business, or to improve your building. The right option will help your business thrive.

The process of getting a working capital loan is much simpler than you think. It is possible to get a loan using just one page unlike a line credit. You could even use 3 months of bank statements from your business to finance your loan.

Unsecured loans have higher interest rates. This is because the lender takes on more risk. To be considered for a loan, a business owner must have good credit ratings. In addition, you should have a plan to pay back the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your business. You can obtain low prices on key products or upgrades to your facilities through working capital loans. A working capital loan will enable you to continue to operate even during 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 lender will usually require an online payment processor and deposit account.

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Alternative finance models for small businesses
Alternative financing models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. They offer flexible financing options that can help you get the money you require to expand.

Alternative loans are also more affordable than traditional loans. Banks typically require large down payments and you may need to wait a while before getting the money you need.

Lines of credit, merchant cash advances and invoice discounting, credit card and credit cards are all options for business loans. All of these options offer you the chance to get money quickly and conveniently.

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Business credit lines are similar to credit cards, but they charge interest only on cash you take out. These are particularly useful for short-term expenditures.

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Working capital loans can be useful to cover the cost of daily expenses, such as purchasing inventory or paying employees. However, they’re not an suitable for major business changes.

Choose an institution with experience in business loans for alternative businesses. Your credit score is also crucial. The more impressive your score, more likely you are to receive the best financing deal.

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Peer-to peer lending is another alternative financing model for small companies. Peer-to-business lenders offer loans to small businesses from several investors, similar to crowdfunding. This option is particularly useful for small companies that don’t have collateral.

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