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There are many alternatives available to small-scale business owners seeking working capital loans to help them get their business off the starting point. A few of these options are SBA 7(a) term loans and unsecure working 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 are extremely flexible loans that can be utilized for a variety of purposes. The money can be used to refinance debt, expand your business or even purchase assets.

The SBA guarantees a part of the loan to make it less likely that lenders default. The guarantee comes with a cost. This fee is usually 3.75% of the loan’s guarantee amount.

People interested in applying can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants with lenders approved by the SBA within two days.

Like most loans, the rates of interest on 7(a) loans can vary depending on the amount and repayment conditions. It can be fixed, variable, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan, you will need to complete an application and have it approved. A lender will then assess your financial history and evaluate your business plan. After the approval, you sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, a non-secure working capital loan can be an ideal financial decision. It can be used to pay for equipment, expansion or to improve your building, among other things. The right one will help your business thrive.

The process of getting a working capital loan may be more straightforward than you think. Unlike a line of credit it is possible to get a loan with a one-page application. You can even fund your loan using three months of business bank statements.

Unsecured loans carry higher rates of interest. This is because the lender assumes greater risk. So an owner of a business should have a high credit score in order to be eligible. You must also have a plan to repay the loan on time.

Unsecured working capital loans are a fantastic solution to bridge a financial gap in your business. By taking a working capital loan you can take advantage of low rates on key products and improvements to your facilities. A working capital loan can help you to keep your business afloat during tough economic times.

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Another benefit of an unsecure working capital loan is that you don’t have to pledge any of your assets. Typically lenders will ask for an online payment processor and an account for deposits.

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Smaller businesses have other financing options
Alternative finance models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can give you the cash you need for growth.

Alternative loans can also be less expensive than conventional ones. Banks usually require large down-payments and you may need wait for a while before getting the money you need.

Some other alternatives for business loans include lines of credit, invoice discounting, credit cards, and merchant cash advances. These options can help you quickly get funding.

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

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Working capital loans are a great option for everyday expenses like ordering inventory or paying employees. They are not the ideal solution for large-scale business transformations.

If you are choosing a lender to get an alternative business loan, make sure you choose a business with prior experience. Your credit score is also important. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Other alternative financing options for small businesses are peer-to peer lending. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from several investors. This is especially beneficial for small businesses that do not have collateral.

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