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If you are a small-scale business owner looking for a working capital loan in order to get your business off the ground, there are many alternatives you can consider. These include SBA 7(a), term loans and unsecured capital loans. Alternative financing models may also be available to help finance your small business.

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SBA 7(a), term loans
If you are a small-scale business owner and you are in need of working capital, you should consider applying for SBA 7(a) term loans. They are extremely flexible loans that can be used for a variety uses. The money can be used to repay loans, expand your business or purchase assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee is accompanied by a fee. This fee is typically 3.75% of the guaranteed amount of the loan.

Interested parties can get more information about the SBA 7(a) loan by checking out the SBA website. 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 interest rate on a 7(a) loan will depend on the amount and the terms of repayment. It can be variable or fixed, and it can be linked to the prime rate.

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

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Unsecured working capital loans
Whether you are starting out or expanding, an unsecure working capital loan could be an excellent financial choice. It can be used to fund equipment, expansion or to upgrade your building, among other things. The right one will help your business grow.

Getting a working capital loan could be a lot easier than you think. Contrary to a line-of-credit you can obtain an advance with just a single application. You can even fund your loan using three months of bank statements for business.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. In this regard an owner of a business must have a great credit score to be able to qualify. You must also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are an excellent way for your business to bridge short-term financial gaps. You can enjoy low costs on the most important products or upgrades to your facilities with a working capital loan. A working capital loan can help you to keep your business running during difficult economic times.

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

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Smaller businesses have other financing options
Alternative financing models for small-sized companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the funds you require for growth.

Alternative loans are also less expensive than traditional ones. Banks usually require large deposits and you might have to wait a while before you can secure the money you require.

Lines of credit, cash advances for merchants 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 credit lines are similar to credit cards, with the exception that they charge interest only on the money you withdraw. These options are particularly helpful for short-term expenditures.

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Working capital loans are a great option to cover the cost of daily expenses, such as purchasing inventory or paying employees. They’re not the ideal solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you choose a business with prior experience. Also, consider your credit score. Your chances of getting a favorable financing deal are increased if you have a better credit score.

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Other alternative models for financing small-sized businesses include peer-to-peer lending. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from multiple investors. This option is particularly useful for small businesses who don’t have collateral.

Reuters