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There are many choices available to small business owners seeking working capital loans to help them get their business off the ground. Some of these options include SBA 7(a) term loans and non-secured working capital loans. Alternative financing models may also be available to finance your small business.

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SBA 7(a) term loans
If you are a small business owner and you are 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 reasons. You can use the money to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a portion of the loan to make it less likely that lenders will default. The guarantee comes with a fee. This fee is usually 3.75 percent of the guaranteed amount of the loan.

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

Like all loans, the interest rates for 7(a) loans will vary according to 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 fill out an application and get it approved. A lender will then review your financial history and evaluate your business plan. After the approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, a non-secure working capital loan could be a wise financial decision. It can be used to finance equipment, expansion, or to upgrade your building among other things. The right type of loan will make your business thrive.

It’s much easier than you might imagine to get a capital loan. As opposed to a credit line it is possible to get an advance with just a single application. You can even pay for your loan using 3 months of business bank statements.

Unsecured loans carry higher interest rates. This is due to the fact that the lender takes on more risk. Therefore the business owner must have a good credit rating to qualify. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans are an excellent option for your business to cover short-term financial gaps. You can get low prices on essential products or upgrades to your facilities using working capital loans. Getting a working capital loan will allow you to stay in business even during difficult economic times.

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An unsecured working capital loan is another benefit because you don’t have to pledge any assets. Lenders will typically ask for a payment processor and a deposit account.

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Alternative finance models for small companies
Many entrepreneurs are opting for alternative financing models for small-sized companies as their preferred choice. These flexible financing options can provide the cash you need for growth.

Alternative loans can also be cheaper than conventional loans. Banks usually require large down-payments and you might have to wait a while before you can get the funds you require.

Some alternative business loan options include lines of credit invoice discounting, credit cards, and cash advances for merchants. Each of these options gives you a way to obtain funds quickly and easily.

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Business lines of credit function in the same way as credit cards, but charge interest only for money that you take out. These options can be particularly useful for spending on short-term expenses.

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Working capital loans are a great option for daily costs such as ordering inventory or paying employees. However, they aren’t the an ideal solution for major business transformations.

If you are choosing a lender to get an alternative business loan, ensure you choose a business with prior experience. Your credit score is also crucial. The higher your score, the higher your chances of securing a favorable financing deal.

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Peer-to-peer lending is another alternative financing option for small companies. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from multiple investors. This option is especially beneficial for small businesses that don’t have collateral.

Reuters