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There are a myriad of alternatives available to small-scale entrepreneurs looking for working capital loans to help them get their business off the beginning. Some of these include SBA 7(a) term loans as well as working capital loans that are not secured. You may also want to look into alternative financing options that could be used to help finance your small-scale 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. The money can be used to refinance debt, expand your business or purchase assets.

The SBA guarantees the loan in part so lenders are less likely to default. The guarantee comes with a fee. This is typically 3.75% of the loan’s guarantee amount.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

Similar to most loans, rates of interest on 7(a) loans will differ dependent on the amount and repayment terms. It can be fixed, variable or linked to the Prime Rate.

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You’ll have to fill out an application to apply for an SBA 7(a), loan. The lender will look over your financial history and review your business plan. After approval, you’ll sign a loan contract to receive the loan funds.

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Unsecured working capital loans
No matter if you’re just beginning or expanding, an unsecured capital loan is an investment that is financially sound. It can be used to buy equipment or expand your business or to upgrade your building. The right type of loan will make your business grow.

It can be much easier than you consider to obtain a capital loan. Contrary to a line-of-credit you can apply for the loan using a single application. You could even use 3 months of bank statements from your business to pay for your loan.

Unsecured loans are characterized by higher rates of interest. This is because the lender takes on more risk. To qualify, a business owner must have good credit ratings. You should also have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a fantastic option to bridge a financial gap in your company. You can find low rates on key products or upgrades to your facilities with a working capital loan. Getting a working capital loan will enable you to remain in business even in difficult economic times.

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An unsecure working capital loan has another advantage: it doesn’t require the pledge of any of your assets. Most lenders will require a payment processor and a deposit account.

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Small-scale businesses have other financing options
Many entrepreneurs are choosing alternative financing models for small businesses as the most preferred option. These flexible financing options can help you get the cash you need to fund growth.

Alternative loans are also more affordable than traditional ones. Banks typically require large down payments and you might have to wait a few months before you can get the money you require.

Other alternatives to business loans include lines of credit invoice discounting, credit card, and cash advances from merchants. These options can allow you to quickly receive funding.

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Business lines of credit work in the same way as credit cards, but charge interest only on the money that you withdraw. These types of credit are particularly beneficial for expenses that are short-term.

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Working capital loans are a great option for everyday expenses such as purchasing inventory or paying employees. They are not the best option for large-scale business changes.

If you are choosing a lender to get an alternative business loan, make sure you select a company that has years of experience. Your credit score is crucial. Your chances of getting a favorable loan deal are higher if you have a higher credit score.

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Peer-to-peer lending is a different finance option for small-sized companies. Similar to crowdfunding, these peer-to-business lenders offer small businesses loans from a variety of investors. This option is especially beneficial for small businesses that do have collateral.

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