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If you’re a small-scale business owner seeking a working capital loan in order to start your business, there are many options to look into. Some of these options include SBA 7(a) term loans and non-secured working capital loans. Alternative financing models could be available to finance your small business.

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SBA 7(a) term loans
SBA 7(a), term loans are available to small-scale business owners who require working capital. These loans are flexible and can be used for numerous reasons. You can use the money to refinance debt, grow your company, or purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. However, a fee is payable to guarantee the loan. This is usually 3.75% of the guaranteed amount of the loan.

The SBA website provides a comprehensive explanation of the SBA 7 (a) loan. They’ll also have access to the SBA Lender Match tool, which matches applicants with lenders approved by the SBA within two days.

Like most loans, the interest rate on a 7(a) loan will depend on the amount and repayment terms. It can be variable, fixed, or linked to the Prime Rate.

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You will need to complete an application in order 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
An unsecured working capital loan is a wise financial decision, regardless of whether you are expanding or just starting out. It can be used to finance equipment, expansion, or to improve your building among other things. The right option will make your business grow.

A working capital loan may be much easier than you think. Unlike a line of credit, you can get the loan using a single application. You can even pay for your loan using three months of business bank statements.

Unsecured loans are more expensive in terms of interest rates. This is due to the fact that the lender takes on more risk. To be eligible, a company owner must have good credit ratings. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be a great way for your business to bridge short-term financial gaps. You can find low rates on the most important products or upgrades to your facilities with a working capital loan. A working capital loan will help you to keep your company afloat 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. Most lenders will require the services of a payment processor and a deposit account.

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Alternative finance models for small businesses
Alternative finance models for small businesses are fast becoming the preferred option for many entrepreneurs. They provide flexible financing solutions that can help you get the money you need to expand your business.

Alternative loans can also be cheaper than traditional ones. Banks usually require large down-payments, and you may have wait for a while before getting the money you need.

Lines of credit, cash advances for merchants invoice discounting, credit card and credit cards are all options for business loans. These options can help you to quickly get funding.

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Business lines of credit function exactly the same way as credit cards but charge only interest on the amount that you withdraw. These options are especially beneficial to cover short-term expenses.

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Working capital loans can be useful for daily costs such as purchasing inventory or paying employees. However, they’re not an appropriate for major business changes.

Be sure to select an institution with experience in business loans for alternative businesses. Also, take into consideration your credit score. The higher your score, the higher your chances of securing an attractive financing deal.

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Peer-to-peer lending is a different financing option for small companies. Peer-tobusiness lenders offer small businesses loans from several investors, similar to crowdfunding. This option is particularly beneficial for small businesses who do not have collateral.

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