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If you’re an owner of a small business seeking a working capital loan in order to help your business get going there are many options that you may look into. A few of these options are SBA 7(a) term loans and unsecured working capital loans. You may also consider looking into alternative financing options that could be used to finance your small-scale business.

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SBA 7(a) and term loans
If you are a small company owner in need of working capital, you should think about applying for SBA 7(a) term loans. These are loans that are extremely flexible that can be used for a variety of uses. The funds can be used to refinance loans, expand your business or purchase assets.

The SBA guarantees some of the loan which means lenders are less likely to default. The guarantee comes with a fee. This fee is usually 3.75 percent of the guarantee 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 connects applicants with approved lenders within two days.

As with all loans the interest rate for a 7(a) loan will depend on the amount and the terms of repayment. It can be fixed or variable, and it can be pegged to the Prime rate.

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You’ll need to submit an application in order to apply for an SBA 7(a), loan. A lender will then assess your financial history and assess 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 unsecure working capital loan is a smart financial decision regardless of whether you are expanding or starting out. It can be used to buy equipment to expand your business or even to upgrade your facility. The right one will help your business grow.

It can be much easier than you might think to get a working capital loan. The loan can be secured using just one page, unlike a line credit. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans are characterized by higher rates of interest. This is due to the fact that the lender is taking on more risk. In this regard an owner of a business should have a high credit rating to qualify. You must also have a plan for repaying the loan in a timely manner.

Unsecured working capital loans are a great way for your company to bridge short-term financial gaps. You can find low rates on essential products or upgrades to your facilities by using working capital loans. A working capital loan will help you to keep your business in business in difficult economic times.

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Another benefit of an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Lenders will typically ask for an online payment processor and deposit account.

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Alternative finance models for small-sized companies
Alternative finance models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide the cash you need to fund growth.

Alternative loans are also more affordable than traditional ones. Banks usually require large down payments, and you might have to wait for a while before they are able to provide the funds you require.

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

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Business credit lines are similar to credit cards in that they charge interest only on money you take out. These are beneficial for expenses that are short-term.

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Working capital loans can be useful for daily expenses like paying employees or purchasing inventory. They aren’t the best solution for large-scale business transformations.

Be sure to select a lender who has experience in alternative business loans. Your credit score is crucial. The greater your score, the more likely you are to receive an attractive financing deal.

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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 particularly beneficial for small businesses that don’t have access to collateral.

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