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If you are an owner of a small business seeking a working capital loan in order to start your business there are many options to take into consideration. Some of these include SBA 7(a) term loans and unsecure working capital loans. You could also look into alternative financing models that can be used 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 purposes. You can use the funds to refinance debt, expand your business, or even purchasing assets.

The SBA guarantees some of the loan to ensure that lenders are less likely to default. The guarantee is accompanied by a fee. This is typically 3.75 percent of the loan’s guarantee amount.

People interested in applying can get a better understanding of the SBA 7(a) loan by checking out the SBA website. They’ll also be able to access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

As with most loans, rate of interest for 7(a) loans will vary depending on the amount and the repayment terms. It is either variable or fixed and 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 review your financial information and analyze your business plan. Once you have been approved, you sign a loan contract to 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 an investment that is financially sound. It can be used to buy equipment, expand your business, or to improve your building. The right one will make your business grow.

It’s a lot easier than you think to obtain a working capital loan. Unlike a line of credit you can obtain a loan by filling out a simple application. You can even pay for your loan by using 3 months of business bank statements.

Unsecured loans carry higher rates of interest. This is due to the fact that the lender assumes greater risk. To be considered for a loan, a business owner must have excellent credit ratings. Additionally, you must have a plan to repay the loan in a timely manner.

Unsecured working capital loans can be an excellent option for your business to bridge short-term financial gaps. With a working capital loan, you can take advantage of discounted prices on important products and improvements to your facilities. A working capital loan can allow you to keep your company afloat during difficult economic times.

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Another benefit of having an unsecure working capital loan is that you do not need to pledge any of your assets. The lenders will usually ask for the services of a payment processor and a deposit account.

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Alternative finance models for small-sized businesses
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also less expensive than traditional ones. Banks usually require large down-payments and you may need to wait a few months before getting the funds you require.

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

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Business lines of credit are similar to credit cards in that they charge interest only on money you withdraw. These options can be particularly useful for spending on short-term expenses.

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Working capital loans are useful for daily expenses, such as paying employees or ordering inventory. However, they are not an ideal solution for large-scale business changes.

If you are choosing a lender to get an alternative business loan, ensure you choose a business that has expertise. Your credit score is important. Your chances of getting a favorable loan deal are greater if you have a higher credit score.

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Peer-to-peer lending is a different finance option for small-sized businesses. Similar to crowdfunding, peer-to business lenders offer small businesses loans from multiple investors. This is particularly beneficial for small businesses that don’t have collateral.

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