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If you’re an owner of a small-sized business seeking a working capital loan in order to help your business get going there are many options that you may consider. A few of these options are SBA 7(a) term loans and working capital loans that are not secured. You may also want to look into alternative financing options that can be used to finance your small-scale business.

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SBA 7(a) and term loans
SBA 7(a) or term loans are available to small-scale entrepreneurs who require working capital. These loans are flexible and can be used for many purposes. The money can be used to repay the company’s debt, grow it or to purchase assets.

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

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

As with all loans the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It can be fixed or variable, and it can be linked 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 agreement and receive the loan funds.

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Unsecured working capital loans
A working capital loan that is unsecured is a smart financial decision regardless of whether you are expanding or just starting out. It can be used to pay for expansion, equipment, or to improve your building among other things. The right option will make your business grow.

It’s much easier than you might imagine to get a capital loan. The loan can be secured using just one page unlike the line credit. You can also use 3 months of bank statements from your company to fund your loan.

Unsecured loans have 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 must have a great credit score in order to be eligible. It is also essential to have a plan to repay the loan on time.

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

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A working capital loan that is unsecured offers another advantage: it doesn’t require the pledge of any assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Smaller businesses have other financing options
Many entrepreneurs are turning to alternative finance models for small businesses as the most preferred option. These flexible financing options can help you get the cash you need for growth.

Alternative loans can be more affordable than conventional ones. Banks usually require large deposits and you may need wait for a while before you can obtain the cash you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards and cash advances for merchants. These options can allow you to quickly obtain funding.

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Business credit lines are similar to credit cards, except they charge only interest on the money you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans are useful for daily expenses for example, paying employees or purchasing inventory. They are not the best solution for large-scale business transformations.

When selecting a lender for an alternative business loan, make sure you choose a firm that has prior experience. Your credit score is important. The higher your score, the greater your chances of getting the best financing deal.

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Peer-to peer lending is another alternative financing model for small businesses. Similar to crowdfunding and peer-to-business, peer-to-business lenders provide small businesses with loans from several investors. This option is particularly useful for small businesses that don’t have collateral.

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