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There are many alternatives available to small-scale business owners seeking working capital loans to help them get their business off the ground. These include SBA 7(a) and term loans, and unsecured work capital loans. Alternative financing models may also be available to help finance your small-sized business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small entrepreneurs who require working capital. These loans are flexible and can be used for a variety of purposes. The funds can be used for refinancing debt, expanding your business, or buying assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders fail. The guarantee comes with a cost. The cost is usually 3.75% of the loan’s guaranteed amount.

The interested parties can get a better understanding of the SBA 7(a) loan by visiting the SBA website. They will also be able to access the SBA Lender Match Tool, which matches applicants with lenders that have been approved within two days.

As with most loans, the rate of interest on a 7(a) loan will be contingent on the amount and repayment terms. It can be variable, fixed or tied to the Prime Rate.

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You will need to complete an application to apply for an SBA 7(a), loan. The lender will examine your financial information and analyze your business plan. After approval, you will sign a loan agreement 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 just starting out. It can be used to buy equipment or expand your business or upgrade your building. The right type of loan will help your business thrive.

A working capital loan is much simpler than you think. In contrast to a line of credit you can apply for a loan with a one-page application. You can even pay for your loan by using 3 months of bank statements for business.

Unsecured loans come with higher rates of interest. This is because the lender takes on a greater risk. In this regard, a business owner must have a strong credit score to be eligible. 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. You can obtain low prices on key products or upgrades to your facilities with working capital loans. A working capital loan can allow you to keep your business afloat in difficult economic times.

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Another great thing about an unsecured working capital loan is that you do not need to pledge any of your assets. Typically lenders will request an online payment processor and a deposit account.

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Alternative financing models for small companies
Alternative financing models for small companies are quickly becoming the preferred option for many entrepreneurs. These flexible financing options can give you the cash you require for growth.

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

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

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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 options are especially useful for short-term expenditures.

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

Choose an institution with experience in alternative business loans. Also, consider your credit score. The greater your score, the higher your chances of securing a favorable financing deal.

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Peer-to-peer lending is a different financing option for small companies. Peer-to business lenders provide loans to small businesses from multiple investors, similar to crowdfunding. This is particularly useful for small businesses that do not have access to collateral.

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