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There are a myriad of choices available to small business owners who are looking for working capital loans to help them get their business off the starting point. Some of these include SBA 7(a) term loans and non-secured working capital loans. You may also consider looking into alternative financing options that could be used to help finance your small business.

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SBA 7(a) term loans
SBA 7(a) (term) loans are available to small business owners who require working capital. These loans are flexible and are able to be used for many purposes. The money can be used to repay debt, expand your business or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders fail. However, a fee is payable to guarantee the loan. This is typically 3.75% of the loan’s guarantee amount.

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

Like all loans, the interest rates on 7(a) loans can vary depending on the amount and repayment conditions. It could be variable, fixed, or tied to the Prime Rate.

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You’ll need to submit an application form to be eligible for an SBA 7(a) loan. A lender will then assess your financial history and assess your business plan. After the approval, you sign a loan contract and receive the loan funds.

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Unsecured working capital loans
Whether you are starting out or expanding, a non-secure working capital loan could be an investment that is financially sound. It can be used to fund equipment, expansion, or to improve your building among other things. The right one will make your business grow.

It’s a lot easier than you might think to obtain a working capital loan. The loan can be secured using just one page unlike the line credit. You can even fund your loan using 3 months of bank statements from your business.

Unsecured loans carry higher interest rates. This is because the lender takes on more risk. As such the business owner must have a strong credit rating to qualify. In addition, you should have a plan to repay the loan in a timely manner.

Unsecured working capital loans are a great solution to bridge a financial gap in your business. You can get low prices on essential products or upgrades to your facilities using a working capital loan. A working capital loan will allow you to keep your company afloat during difficult economic times.

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Another great thing about an unsecure working capital loan is the fact that you don’t have to pledge any of your assets. The lender will usually require a payment processor and a deposit account.

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Alternative finance models for small companies
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. They offer flexible financing solutions that can provide you with the funds you need to grow.

Alternative loans are also less expensive than conventional ones. Banks typically require huge down payments, and you may require a few days before they will be able to give you the cash you require.

Some alternative business loan options include lines of credit invoice discounting, credit card, and merchant cash advances. All of these options offer you the possibility of obtaining funding quickly and easily.

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

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Working capital loans are useful for daily expenses, such as paying employees or ordering inventory. However, they’re not the best suited for major business changes.

If you are choosing a lender to get an alternative business loan, ensure you work with a company that has years of experience. Also, take into consideration your credit score. Your chances of getting a favorable financing deal are greater if you have a higher credit score.

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Peer-to-peer lending is another alternative financing model for small businesses. Peer-to-business lenders provide loans to small businesses from several investors, similar to crowdfunding. This is particularly beneficial for small-sized businesses that do not have collateral.

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