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If you are an owner of a small-sized business seeking a working capital loan in order to start your business there are plenty of options you could look into. These include SBA 7(a) as well as term loans and unsecured capital loans. Alternative financing models may also be available 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 can be used for many purposes. The money can be used to refinance debt, expand your company or even purchase assets.

The SBA guarantees a part of the loan to reduce the likely that lenders default. However, a fee is paid for the guarantee. This fee is usually 3.75 percent of the guaranteed amount of the loan.

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.

Similar to most loans, rates of interest on 7(a) loans will differ in accordance with the amount borrowed and the repayment terms. It is either fixed or variable and can be pegged to the prime rate.

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To apply for an SBA 7(a) loan, you will need to submit an application and get it approved. The lender will go over your financial history and assess your business plan. After approval, you will sign a loan contract to receive the loan funds.

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Unsecured working capital loans
When you’re starting out or expanding, an unsecured capital loan is an excellent financial choice. It can be used to pay for expansion, equipment, or to improve your building among other things. The right one will make your business thrive.

The process of getting a working capital loan is much easier than you think. In contrast to a line of credit you can apply for an advance with just a single application. You can even pay for your loan with 3 months of business bank statements.

Unsecured loans are more expensive in terms of interest rates. This is because the lender takes on greater risk. In this regard an owner of a business must have a good credit score to be eligible. You must also have a plan to repay the loan on time.

Unsecured working capital loans are an excellent method for your business to bridge short-term financial gaps. With a working capital loan you can avail of lower prices on essential products and improvements to your facilities. Getting a working capital loan can allow you to continue to operate in tough economic times.

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Another advantage of an unsecure working capital loan is that you do not have to pledge any of your assets. The lenders will usually ask for an electronic payment processor as well as a deposit account.

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Small-scale businesses have additional financing options
Alternative finance models for small businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can provide you with the funds you require for growth.

Alternative loans are also cheaper than traditional ones. Banks will typically require large down payments, and you may require a few days before they are able provide the money you require.

Alternative business loan options include lines of credit, invoice discounting, credit cards, and cash advances for merchants. These options can help you to quickly get funds.

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Business lines of credit work in the same way as credit cards but charge only interest on the amount that you withdraw. These types of credit can be especially helpful for short-term expenditures.

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

Be sure to select an institution with experience in business loans for alternative businesses. Also, consider your credit score. Your chances of getting a favorable financing deal are higher if you have a better credit score.

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Other alternative financing options for small-sized businesses include peer-to-peer lending. Peer-to business lenders provide small businesses with loans from many investors, similar to crowdfunding. This is particularly useful for small-sized businesses that do not have collateral.

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