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There are numerous options for 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. You may also consider looking 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 entrepreneurs who require working capital. These loans are flexible and can be used for a variety of purposes. The funds can be used to repay the company’s debt, grow it or to purchase assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders default. The guarantee comes with a fee. This is usually 3.75% of the guaranteed amount of the loan.

The interested parties can get an understanding of the SBA 7(a) loan by looking through the SBA website. They will also have access to the SBA Lender Match tool, which connects applicants to SBA-approved lenders within two days.

Similar to most loans, rate of interest for 7(a) loans will differ in accordance with the amount borrowed and the repayment terms. It could be fixed, variable or linked to the Prime Rate.

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To be eligible for an SBA 7(a) loan you must complete an application and be approved. The lender will examine your financial records and evaluate 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 working capital loan can be an excellent financial choice. It can be used to purchase equipment or expand your business or to improve your building. The right choice will help your business grow.

A working capital loan may be much easier than you think. The loan can be secured using just one page unlike the line credit. You can even fund your loan by using 3 months of bank statements from your business.

Unsecured loans have higher interest rates. This is due to the fact that the lender is taking on more risk. Therefore an owner of a business must have a great credit rating to qualify. In addition, you should have a plan to pay back the loan on time.

Unsecured working capital loans can be an excellent option for your business to cover short-term financial gaps. Using a working capital loan you can take advantage of low rates on key products and upgrades to your facilities. A working capital loan can allow you to stay in business during tough economic times.

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Another benefit of having an unsecure working capital loan is that you don’t have to pledge any of your assets. Typically lenders will ask for a payment processor link and a deposit account.

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Smaller businesses have other financing options
Alternative financing models for small-sized businesses are fast becoming the preferred choice for many entrepreneurs. These flexible financing options can give you the cash you require for growth.

Alternative loans are also less expensive than traditional ones. Banks usually require large down payments and you could require a few days before they can provide the funds you require.

Some alternative business loan options include lines of credit, invoice discounting, credit card, and cash advances for merchants. These options can help you quickly obtain 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 are especially useful for expenses that are short-term.

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Working capital loans are beneficial for everyday expenses for things like paying employees or ordering inventory. However, they’re not an best suited for large-scale business changes.

When selecting a lender for an alternative business loan, ensure you work with a company that has experience. Also, consider your credit score. Your chances of getting a favorable financing deal are increased if you have a higher credit score.

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Peer-to -peer lending is an alternative method of financing for small companies. Similar to crowdfunding, peer-to business lenders provide small businesses with loans from multiple investors. This is particularly beneficial for small businesses that do have collateral.

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