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If you are a small business owner seeking a working capital loan to get your business off the ground There are a variety of options you could take into consideration. These include SBA 7(a) as well as term loans, and unsecured work capital loans. You may also consider looking at 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) and 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. You can use the funds for refinancing debt, expanding your company, or purchasing assets.

The SBA guarantees the loan in part to ensure that lenders are less likely to default. The guarantee is accompanied by a fee. The fee is typically 3.75% of the loan’s guaranteed amount.

The interested parties can get more information about the SBA 7(a) loan by visiting the SBA website. They’ll also have access to the SBA Lender Match tool, which matches applicants with SBA-approved lenders within two days.

Similar to most loans, interest rates for 7(a) loans will differ dependent on the amount and repayment terms. It could be fixed, variable, or tied to the Prime Rate.

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To apply for an SBA 7(a) loan, you will need to fill out an application and be approved. The lender will go over your financial history and review your business plan. After approval, you will sign a loan agreement and receive the loan funds.

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Unsecured working capital loans
If you’re just starting out or expanding, an unsecured working capital loan can be an investment that is financially sound. It can be used to finance equipment, expansion or to improve your building, among other things. The right one will allow your business to grow.

It can be much easier than you might think to obtain a working capital loan. As opposed to a credit line it is possible to get the loan using a single application. You can even fund your loan using 3 months of bank statements for business.

Unsecured loans come with higher rates of interest. This is due to the fact that the lender takes on a greater risk. Therefore the business owner must have a good credit score to be able to qualify. You should also have a plan to repay the loan on time.

Unsecured working capital loans can be a great solution to bridge a financial gap in your company. You can enjoy low costs on the most important products or upgrades to your facilities through working capital loans. A working capital loan will allow you to keep your business running even during difficult economic times.

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Another benefit of having an unsecure working capital loan is the fact that you do not have to pledge any of your assets. Typically lenders will require the payment processor’s URL and an account for deposits.

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

Alternative loans are also less expensive than conventional ones. Banks usually require large down-payments and you may need to wait a few months before getting the funds you require.

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

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Business credit lines are similar to credit cards in that they charge interest only on the money you withdraw. These options are especially useful to cover short-term expenses.

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Working capital loans are helpful for day-to-day expenses for example, paying employees or purchasing inventory. They are not the ideal solution for large-scale transformations of businesses.

Make sure to choose a lender who has expertise in alternative business loans. Your credit score is crucial. Your chances of getting a favorable loan deal are greater if you have a better credit score.

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Peer-to-peer lending is another alternative financing model for small businesses. Similar to crowdfunding, peer-to-business lenders provide small businesses with loans from a variety of investors. This option is especially beneficial for small-sized businesses that do not have access to collateral.

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