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If you’re an owner of a small-sized business looking for a working capital loan in order to get your business going, there are many alternatives you can consider. These include SBA 7(a) as well as term loans and unsecured capital loans. You might also look at alternative financing options that can be used to help finance your small business.

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SBA 7(a), term loans
If you are a small-scale company owner in need of working capital, you should consider applying for SBA 7(a) term loans. These loans are flexible and can be used for many purposes. You can use the funds to refinance debt, grow your company, or purchasing assets.

The SBA guarantees a portion of the loan to reduce the likely that lenders will default. However, a fee is due to guarantee the loan. The fee is typically 3.75% of the loan’s guarantee amount.

Anyone interested can gain an understanding of the SBA 7(a) loan by checking out the SBA website. They’ll also have access to the SBA Lender Match tool, which connects applicants with SBA-approved lenders in just two days.

Like most loans, the interest rates for 7(a) loans will differ dependent on the amount and repayment conditions. It is either variable or fixed and can be tied to the prime rate.

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To be eligible for an SBA 7(a) loan you must submit an application and get it approved. The lender will then look over your financial history and evaluate your business plan. After approval, you’ll sign a loan agreement to 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 is an investment that is financially sound. It can be used to buy equipment, expand your business, or to upgrade your building. The right one will help your business thrive.

It is much simpler than you might think to obtain a working capital loan. Unlike a line of credit it is possible to get a loan by filling out a simple application. You could even use 3 months of bank statements from your company to fund your loan.

Unsecured loans have higher interest rates. This is because the lender is taking on more risk. To be eligible, a company owner must have excellent credit ratings. In addition, you should have a plan to repay the loan on time.

Unsecured working capital loans can be a great way for your business to cover short-term financial gaps. By taking a working capital loan you can avail of discounted prices on important products and upgrades to your facilities. A working capital loan can allow you to keep your company afloat during difficult economic times.

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Another great thing about an unsecured working capital loan is that you do not have to pledge any of your assets. Lenders will typically ask for an electronic payment processor as well as a deposit account.

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Alternative financing models for small-sized companies
Alternative financing models for small-sized companies are quickly 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 more affordable than conventional ones. Banks usually require large down payments and you could require a few days before they can provide the funds you require.

Lines of credit, cash advances for merchants invoice discounting, credit card, and credit cards are all options for business loans. All of these options give you the possibility of obtaining quick and easy funding.

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Business credit lines are similar to credit cards, with the exception that they charge only interest on the cash you take out. These options are particularly useful for spending on short-term expenses.

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Working capital loans can be useful for day-to-day costs, such as paying employees or ordering inventory. However, they’re not the appropriate for major business transformations.

If you are choosing a lender to get an alternative business loan, ensure you select a company that has years of experience. Your credit score is also crucial. The higher your score, the better your chances of receiving an attractive financing deal.

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Peer-to-peer lending is a different method of financing for small companies. Similar to crowdfunding and peer-to-business, peer-to-business lenders offer small businesses loans from multiple investors. This is especially beneficial for small-sized businesses that don’t have collateral.

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