Advance Cash and Other Options for Savvy Business Owners

2015-02-15

Jeffrey Bumbales

Getting a loan from the bank can be a huge hurdle for many small business owners. The strict criteria that banks expect often prove to be too much for entrepreneurs who need a little financial nudge to keep their business going full steam ahead.

Between hard credit checks, collateral, financial documentation of decades of business experience, and lengthy applications and approval times, many legitimate business owners can’t meet the necessary requirements.

Anyone who has owned and operated a small business has probably worried at one point or another whether they’ll have enough revenue rolling in from one month to the next to pay employees and vendors, buy equipment, and cover unexpected expenses. Failure to get approved for a business loan can often prove to be disastrous.

Exploring Alternative Small Business Financing Options

So what’s a small business owner to do when the banks say no?

Luckily, these days you have alternative options. At Credibly, we provide small business owners just with the capital needed to stay afloat during difficult business periods and allow you to continue running your business without being blindsided by the odd speed bump.

The following alternative small business funding options can get you the quick cash you need right away:

Working Capital Loans

Every company, large or small, needs access to a certain amount of capital in order to keep the business running. When money is a little tight, it helps to have a resource that provides advance cash when you need it most.

Working capital loans offer a short-term solution for business owners who need some fast cash to continue running their operations without a hiccup while they look for other ways to boost revenue. These funds can be used to pay employees, purchase inventory, cover expenses, and so forth. Borrowing money through a working capital loan at a fixed rate and term can help you expand your business and free up your working capital.

Equipment Loans

Every business uses equipment specific to their operation, which costs money. Equipment loans provide money to small businesses for these items, which can include anything from office equipment to machinery and tools. Rather than buying large purchases in full and up front, equipment loans give small business owners the option to make monthly payments on the items instead.

Small business owners will find loans like these hugely beneficial. For one, no large down payment is necessary, which means capital can be preserved. In addition, they’re easy to obtain, considering the equipment itself is being used as collateral.

Merchant Cash Advances

Business owners can get their hands on much-needed cash quickly, easily, and without collateral through a merchant cash advance. This type of funding is based on a business’ volume of credit card transactions. You can typically expect to be approved and funded with a lump sum of cash within a couple of days, with very little paperwork involved. In turn, you pay back the merchant cash advance by allowing the lender garnish a discounted portion of your future credit card sales until the whole loan amount plus the factor rate has been paid back in full.

There’s no set monthly payment, interest fee or due date – instead, you pay a small percentage of your debit and credit card revenue through future transactions. No hard credit check is required and minimal restrictions are placed on how you can use the cash, making it an extremely flexible financing option.

Business Lines of Credit

Like working capital loans, a business line of credit is perfect to help cover the day-to-day operational costs of running a business. This short-term loan arrangement can be compared to a credit card, where money can be borrowed from the account up to a specified limit. This gives you the ability to take only what’s needed at the time, and pay interest only on the portion that’s been borrowed – not the entire amount. Essentially, you have access to the money whenever you need it!

No collateral is necessary, and bad credit scores are OK. Not only that, if you set up a longer repayment term, you essentially have the opportunity to improve your credit rating if interest payments are made on time.

Franchise Start-Up Loans

Entrepreneurs who want to open up their own franchise business will often need a little financial help to get their company off the ground. A franchise start-up loan can be used to pay for franchise fees, cover working capital, purchase equipment, or to build stores or restaurants.

Credibly Can Provide You With The Cash You Need to Maintain Business Operations

Every business can run into financial difficulties. Operating a business requires a steady flow of working capital, but sometimes, there’s just not enough. At Credibly, we understand the challenges that small business owners experience from time to time, and make it our mission to give them that little financial boost they need to keep going.

Our business funding options offer simple, affordable ways to meet the average business expense with ease.

If your small business is in need of a quick funding solution, explore some options at Credibly.com. The application is just a few short steps, with approval in as little as a few hours. Our program is hassle-free from start to finish and it does not cost anything to pre-qualify.

To get started, fill out our pre-qualification form or call one of our small business experts at (888) 991-3954.