Business owners looking for funding sources are likely to converge on two options: business credit cards and business loans/lines of credit. In this article, we’re going to be comparing these two common sources of business financing and letting you know the circumstances that call for utilizing them.
Business Loans Blog Posts | Page 11
Sadly, as the global COVID-19 pandemic wreaks havoc on our world and our institutions strain to cope with it all, scores of businesses are facing the excruciating reality that remaining in operation just isn’t feasible. As terrible as it is, there are steps you need to take to ensure that the pain of closing your business isn’t even more devastating to your employees and your finances than it needs to be.
The federal government is still shaping its response to the unfolding coronavirus pandemic and the accompanying economic fallout, so a lot of questions remain with regard to what kind of relief will eventually be available. In the meantime, if your small business is suffering, there are some resources you can immediately tap that can either directly extend credit to you, or help guide you to it.
In the time of the novel coronavirus outbreak, hairstylists, makeup artists, nail technicians, and salons are all in a really tough spot. Many state and city governments have mandated closures of these types of businesses. Salons in some states are still open for the time being, but business has slowed to a trickle. In this article, I’ll offer you some useful advice on how your salon can adapt and survive during this incredibly trying time.
The Federal Reserve has made emergency interest rate cuts to near zero percent. Find out how the cuts could affect your small business and help you get financing to weather the current COVID-19 pandemic.
Inventory financing is a type of asset-based loan in which the inventory you’re purchasing with the loan is used as collateral to secure the loan. Depending on the arrangement, the lender may also require you to put up your accounts receivable as collateral. The amount of financing you receive is directly related to the value of the inventory in question, usually 70 to 80% of the inventory’s value. Read our article for the full story on inventory financing, including rates and terms.
Many businesses may need to borrow money from time to time in order to purchase inventory. Indeed, purchasing inventory is one of the most common reasons a business might need a loan. As bank loans remain out of reach or unfeasible for many small businesses, online and alternative lenders have risen to the occasion, offering smaller, faster loans that can work for even very small businesses that have never before ventured into the world of business financing. But what are the best loan options for small businesses that need to buy inventory?
Equipment financing is one of the faster forms of financing you can get, with time to funding usually measured in days rather than weeks or months. Learn when an equipment loan or lease is a good option for your small business startup and find out whether you’re qualified for this type of financing.
Don’t think that GoFundMe is the right crowdfunding platform for your needs? Learn about the best competitors to the crowdfunding giant right here.
Take a look at our picks for the best small business loans for cash flow issues, business expansion, debt consolidation, bank financing, and other common business financing needs.