Archive for need business loan

Jul
14

Why Working Capital is Essential

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Working capital is a necessary part of developing your business.  But too many small businesses get caught in a bind when they don’t plan for growth or expansion expenses.  Here is a breakdown of how working capital comes into play and why you need to plan on it if you wish to run a successful business.

New Ideas Need Money

Imagine developing a new product launching your business to the next level.  When this occurs, there are many costs involved.  You need to pay the people that are working on it, cover project materials, any legal filings necessary, testing expenses, and more.  In addition, once the product is completed, there is marketing, social networking, promotions, advertising needed to be implemented.  There is cost involved in every aspect of this new product and/or idea.  And this is where small business owners get stuck.  They do not comprehend the full picture.  They think great we have an idea, but since we did not financially plan on the costs involved, we are just going to sit on this opportunity.  There are many problems with this way of thinking.  For while you are waiting, another company could swipe the idea before you.  Technology could change causing the research and development to occur from the beginning again.  Sitting and waiting only wastes money and time.  Both of which you do not have.

To make sure none of this occurs, talk to a small business loan professional about how to attain working capital.  Find out what your options are and don’t get caught in a financial trap.  It only hurts your small business and you.  You need to jump on the opportunity to expand your business when the iron is hot.  Otherwise, it may be too late.

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More businesses are turning towards business cash advances than a traditional, secured business loan.  There are many reasons for the switch.  Here is a breakdown of the top three reasons why a business cash advance is more suitable for small businesses.

Business Cash Advance is Quick

Check with a lender to be certain you qualify for a business cash advance.  If you do, then you will be happy to discover it takes approximately 24 to 72 hours to be approved, walking away with money in -hand.  Alternatively, a traditional bank business loan takes months for the application process and even longer before receiving any cash.  This is a huge problem if you need the money upfront to remain open for business covering operating costs.  A secured business loan would not be sufficient.

Bad Credit does NOT Harm the Process

Your personal and/or business credit score is insignificant when qualifying for a business cash advance.  The eligibility requirements rely heavily on your credit card sales activity itself.  Ask a lender for the specific requirements.  However, on average, payments are made via your credit card sales transactions.  Hence, you must ring up a particular amount of credit card sales regularly to qualify.  This is a great option for those with bad credit scores.

Collateral is Unnecessary

A business cash advance is based on different criteria than a traditional business loan.  For instance, a business cash advance does not require collateral to be used in the transaction.  Translation, your business equipment, property and assets remain safe.  This makes a business cash advance a wise choice to pursue.

Find a lender offering business cash advance services.  Inquire regarding how long does the process take, what paperwork is needed, and when will you receive the cash.  A professional lender will be able to answer all of your questions, and direct you onto the right path to financial recovery.

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