If you have a small business for which you are seeking financing, there are a number of different options available to you which you should strongly consider before choosing one of the other. Browse through the options listed below to help you make up your mind on which might be the most appropriate for your small business.
These are ideal for small business financing when a company has immediate cash flow issues. With a little luck, you’ll get your cash within a few weeks and then you’ll be able to pay it back over the next couple of years, hopefully at an affordable rate.
Lines of Credit
One of the most flexible of all types of small business financing, lines of credit can be used for virtually any business purpose. Best of all, as long as you keep paying back on the balance, that money will still be available to you for future usage.
When you have the backing of the Small Business Administration, you’re much more likely to be approved for a loan by a conventional lender. There are a great many banks that work with the SBA, so you won’t have any trouble finding banks to apply with.
Merchant Cash Advances
With a merchant cash advance, you’ll have money in your hands quickly, and you can pay it back each month based on the volume of credit card sales your business has. The beauty of this is that when you have a slow business month, you will only be paying back a small amount to the lender, and your payments will always be in sync with your volume of business.
Accounts Receivable Financing
This may be an ideal solution for a business that has cash flow issues because of late client payments. In this scenario, you’re actually borrowing against your receivables to get immediate cash, in exchange for selling the invoices to an alternative lender.
Looking for small business financing?
At Integrity Financial Capital, we go out of our way to help small businesses acquire the financing they need for growth and for achieving success. Contact us today, so we can explore some possibilities with you that might provide the working capital you need.