What are Emergency Business Loans?
Emergency business loans are just that – a business loan or busines line of credit for a business emergency or a crisis that small businesses may be faced with. There are always specific issues in running a company that can either be predicted or not predicted. Still, the reality is when there is a crisis, it’s a priority that the business gets capital fast.
Emergencies require a business loan product that can process and fund your firm quickly from application to funds in your bank account fast, period. Businesses with knowledge about financing options make your decision easier when time is of the essence. Banks are not the source if you need funds fast and in a crisis. Banks are cautious and have to protect depositors, so banks will not be an option if speed is what you need.
Online lenders like AdvancePoint Capital offer emergency business loans and other great alternatives to bank loans for small businesses searching for emergency business loan options. Check out our Google reviews! Lets us be your lending partner.
What are considered emergencies in the eyes of small businesses or a lender for that matter?
Below is a list of the common needs and uses for small businesses faced with and emergency financial assistance:
- Capital to stabilize bank account
- Working capital for firm shortfalls
- Advertising and marketing
- Repairs of existing facilities
- Equipment breakdowns
- Inventory, supplies, and other assets
- Emergency payroll issues
- Emergency cash infusions due to extenuating circumstances
- Crisis relief for accounts receivable issues
The 5 Best Types of Emergency Business Loan Options: How to Get Funding Fast
An “emergency loan” for a business can come in many forms. So let’s dive right into the many options and details of what resources are available for companies in a crisis. It’s an emergency, after all!
Emergency Business Line of Credit
Emergency Small Business Loan
Merchant Cash Advance (MCA)
Business Cash Advances (BCA)
Other Options for Business Owners that are faced with an Emergency
Business Credit Cards
A business credit card is a great option when time is of the essence in an emergency. It is important to realize that you will pay interest over time with a business credit card and its important to budget for repayment. If you have poor credit it may be difficult to obtain this option. Business credit cards have a personal guarantee.
Many business owners resort to personal loans in an emergency as it’s a short term loan that you can get a personal loan approval in a pinch. Remember that a personal loan has a personal guarantee and if you were to close your business you still would be saddled with the debt.
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.
Frequently Asked Questions
Final Thoughts About Emergency Business Loans
Although you may be faced with an emergency/crisis, take the time to consider who you are looking to get funds from. Have you checked the company’s reviews? Do you feel that you were offered every program available? Will the loan program work for the funds you need to get a return on the investment?
How to Apply for Emergency Business Loans:
AdvancePoint Capital offers a straightforward emergency business financing. Our customers love the fast, streamlined process and high approval rates that come from working with us. Let us help you decide what program is best suited for your unique situation. All credit scores are considered. Applying for a loan with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Start with this online form, fill out the short application page, wait a few hours for your approval, and then get your offer