As a small business, you want to grow and make the most of the favorable economic environment. But what should you do for growth?
- You can explore new markets
- Buy the latest equipment to boost production
- Get new vehicles for the workforce to enhance productivity
No matter what you try for business growth, your action plans will demand additional funds. It is when you should look for the best business funding solution to fuel growth. Now let’s look at the different funding options:
Finance Assets Purchase
You want to buy new equipment to expand productivity. But you lack funds to go for the purchase. What can you do?
The Solution: Go For Asset-Based Lending
This type of funding is not new, and it uses the assets you intend to buy as collateral for the loan amount that you take. Thus you are the owner of the assets until you repay the loan. The funding solution comes with the option of hire purchase as well as a lease purchase. In the first option, the balance sheet will reflect the cost of hiring. Then you can also opt for lease purchase in which the amount doesn’t reflect in your balance sheet until you have repaid the amount in full.
Expand the Inventory
You want to expand the inventory, and also want to cover the operating costs and have some short-term expenses as well to take care of. Which funding option will be the best for you?
The Solution: You Can Take A Business Line Of Credit
You might be using a credit card which comes with a pre-defined credit limit. When you use the card, the credit limit gets reduced, and you pay the interest only on the amount that you take. A business line of credit works. Similarly, you can secure a small business line of credit up to $100,000 and make the repayment over 12 months. Unlike a credit card, you get the flexible cash when you need it. You will not have to do a lot of paperwork either, and all that is required is a business bank statement for review. You do not need an excellent credit score for it either.
Need Cash to Meet Ad-hoc Needs
In business, you never know when you need additional funds. For instance, you are a wholesaler and have come across a great deal that you can benefit from the next season; you will like to avail it. But you are going to need some extra money, and it is when you will need to find the right funding solution.
The Solution: Business Cash Advance
It is a simple and easy financing option with which you can raise the cash by selling a part of the future sales at a discount to the lender. As a business owner, you will get the cash. However, this form of funding cannot be considered as a loan. It can be treated as a purchase or the sale of future receivables.
Want More Equipment for Increased Production
If your business is dependent on equipment for production and you want to grow your business, then you will have to buy more equipment. But the prices of the equipment may be too high. What should you do?
The Solution: Equipment Leasing
You can get the leases for $500 to $150,000 in no time. The leases are available for more than five years. You will not need a high credit score and application can be made online.
No matter which financial problem, you are facing; there is a funding solution for it. All you have to do is to make the online application, and you will get the funds within 3-4 hours.