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Working Capital: A Small Business Lifeline

Affordable working capital needed now more than ever.

With more than 30 million small businesses serving as the backbone of the American economy, it’s critical for owners to get back to business as usual. Although we have all been affected by the coronavirus, we need to start the process of reopening.

Small business owners continue to struggle daily with the current reality of business being on pause. While some are dealing with reduced or depleted client loads and revenue, others have been forced to consider the difficult decision to close for good. To add to the frustration, some of us are grappling with how we can effectively move forward.

Four Steps to Small Business Survival

Everyone has been affected by the coronavirus pandemic in some way. Both the government and private lenders have stepped up to provide financial assistance to help small business owners stay afloat until the chaos is over.

While the SBA relief loans offered through the CARES Act are a good option for many small business owners, they are not the only option. . Whether or not you have applied for an EIDL or PPP loan, and still needs funding, here are four ways an SBA 7(a) working capital loan can be a lifeline:

1.      Inject Cash

Even if your business is temporarily on pause or employees are now working remotely and not in the office your bills are still due. Utility bills, rent or mortgage, taxes, insurance fees, need to be paid. Plus, you need to restock supplies and inventory. An injection of affordable working capital can help owners navigate these trying times and maintain long-term viability.

2.       Protect Employees

Good employees are hard to come by. With the surge in unemployment and job losses, you may find many qualified people are looking for new opportunities. Working capital can not only help cover current employee costs to retain them, but can also fund recruitment of new staff.

3.       Tackle Debt

Most business owners carry debt, but juggling multiple balances, interest rates, and payment due dates can be a hassle. Use our Consolidation Calculator to see the potential savings of consolidating your debt into 1 low rate loan.

4.       Prepare for Future Success

Some business owners are taking this slow time to plan for the future. Whether it’s investing in new equipment, technology or marketing , this time could be a good opportunity to future-plan. A business loan can help your business to work more efficiently, better serve customers, and drive more business.

Where do we go from here?

The CARES Act waives the first 6 payments on all SBA loans closed between March 27, 2020 and September 27, 2020. Your business will have the benefit of on-hand working capital without the immediate pressure of new debt payments.

Most small businesses are financially challenged right now. Those that were strong before will be strong again when this is over. It’s still possible to borrow money affordably. APPLY or CALL today and let us show you how we have successfully helped over 3000 small businesses attain affordable working capital since 2015.

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