tight funds

An Effective Solution when Cashflow Gets Tight

March 28, 2020

I hate having to write a post like this but I know that a number of business owners are going to find it helpful – especially if the Coronavirus lockdown continues for any length of time.

Business owners are unique people and we really are the backbone of the economy. The upside of being a business owner is that you can do what you love and there is more potential for making unlimited income.

The downside is that you’re assuming risks that others never would and sometimes things happen that are neither expected nor fair. Our current situation falls into both these categories.

We also know that the main reason that the majority of businesses fail is because of insufficient cash flow. Most business owners will prefer to pay their loyal employees than put food in their own mouths and as cash reserves dwindle, things can become very uncomfortable very quickly.

If you’re in this situation now or if you feel you may find yourself in this situation soon, I’d recommend you act sooner rather than later.

Obviously the best solution is to bring on new customers and revenue but if you’re not allowed to do business, that isn’t an option. That really only leaves you with one option.

Get a Business Loan

Getting a short-term business loan to help get you through this unusual situation is a lot easier than you may think.  Banks are rarely an option as the stats show that they turn down over 80{3890ac8b10052c3072c3e3989174bdabbca84ef5a25234fda85800b975891f3e} of all small business loan applicants.

Even worse, they take a long time to make a decision so whether bank funding is an option for you or not, it likely isn’t going to help you when you’re going to need it most.

Which is probably now or within the next month or two.

Fortunately, there are other options and a friend of mine told me about this one in particular. He is a former banker and he swears by them. The application process is painless and unless you’ve been bouncing checks left and right within the last month, you’re almost sure to get approved.

The best part is that they’ll get the money to you within 5 business days. Often even faster.

CLICK HERE TO LEARN MORE

Even if your credit score isn’t perfect if you can show your business has been generating consistent revenue, you’ll probably get approved.

The kicker is that they will want to see recent revenue coming in to your business so if you’ve been shut down temporarily and your revenue has stopped, you’ll want to get your application in ASAP.

I hope you found this helpful. Keep your head up and always remember that “This too shall pass.”

 

 

 

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