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Short-Term Business Loan

There are a multitude of reasons your business may need a short-term loan. Businesses that are currently starting up or experiencing a slow season may need extra-cash flow to help them meet their payment commitments. Having working capital on-hand is crucial to almost any business’s survival — short-term loans are meant to help companies meet their short-term financial needs, such as relieving cash flow shortages, paying unexpected bills, and taking advantage of unforeseen opportunities. Instead of withdrawing from your current reserves, consider getting business loan that allows you the flexibility of keeping your accounts payable solidified.

Should My Business Get a Short-Term Loan?

There are many reasons your business should get a short-term loan. If you have just started your company you may want to consider getting a short-term loan to help set up your business. In addition, if you’re trying to grow your business over a determined period of time, a short-term loan may be a great way to help spur growth. Either way you should have a strong business plan in place that indicates how much revenue you can expect in return for your investment. You want to make sure that you will be able to pay off your loan and its interest quickly. Some of the ways borrowers use short-term loans to benefit their enterprises are as follows:

  • Emergencies: If you have a crucial piece of equipment or technology that breaks, getting a short-term loan can help you make repairs so you don’t miss out on much needed revenue.
  • Short-Term Costs: Perhaps Christmas is coming around and your storefront needs to hire additional staff to help deal with the increase in demand, a short-term loan can be a great way to help pay seasonal expenses.
  • Gaps In Cash Flow: If you have gaps in your cash flow you can get a short term loan to help cover costs.

These are a handful of different ways that a short-term loan can help fund your business. Have a think about the ways that additional working capital could help your operations and you’re sure to realize how helpful finance can be within your enterprise.

What’s the Process?

The process of obtaining a loan through traditional lenders can be both tedious and lengthy. Many traditional lenders will require extensive documents to prove certain aspects of your business’s functionality and profit ratios. This can be extremely hard for a young business to produce as you may not have enough financial information on your business. We don’t require the same types of documentation, we make our decisions based off of basic financial information instead. With a line of credit, you can draw from the available capital as much as you want, as long as you don’t exceed the pre-determined limit. In addition, you don’t have to pay interest or fees on the money that you don’t access. Unlike a credit card, a line of credit give you access to cash which makes it one of the most flexible financing options on the market. So what are you waiting for? Apply through our online portal today!

Short-Term Business Loan