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Your Options for Quick Capital

A small business can sink or swim over the course of only a few months which, is why it’s important to secure access to working capital so that you as a business owner can respond to cash flow slumps as the arise. Here are 4 options to consider whether you need a loan today or you need to have quick access to money in the bank for tomorrow.

Merchant Cash Advance

A Merchant Cash Advance is a lump sum payment made to a business in exchange for future credit/debit card sales. These loans are unique in that they are usually very simple to qualify for as lenders often wave credit checks and don’t require financial records. Unlike other loans, payments are made regularly as a percentage of each card transaction. These advances are processed quicker than traditional loans and are often the best choice for business owners with less than perfect personal credit scores.

Business Credit cards

Business credit cards can be a favorable option for those who need to make large purchases. Unlike personal credit cards, the Credit Card Act of 2009 does not apply which means that interest can change frequently without notice where by law, personal credit cards have capped fees and interest rates. The good news is, most lenders now offer consumer protection so that business owners are more secure. The bonus of having a small business credit card is that they offer rewards which are tailored toward your business purchases such as discounts on office supplies or travel. Because of the convenience of a credit card, business owners can quickly and easily access funds for purchases or cash withdrawals.

Business Line of Credit

A business line of credit is a fixed amount of capital made available to business owners by a lender. The main difference between a business line of credit and a credit card is that there are no payments or interest incurred until the funds are used. A business line of credit can either be unsecured or secured (normally by inventory) and typically has lower interest rates and closing costs than traditional loans. A business line of credit creates a cash cushion of funds when you need them, making it a great option for quick capital.

SBA Express 7 (a) Loan

The Small Business Administration offer expedited processing for their 7 (a) loans. Business owners use these loans to establish new businesses, or assist in operating or expanding an existing business. Loans for up to $5 million are available with no set minimum and SBA can guarantee up to 85% of loans up to $150,000 and 75% of loans for greater amounts with express loans set at 50%. With their express processing, you can expect to have funds in your account in under 36 hours.

SBA Microloan

SBA’s Microloan program offers short term loans to small businesses of up to $50,000. To acquire a Microloan, a business owner will generally need to put up some form of collateral, a personal guarantee or both. These types of loans can be used for inventory or supplies; furniture or fixtures; machinery or equipment or working capital so that a business owner can have cash on hand, when they need it.

Fundkite’s business lending experts are here to connect small business owners with lenders and specialize in working with businesses who are experiencing difficulties securing a loan. Apply now to find out which funding options are available to you today.