“I need money to stay in business”. “I need working capital to keep my business open. ” What are my options on how to get money to stay in business and keep your business open?
There are several options most businesses have an excellent chance to qualify for. Join the many funded business owners that could not get funded before. Contact us below now.
How to get money to stay in business:
- Step 1 Calculate your recent cash flow numbers. This includes monthly gross and net income. Look at your assets and your credit.
- Step 2 Find lenders that offer funding programs based on your numbers and your strengths.
- Step 3 Apply for the program that you determine best fits your company’s profile and has the best chance for approval.
Consider all loan options to make sure you are not missing any opportunities for funding. You may be able to get funding through programs you were not aware are available.
F.A.Q. – Frequently asked questions and requests:
Where can I get a business loan to stay in business?
Alternative funders are the best places to get funding when your business is struggling. If your business is having problems, a regular bank will very unlikely approve your business for funding.
If you have proof of income for your business, such as bank statements or business tax returns, you may get funding based on revenues, such as a bank statement loan.
I’ve tried to get funding and have been declined. Why would this be different?
This approach focuses on how you have gone about looking for funding. Randomly applying based on presentation and what the representatives have told you are usually not the best funding programs for your business.
Some funders focus on better credit. If your credit is not good, you may have been declined for credit. It may have been better to apply with a lender that focuses on tougher credit customers.
Some lenders focus on programs that give more value to businesses that have strong assets or strong cash flow. If your business does not have either of these then you may have applied for the wrong programs.
Matching business loan programs to your company’s strengths is critical. Make a mental list of your company’s strengths. This will give you a blueprint from which to work when you decide on lender.
Should I just apply once I have found the lender that seems to match?
Call the company and discuss your needs with them first if you have time. Tell them about your business and also what your strengths and weaknesses are.
Ask the company about their programs first to make sure they are not trying to match up their products to your business when they may not be a fit.
What if this does not work and I still cannot get loan to save business?
You can call us and we will help you figure out if you may be missing opportunities. Another type of funding may be best. If you truly cannot qualify, then it is time to think about other options.
Final options after business loan decline:
Final options after business loan declines include:
- Adding a strong owner and sharing ownership. This can bring in money and credit.
- Change your business model
- Scaling back your business
- Major expense cutting.
- Temporarily closing your business.
These options may allow you to work around the problem and get back up and running in the short term.
It may also be a good time to change your business model. You do not have to change your entire business model immediately. You can do this over the course of a few months and transition into a new business line.
Consider if adding a person to the business to bring in some money as a co-signer may work. This can be someone who becomes another owner. If they have good credit, the may be able to co-sign for a loan for the business. These are more ways on how to get money to stay in business.