Need money to stay in business?
What are your options on how to get money to stay in business during low cash flow times?
There are excellent options to qualify and survive slow sales periods. Contact us below now.
Call 919-771-4177 for more info.
How to get money to keep your business open:
- 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 relevant options such as bank statement loans 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.
How can I get a loan to stay in business?
Alternative funding is available when your business is trying to stay open. A bank will not loan in this situation. Show proof of income and assets with bank statements and a collateral list, and you may be able to get either asset based or cash flow capital.
I’ve tried to get funding and have been declined. How is this different?
Can I get a bridge loan while sales recover?
Bridge loans may be approved while your sales rebound. Offer amounts will be lower and increase as your sales increase back from their previous levels.
Are there loans for restructuring due to covid-19?
Business restructuring funding is available. A plan may help the lenders determine the viability of your effort.
What if I can’t get a loan to save my business?
Call us and we will help you figure out if you may be missing opportunities. Another type of funding or other option may help you.
These options focus on programs that really match what your enterprise will qualify for. Too often, companies apply for programs they never had a chance to get approved for.
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 offer higher approval for better credit and cash flow. With neither, then you may have applied for the wrong programs.
Matching 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.
Ask the lender about their programs first to make sure they are not trying to offer products that do not fit.
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 the company
- Major expense cutting.
- Temporary closing.
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 operational model. You can do this over the course of a few months and transition into a new product or service line.
Consider a co-signer to qualify. 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 company.