Very few businesses start out strong and immediately begin raking in revenues that allow it to be successful for the long term. Far more startups will struggle initially, and then still require occasional funding to keep operations running smoothly, or to stay on target for business growth plans. If your small business is in need of funding to improve its bottom line, there are several options you can consider.
You might be surprised to learn that there is interest-free money available to small businesses, and this money does not need to be repaid. The drawback to acquiring interest-free money is that applying for a grant is a highly competitive process, and the approval requirements are generally rather stringent. However, it’s certainly worth your while to investigate whether or not you would be eligible for a grant based on your state location, the kind of work your company does, or possibly your status as a veteran, minority, or woman.
If yours is a company which is just starting out and doesn’t have years of operating history for a bank to review, you’ll need some other strong qualifier on your side. If you have major equipment which can be used as collateral, that can be very appealing to a lender. Even if you lack any expensive machinery, your business may have assets in the form of unpaid invoices, which an alternative lender would purchase from you and put immediate cash in your hands.
Business Credit Cards
Obtaining a business credit card can be extremely useful for your company because it can serve as a constant source of cash to be used whenever you have a shortfall. As long as you can keep paying down on the account balance, you can continue to use your business credit card as a cash source.
Refinancing Current Debt
Existing loans with high-interest rates are a prime possibility for refinancing. If you can find a lender who will grant you a lower interest rate than the one you have currently on an outstanding loan, you can actually improve your company’s bottom line by having smaller monthly payments, which in turn will infuse more cash into your operating budget.
Would your bottom line be improved by additional funding?
Most small businesses are in need of additional funding to improve their bottom lines and to help smooth out the ebb and flow of business operations. If your business is in need of funding, contact us at Norris Commercial Capital so our specialists can work with you on possible funding solutions.