Many small businesses use some form of financing to manage cash flow, secure expensive equipment and/or fund growth. You many think you’re being financially responsible if you’ve been wary of taking on debt, but you could actually be holding your business back. Here are 5 signs your business may need financing:
If you’ve decided it’s time to take out a loan or another type of financing, you’ve got plenty of options. A traditional bank loan is likely to be the cheapest source of extra cash, but it can also take a while to get that cash into your account.
Marketplace lenders with online applications can get you cash within a couple of days, but you may end up paying through the nose for that convenience. If you’re a Clover customer, Clover Capital is another possible option. This program can advance you some cash based on your average credit card sales. Repayment is easy, and also based on sales, so you won’t get stuck with payments you can’t afford.
Seeking financing can be a great sign that your business is strong and ready to grow. Just like with your personal credit card, using financing responsibly can improve your business’s credit score and help you achieve your goals. Whatever your reason for seeking financing, be thoughtful about the financing type, amount, and timing–and rest assured that there are plenty of options available that will meet your particular needs.
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