Business Loans to Reopen Your Business
We are beginning to reopen our doors for business now that we are on the backside of the COVID-19 curve. Bringing our employees back to work is critical to the economy. We can’t count on the government forever because soon the programs such as Paycheck Protection Program and EIDL will no longer be available. You will need liquidity to purchase new inventory, fix broken equipment, advertising, payroll and so much more. The only problem is your cash flow if broken because little or no revenue has been achieved during the lockdown. In the new economy loans that were once easily available will be hard to find so here are three different loans that can help you jump start your business.
Choosing a card with an introductory 0% APR can be a great move for a small business that has been impacted by the COVID-19 shutdown. Businesses across America have seen their cash flow decrease by 50% or to zero in some cases and now getting a lender to provide funding will be a challenge.
The great thing about business credit cards is they are solely based on your personal credit score not cash flow. If your credit is over 700 >, four or less recent inquiries and your personal credit utilization is less than 40% apply now because you can pay off large purchases over time without worrying about accruing interest – allowing you to truly invest in your business.
If you have a large business purchase looming ahead that you want to finance – or if you need to pay off some debt from previous purchases – there are plenty of great small business credit cards that offer 0% interest on new purchases, balance transfers or both for the first few months of card ownership.
A personal loan for business may be an option when other forms of business financing are not available now that your business has been impacted by the COVID-19 shutdown. Small-business owners have plenty of hurdles to clear, and one of the highest is finding funding to restart your business. Banks, credit unions and online lenders offer small-business loans, but another option that can be faster and more convenient is an unsecured personal loan for business.
A personal loan is money borrowed from a bank, credit union or online lender that can be used for any number of purposes, including funding a business. Most personal loans are unsecured, which means they do not require collateral, and you pay them back in fixed monthly payments, typically over two to five years.
As long as your lender has no restrictions against using a personal loan for your business, you can use the money to purchase equipment and inventory, kick-start your marketing efforts or put toward other costs you encounter when your business was closed.
0% business credit cards and personal term loans for business are not impacted because of the shutdown but if you where an essential business and are still open you can get a loan or advance against your cashflow. Long term loans such as SBA 7a, Mid-Term loans or business lines of credit are hard to come by as banks have raised the bar or stopped lending all together, but short-term loans are available.
Short-term business loans are designed to provide small business owners with quick access to working capital to address short-term financial issues. As with a traditional business loan, you will typically get the loan funds in a lump-sum payment, then pay it off within one to two years.
These loans are like traditional bank loans, but with a shorter repayment term. In general, you will have a hard time finding term loans with short repayment periods from traditional small business lenders. Instead, you will likely need to work with an online lender like BitX Funding to get what you need.
BitX Funding is the online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and we are passionate about helping your company reach its full potential.
You can reach loans specialist by toll-free at 1-800-824-2407, or email at firstname.lastname@example.org or applying online here and we can guide you on which loans are the best fit for your business.