Small businesses all over the world have taken a great financial hit due to Corona Virus Lockdown. Especially in America where small business is considered the backbone of the economy has suffered a lot. In the last two months, over 500,000 businesses in America have shut down which cost unemployment to over 2 million people. But eventually, the conditions are getting better now. We are on the back curve of Corona Lockdown.
It is assumed that in the middle of June the government will begin easing up the lockdown and life will get back to normal after a few weeks. Now the question remains that what about those small businesses which got closed during this lockdown. They need financial help to reopen. There are multiple options that they can avail to reopen their small business and most of them include getting a loan.
Here in this list, we are going to discuss some ways through which you guys can get financial aid and help your small business to reopen.
- Apply for PPP Loan
This is a new loan scheme given by the US government to aid those small business owners whom business suffered in this Corona Pandemic. This PPP loan program has only a 1 % annual interest rate. Right now, this program is in 2nd phase where the US government is distributing over 319 billion dollars among those whom business suffered especially in COVID-19 lockdown.
- SBA Disaster Loans
This is a type of loan offered by SBA (Small business administration) to aid those small businesses which suffered in any natural disaster including flood, earthquake, and hurricane. These SBA disaster loans are designed in such a way that it will not put any extra stress on borrowers to pay off.
- Personal Term Loans for Business
Now when we talk about personal loans there are two types of loan that comes to our mind. One is secured and the other one is an unsecured personal loan. In the secured loan, we must put some collateral like real estate or other property to get the loan but in unsecured loan, no collateral is needed.
To reopen your business after lockdown this is another option that you can explore to fund your business. These loans usually have more annual interest rates than others, but you can get them faster than other loans.
- MCA (Merchandise Cash Advance)
Usually, this type of loan is taken when you are going to enhance your business. As the condition suggests that you need the funding right away to reopen your business after lockdown. MCA is not a bad choice to explore to get some extra funding to support your business. it will grow your business and sustain cash flows temporarily.
- 0% Business Line of Credits
Finally, the business line of credits. This is a financing option that you use as your credit card. You apply for a certain amount of money as a loan and the company creates an account under your name. Then you use the money as you require, and your loan gets paid off by every sale you make.
So, these are some of the options that you guys can explore to fund your business after this lockdown. This will provide you initial aid to reopen your small business again after the coronal Virus lockdown. To apply for all these options, you can go online at Bitx Funding. Bitx Funding has a huge number of clients with positive reviews about their services. Here you will get all these funding options at a single platform.