Need an SBA Business Loan for Your Existing Business?
If you do a quick Internet search, you will discover many lending institutions offering funding to help smart, innovative entrepreneurs start a new business. The Small Business Association (SBA) is one of those who are willing to help. However, if you need an SBA business loan for your existing business, this may be harder to come by.
Many people think that once your business is off the ground and successful, you don’t need help from organizations like the SBA. Nevertheless, this is exactly the time when you may require an SBA business loan to help you stay afloat.
The Benefits and Downsides of an SBA Business Loan
The SBA provides a critical service to the business community in this country. It offers a way for small businesses to get their foot in the door before it gets slammed in their face.
Although it does not lend money directly, the organization does help with SBA business loans by working as a go-between for small business owners and lenders. It helps entrepreneurs with paperwork and finds lenders who are willing to take a chance on a smaller company. In addition, it assists the lenders by guaranteeing that the money will be repaid, giving them peace of mind and encouraging future cooperation.
However, like most government organizations, the SBA is a huge entity with numerous approval levels. They also have a massive amount of red tape. As a result, it can take up to a year to get an SBA business loan. Many existing businesses just cannot wait that long for funding.
Alternatives to an SBA Business Loan for an Existing Business
If you have a profitable business with at least $350,000 dollars in sales, Financing Solutions (www.fundmypayroll.com) is a good place to get needed fast business funding. They have a quick approval process so you can receive an answer regarding your application in a few hours. Once approved, the money you need can be in your account in less than two days.
Quick business financing from Financing Solutions can be used for any business purpose, such as making payroll, paying rent or purchasing supplies. If can even go toward long term financing needs like building business working capital or taking advantage of a profitable business opportunity. Best of all, you can repay the money quickly. For most businesses, this is typically a couple of weeks or months, as soon as your cash flow situation improves.
How to Take Your Existing Business to the Next Level
Conducting your business the same as you have always done may be how you survive. However, it is not a formula for growth. In order to stay successful, your company must adapt and sometimes break new ground.
You may want to begin with creating a strategic plan. It will help you to keep moving in the right direction. You will also not get sidetracked by initiatives which are interesting, but off task.
Also, you should share your goals with all employees and key stakeholders. Your boat will go nowhere if everyone is rowing in different directions.
Another way to take your business to the next level is by contacting Financing Solutions. They can alleviate your cash flow issues so you can focus on increasing your success.