Can an Emergency Business Loan Really Be Easy?
It is indeed easy to fall off a log or to take candy from a baby. Nonetheless, you may be wondering if it can also be easy to obtain an emergency business loan. The easy answer is… it depends on where you look.
Emergencies can happen in the life of any business, big and small. How you handle these temporary setbacks is often what separates the successful entrepreneur from the ones that go out of business. The ability to get an emergency business loan could make all the difference.
How Can You Get an Emergency Business Loan?
The definition of emergency is a serious and unexpected situation requiring immediate action. If this occurs in your business, you may need an emergency business loan.
If you have ever tried to get a loan from a bank, you know that it is easier said than done. Trying to get an emergency business loan is even harder.
By nature, banks don’t do anything fast. It can take days just to fill out an application, several weeks to receive an answer and, even if you miraculously get an approval, months before you see your money.
For a small business, the chances of getting a quick business loan from a bank are slim and none. The most you can hope to receive is a home equity line of credit, where you use your own home as collateral for the loan.
Are There Alternatives to an Emergency Business Loan?
When you don’t have enough cash on hand, just about any situation can classify as an emergency, such as an equipment breakdown or account receivable gap that prevents you from making payroll. To keep from going under, you will need fast cash now.
The easiest option for emergency business funding is a cash advance company, like Financing Solutions (www.fundmypayroll.com). As an alternative lender, they are less strict than banks and can get you the fast business financing you need to deal with an emergency.
At Financing Solutions, you can apply for instant business financing with just a 15 minute phone interview. In addition, you will receive an answer about your application in a few hours. After providing a few supporting documents, you could have the money you need deposited in your account within 48 hours.
As a further benefit, there is no long term commitment or early payment penalty. You can repay the money in a couple of weeks or months, when your cash flow improves. Isn’t that easy?
How Can a Business Prepare for an Emergency Before it happens?
One of the best ways to prepare for an emergency is to have a healthy amount of working capital. You can draw on these funds when a crisis hits and takes all of your cash on hand.
Another smart move is to create an emergency preparedness plan to map out actions you and your employees will take in the event of a disaster. This can include things such as who is in charge if the CEO suffers an extended illness and finding an alternate location if your normal business space becomes severely damaged.
The most important item that should be in any emergency plan is the phone number for Financing Solutions. No matter what kind of emergency you are facing, you know they will be there to provide the emergency business financing you need to stay afloat.