A Line of Credit is Often a Good Idea When You Are Waiting for a SBA Loan
The world of business can change in an instant. Sometimes, all it takes is one good idea to transform your company from okay to outstanding. That’s why you should know that a line of credit is often a good idea for businesses waiting for an SBA loan.
Ideas are a dime a dozen but good ideas can be hard to come by. Waiting for an SBA loan can make you feel like your business is on hold until you receive the money. Getting a line of credit is a good idea to keep things moving in the meantime.
The Good and Bad Sides of an SBA Loan
If you are an existing business with at least $250,000 in sales, you might think that a line of credit is out of reach for you. You also may not believe that applying for a line of credit is worth your time. This may lead you to apply for (and wait for) an SBA loan.
Small Business Association (SBA) loans are often a lifeline for companies that find it hard to qualify for a business bank loan. It gives the banks a guarantee that the loan will be repaid.
However, the SBA loan process takes a longer time than traditional small business capital loans and it has more paperwork. Also, anyone with more than a 20 percent stake in your business is required to personally guarantee the loan.
Why a Line of Credit is good for Business
Quick business funding from any bank is fraught with restrictions and strict criteria that most small businesses can’t meet. A better option is an unsecured business line of credit from Financing Solutions (www.financingsolutionsnow.com).
When you get a line of credit from Financing Solutions, you can expect fast approvals and your money in less than 48 hours. Most importantly, it costs nothing until you withdraw funds from the line.
Good Ideas to Grow Your Business
While you are busy trying to run your business and simply stay afloat, it’s difficult to think of ways to grow your business. To help, here are some low-cost ideas you can easily adopt today to put your business on a path to greater success.
One important strategy is to build your reputation and brand. People won’t purchase from you if they don’t know who you are. Spend some time getting active on social media. You can use Facebook to tell your story, Twitter to stay in contact with your audience and Instagram to show your personality. Use good content about your business and industry that people want to know about. This doesn’t have to be expensive. Go to your local college and hire a student. They may work for less in exchange for the real-world exposure and something to put on their resume.
You must also work at getting to know your customers. Find out what they need and what problems they are trying to solve. Then, be that problem-solver. This actually costs you nothing and the return on investment is huge.
The best way to grow your company is to have enough fast business cash to take advantage of any growth opportunity that comes along. This makes getting help from Financing Solutions a good idea.