Sometimes business owners need money fast. Emergencies happen, unexpected expenses pop up, and cash flow stalls. You need a backup plan. This may be a credit card, a line of credit, or, if these are not available at the time, some other option.
A small business credit card can be a great back up plan if handled appropriately, but only if you have to already have one! The key to this is to take the time to research before you need the card to find the one with the best rates and rewards. Then, when you need some extra spending power fast, you are all set.
Line of Credit
This is another backup option that has to be in place beforehand. It works much like a credit card, but typically has stricter credit requirements. It can be accessed by check or debit card, like a checking account, and generally has better terms and rates than a credit card, but no rewards.
Merchant Cash Advance
If you accept credit card payments from customers you may be able to get a merchant cash advance. This is an option that may be necessary if you do not already have a business credit card or line of credit in place. Money can be in your account in as little as 48 hours in some instances. This is an advance on future credit cards sales and is repaid as a percentage of daily sales. Usually the interest rate is high (30-40 percent), but repayment terms are flexible, with payments being made monthly, weekly, or even daily in some cases.
Biz2Credit can help you with all three of these options. Visit Biz2Credit.com today and let us know what you are looking for. We will search our extensive network of lenders for those that have just what you need. Don’t wait until you are in a pinch, get started now and be prepared.