How a Short-Term Business Loan Could Fill Your Working Capital Needs
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How a Short-Term Business Loan Could Fill Your Working Capital Needs

Let’s face it! All small business run into problems. There’s a leak in the roof. One of your star-employees has to have emergency surgery and will be recovering for a few weeks. The company car needs a new engine. It’s the time of year when business is just too slow. Rest assured, it’s okay. These circumstances arise – some unforeseen, and some inevitable. What do you do when cash flow just isn’t as great as it could be, and you need additional working capital fast to get you out of the rut? Consider a Short-Term Business Loan.

Short-Term Business Loans are utilized as a way to fill an immediate short-term need and fix cash flow issues. These types of financing products do not require a lot of paperwork by most lenders and can be used for virtually any business purpose. Common uses of Short-Term Business Loans are inventory purchases, new hires and employee training, equipment repairs, and filling gaps between accounts payable and receivable. The pros outway the cons, however, this short-term financing solutions mean shorter terms, thus, higher costs can be involved in comparison to traditional secured financing. Short-Term Business Loans are generally paid back via weekly ACH payments. In contrast, traditional term loans are paid back within a fixed term and a set interest rate. While traditional term loans allow you to build business credit and have fixed monthly payments, they come with less flexible terms and rates. Additionally, penalties may be charged if the loan is paid off early, so a Short-Term Business Loan may be the better option for you.

For more information on Short-Term Business loans and qualification requirements, click here or APPLY NOW to learn what you qualify for!

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