Emergency Business Loans – Emergencies Don’t wait. Your Business Shouldn’t Either
As a business owner, you know that putting out fires and finding solutions is a part of the job requirements of a business owner. When the unexpected happens emergency business loans are available to help bridge the gap.
Whether large or small, emergencies happen, and when they do a quick injection of working capital with emergency business funding may be exactly what you need to avoid catastrophe and keep things running smoothly.
With the evolution of fintech and alternative lending, business owners can avoid the lengthy approval process associated with traditional banking and resolve unexpected business emergencies within as little as 24 hours.
Having funded over 1,000 clients, we’ve encountered our fair share of emergency scenarios where the business owner required a business loan fast due to an unforeseen circumstance.
How to improve your chances of being approved for an emergency business loan and get same day business loans.
While the application and funding process for alternative lending and emergency business finance is lightning fast compared to traditional loans, the process is a bit different and the speed at which that process moves is still partly in your control.
The more carefully you think ahead about your own situation and how that will affect the application process, the faster you can gain an approval and the sooner the funds will land in your account to handle that emergency.
With that in mind, here are a few things in mind before completing the application process:
- Get your things together: Have both four months of your most recent bank statements and four months of business credit card processing statements (if your business accepts credit cards) ready before applying.
- Bankruptcies, Negative cash flow, and poor loan payment history are the primary red flags that alternative lenders look for: While they won’t outright deny your application they will require a stronger showing in other areas to counterbalance.
- Annual revenue, debt obligation, cash flow, and profitability are primary factors for approval (have extra paperwork ready): For emergency funding for small business requests over $150,000.00 It’s best to gather additional paperwork such as your last filed tax return and year to date profit and loss statement and balance sheet in advance as that may be required as well.
- Minimum time in business: Most alternative lenders require a minimum business age of 6 months to 2 years depending on the lender, the loan type and the strength of your revenue.
- Minimum annual revenue: Most emergency business loans require a minimum annual revenue, typically about $100,000 for an unsecured business loan in particular.
The application process for most alternative lenders is quick, simple, and straightforward.
However, it’s important to have your things in order beforehand to not just increase your chances of being approved but also to speed up the approval process so that you can receive the funds in as little time as possible.
Complete our online application and discover how much you can be approved for
What makes alternative lenders different when it comes to emergency business loans
Working capital acquired through a traditional lending channel can be a long and tiresome process.
Traditional lenders have strict rules and guidelines, and usually, analyze all of your business history in order to make a decision.
What makes obtaining emergency business lines of credit and loans through an alternative finance solution provider, such as Excel Capital Management, different?
For starters, lenders that provide emergency business loans typically take everything that makes up your business into play when presenting an approval and offer.
These factors include your cash flow, business credit score, character, personal credit score, length of ownership, revenue, and for large funding rounds (over $100k) they can request tax returns and financial statements.
While this sounds serious, it is actually beneficial. If you’re lacking in one area, often times, the others will make up for it. Not being 100% up to par shouldn’t mean an immediate decline.
In addition, the paperwork requirements are simple.
Generally, for an emergency small business loan, an alternative lender only needs four months of recent business bank statements, four months of recent business credit card process statements (both of which we discussed earlier), and a simple application.
Additional documentation may be requested if needed, but typically an approval and an emergency business cash out can occur in as little as one to three business days!
Getting funded shouldn’t be a lengthy, tedious process. Time is money and you need to get your business back on track after all.
Why not go to the bank?
Most traditional lenders can take weeks or even months to get you approved for funding so an emergency small business loan is out of the question.
In addition to this, the application process is heavy on confusing paperwork and tiresome back-and-forth communications.
However, with our unsecured business loans and lines of credit programs, we can have your business approved for emergency business funding in as little as 10 minutes in other words same day business loans for you.
As leaders in the alternative lending market, Emergency business loans with bad credit are not a problem, we have the ability to expedite your funding process and get the business capital you need to take care of that emergency right on time.
When looking for funding you need to consider how the business funding will help and is the cost worth it. When faced with a business emergency, ensuring a fast turn around time to resolve the need is more important than saving a few points on the cost.
Think about a typical emergency you might face– not being able to meet payroll because a client payment was delayed, for example– and how that might affect your entire business in the long run.
Emergency business loans can give your business the emergency business funding it needs to cover payroll and avoid losing key players on your team due to a simple cash flow disruption.
If your business has fallen on tough times and you need access to additional capital quickly, emergency business finance could be just the answer to put your business back on track for success!
If you’re in need of emergency business loans, apply now to find out how much your business qualifies for to get an emergency business funding the same day.
Complete our online application and discover how much you can be approved for:
What can I use emergency business finance for?
Below are several such real-life scenarios that we’ve encountered where business owners needed a fast small business loan in an emergency and we were there to help:
A trucking company needing a loan due to a semi-trailer breaking down
Without a quick business loan, a trucking company in Florida with a broken down semi-trailer would have had a severe cash flow crunch if they didn’t get the truck back on the road the next day.
Fortunately, we were able to provide them with a short-term loan for $55,000 to repair the big rig and get back on the road.
A general contractor came to Excel in need of funding to pay for materials to complete a house remodeling
Because most general contractors don’t get paid until a job is completed, they often have to pay for building materials for a job out of pocket. This can place a huge burden on cash flow.
We provided this particular contractor with an urgent business loan for $75,000, providing him with the capital to purchase the materials they needed for the current job, as well as additional capital leftover to catch up on other bills and expenses.
An accounting firm lost its main administrator three weeks before tax time
Due to tax season, most accounting firms make the majority of their revenue between January and April 15th of a particular year.
Due to the industry’s seasonality, the firm had a revenue slow-down while at the same time trying to prepare to provide their services to clients for the upcoming busy season, most notably hiring and training new employees. This all occurred at the same time they received their main administrator’s notice.
We helped them receive an unsecured line of credit in just 48 hours to assist with the hiring emergency.
An Insurance agency needed funding to pay for a tax lien.
A Nevada insurance agency needed an insurance agency loan to pay for a $25,000.00 tax lien that was getting close to turning into a garnishment that would freeze all of the assets of the business. This tax lien cause the business owner to suffer from bad credit and unfundable by traditional standards. Excel was able to deliver emergency business loans with bad credit not being a factor.
We were able to get them a $35,000.00 unsecured business loan in 24 hours. This allowed them to pay the IRS and avoid penalties and interest and avoid a cash flow crunch that could have more severe residual impacts on operations.
An auto repair shop’s car lift broke down leaving them with a need of $10,000 to buy and install a new one
Without the lift operating in the shop, mechanics at a Houston repair shop were on pace to lose up to $2,000 per day.
We were able to provide them with a split funding solution for $11,500 within just 24 hours of applying. The lift was installed the same week and business went right back to normal.
>Michelle Smith, owner of a popular Georgia convenience store encountered a financial hardship due to a severe thunderstorm.
Unfortunately, high winds and rain caused bad structural damage to her store. As a result, Michelle had to put all of her existing business capital into repairs and maintenance, thus, resulting in late payments on bills and a lack of inventory purchases.
Not having such a pretty appearance due to the construction, as well as understocked shelves, meant fewer customers, and ultimately less revenue.
After doing some research online, Michelle contacted us to apply for an emergency business loan. We were able to approve her quickly and she got the $75,000 she needed to fix up her shop and restock just three days after initially applying.
Complete our online application and discover how much you can be approved for:
Ever had something unexpected happen that affected your day-to-day business operations and, as a result, your very cash flow? Thats when an Emergency Business loan can come to the rescue!
If you have, then you know how catastrophic something like that can be for a small business– and how quickly everything can change.
The average small business owner lives and dies by their business’ daily sales and fulfilling orders, whether that’s a bakery, trucking company, or a clothing retailer.
Anything that threatens to interrupt that, even for a short period of time, can cause measurable damage to a business’ bottom line.
There’s where an emergency business cash can come in handy.
When equipment breaks or supply is damaged, without the cash flow on-hand, an emergency business loan can provide you with the capital you need to purchase new equipment or make that rush supply order to keep things running smoothly– avoiding problems with customers and maintaining cash flow.
We’ve helped countless small business owners in exactly this type of situation– often getting those funds to them in less than 48 hours.
Here are a few of their stories:
1. Getting an emergency business loan for equipment repairs in Boston
If your business depends on making things using a particular type of equipment, when that equipment breaks it’s a code red emergency.
Until that equipment is fixed all business operations halt.
That’s what happened to a manufacturer in Boston, who contacted us because of an equipment malfunction that needed emergency repairs.
We got them $150,000 in less than 24 hours and helped them keep their operations running smoothly.
2. Keeping the doors open in New Mexico
What is a car dealership without any cars? Out of business, that’s what.
When a used car sales dealership in New Mexico contacted us about being maxed out on the payments to their floor plan, we got them an emergency business loan for their car dealership for the $100,000 they needed so the inventory wouldn’t be seized, allowing them to keep the doors open.
3. Emergency business financing to Catching up on rent in Long Island
For a brick and mortar business, there are few things as stressful as being behind on rent.
That’s why when a clothing retailer in Long Island, New Jersey was dangerously past due we got them the $25,000 they needed to catch up and get them out of their slow season.
4. Paying past-due bills with suppliers in Miami
Getting behind with suppliers is a dangerous catch-22.
You need supply to produce more product to sell, but what do you do when you’re so behind on payments to suppliers that they’ll no longer ship you to make that product in the first place?
When a Miami restaurant contacted us about being delinquent with suppliers, we got them approved for a restaurant business loan and they got the $15,000 line of credit they needed to cover their past-due bills and better manage payments to suppliers moving forward.
5. Making ends meet in Portland
Industries like construction can be rough, especially when payment is delayed on a job you already completed, keep you from being able to purchase supplies for the next job.
That’s exactly what happened to a Portland contractor who needed a construction business loan for $40,000 to cover construction materials for a new job while payment was delayed for a previous one. We got them the funds they needed to keep things going between jobs.
6. Paying a tax lien in Chicago
A tax lien is one of the most pervasive forms of debt, with the IRS having the authority to garnish your wages and even put a levy on your assets.
When a Chicago doctor got in touch with us about a $150,00 tax lien that was about to turn into a levy/garnishment we got him the funds he needed to pay Uncle Sam and be done with it for good.
7. Preparing for a busy season in North Carolina
Highly seasonal businesses have to take extra care during slow seasons to maintain the cash flow to stay current on bills in addition to planning in advance with ample product and personnel when the busy season hits.
Landscaping is slow in the Carolinas between the months of November and February, so when a landscaper in North Carolina
requested $50,000 to help with the upcoming busy season, we got them the funds they needed to keep their business running smoothly.
8. Emergency business funding for a truck repair in Texas
A trucking company without functioning trucks is dead in the water.
That’s why when a Texas-based trucking company applied with us we got them the $40,000 they needed for emergency truck repairs to keep their trucks on the road.
9. Emergency moving expenses in California
If you’ve ever had the unfortunate pleasure of dealing with an insurance incident you know how much of a pain insurers make it to get your payout.
For as much work as they do to get your money they make it very difficult to get you your money when it’s time to collect in the event of a claim.
That’s what one IT company in California experienced when their facility burned down in a fire– and all their product with it.
They were told it would take at least 60 days to get their payout, which was far too long if they hoped to keep the business running between then
.
We got them the $100,000 they needed for emergency moving expenses– in just 48 hours.
10. Taking care of new hires in Indiana
New hires tend to be inconvenient for several reasons. As much as you might dream of finding that perfect person who is ready to go from day 1, it just doesn’t happen.
New hires require training and it often takes time before that new hire can match what the previous employee was doing. All of these things mean a new hire can cost quite a bit.
However, forgoing that new hire and making preexisting employees pick up the slack can cost you far more money over the long run, so the alternative is rarely preferable.
That’s why when an Indiana-based marketing company contacted us after their senior designer quit unexpectedly, we got them the $15,000 they needed to hire and train a new graphic designer.
