Emergency Business Loans: How to Get the Funds You Need When You Need It
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Emergency Business Loans: How to Get the Funds You Need Now

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 loans 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.

 

What can I use emergency business loans for?

 

Below are several such real-life scenarios that we’ve encountered where business owners needed a fast 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 a business loan 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 emergency 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 their 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. 

 

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.

 

How to improve your chances of being approved for an emergency business loan (and speed up the application process)

 

While the application and funding process for alternative lending 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 that can complicate 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, foreclosures, and tax liens 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 business loans over $150,000.00 It’s best to gather additional paperwork such as your profit and loss statement 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: Some loan types require a minimum annual revenue, typically $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.

 

What makes alternative lenders different

 

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 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, 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 funding can occur in as little as 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.

 

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 an emergency business loan in as little as 10 minutes.

 

As leaders in the alternative lending market, 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.

 

An emergency business loan can give your business the 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 loans 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.

 

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