Entrepreneurs, specifically small business owners, can’t foresee or predict the precise future of their endeavors. They can’t predict the economy to collapse, the ever changing value of the dollar, or even the present government
shutdown that’s affecting much more in the business world beyond government workers.
Businesses, small and larger, suffer from this devastating shutdown. The experts say our economy is suffering a billion dollar hit per day, but what about the businesses that continue to stay active despite the lack of money coming from government contracts.
Business owners that rely on these contracts have no option, but to put their employees on unpaid vacation or standby to cut their present losses.
Otherwise they are forced to pay their employees out of pocket with cash they don’t possess. Due to the unpredictable nature of the economy or even a government shutdown, it’s essential for business owners to know their financing options and to prepare properly
for any such dire situation. This applies to restaurants, internet startups, sales companies, or any type of business that might experience any type of financial emergency or setback.
Perhaps you become a victim of identity fraud. Somehow a criminal got a hold of pertinent personal information that allows them to open credit cards or steal any of your money. There’s
nothing you can do about that sometimes. You simply have to learn how to protect your money and important information and move forward.
Where Can Financial Assistance Come From?
Unfortunately, despite the initial unattractive nature of borrowing money, it’s a smart business move for entrepreneurs who need assistance. If you’re business is taking a drastic financial hit at the present moment or in the future, consider this range
No one wants to add loans upon loans to keep their business afloat. The same applies to education. Due to the rise of educational costs, students are forced to rely on large amounts of federal loans to pay for a university education. These are good loans
with reasonable interest rates that provide individuals with promising knowledge that will pay off greatly in the future.
See the prospective of a bank loan in the same terms. It’s not necessarily the most attractive option. Debt never is. Yet consider it to be good debt that funds your business now for the launch of exponential growth financially in the future.
If you’re searching for absolutely immediate financial assistance, bank loans may not arrive at your convenience. There’s often an interview with a loan agent from the bank, an application and approval process, and a credit check. Bad credit can hurt you
Yet bank loans are beneficial to pay for new equipment, employees that you need for your business, or anything you think that’s viable to keep your business proactive and growing, especially during the tough times.
Some business owners live off credit. They continually apply for a number of cards with different companies, varying limits, and live off that credit to finance their business throughout growing pains.
This isn’t the best option, but it’s definitely affordable with lower interest rates on particular cards. The application process is fairly quick and it doesn’t take long to receive your new cards and start spending.
The great part about credit cards is that they can often include cash advance options. If you have a $5,000 dollar limit with a $2,500 cash advance, this can definitely help with paying the extra bills, equipment, or even needed office supplies.
Similar to a bank loan, the credit card application process isn’t the fastest financing option and your application status relies on past credit. So if you have a history of maxing out cards, not paying the minimum monthly bills on time, or overall severely
bad credit, then you may not even qualify for a card.
If you decide to move forward with this option, then shop around, compare cards, see the interest rates, annual fees, and even benefits or rewards
programs for each card. Find the best card that rewards your type of spending.
You never know what situation or emergency may confront your business. For example, say you’re a restaurant owner. The kitchen manager contacts you to let you know that the exhaust system failed and is permanently broken. This is prior to your busy season
for the restaurant. You might not have the immediate funds to replace the system. This is where a new credit card or bank loan may not help.
Instead you may want to consider something like a car title loan from a company such as TitleBucks. You can forgo the credit check, expedite the application process with minimal income verification, and receive
a quick loan for the amount of money that your care is worth.
Simply sign over the title of your vehicle for about a month (until it’s paid back), and gain the quick cash assistance you need to keep your business running efficiently without any critical hiccups in a short term emergency.
These quick loans are meant to be utilized for small periods of time. Usually an individual seeking that type of help pays it back within 30 days.