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Need Cash for Your Business?

February 6, 2020 by OSYB Staff

Your small business is open and it’s doing well but you need a steady cash flow and could use some extra financing, where do you go? Inc.com shares 5 common sources that you can apply for:

  • Business Credit Card
    • available to startups
    • often uses an applicant’s personal credit scores
    • will even allow income from sources other than the business as part of the qualification process
    • possibility of a cash deposit to secure better personal credit and open up new unsecured business credit card options
  • Business Line of Credit
    • advantage of a line of credit over a regular loan is that you don’t pay interest until you access funds
    • smaller lines of credit (under $50,000) are more likely to be approved on an unsecured basis
  • Commercial Real Estate Loans
    • a commercial real estate loan is commonly used to purchase or renovate commercial property your business occupies remember these loans can be collateralized on diverse types of income-producing and commercial properties, check to see if you qualify
  • Small Business Administration (SBA) Loans
    • 7(a) loan which is used for general business purposes
    • 504 loan which is for the purchase of equipment or property
  • Merchant Cash Advances
    • best to use only when facing a serious cash crunch as costs for using this service range are very expensive
    • merchant cash advances convert future credit card sales transaction into immediate cash and costs are often built in upfront so paying off early doesn’t reduce the cost

For full article: 5 Types of Business Financing to Provide Cash When You Need it Most

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