Emergency Loan Options for Small Business Owners

In an ideal situation, your small business would generate enough money each month to pay the bills on time and to turn a sizable profit for you to live on. However, running a small business often is financially stressful, and things do not always go as planned.

Emergency loan

Sales may be slow for a few months, or you may have great sales, but your invoices may not be paid on time by your customers. Even when you are generating income, you may have unexpected bills this month that require immediate payment.

There are many situations when a small business owner may need access to extra cash quickly. Some may draw on their own finances at times, but there may be instances when you simply cannot afford to infuse your business with any additional personal funds.

While you may be feeling overwhelmed by the current state of your business’s finances, rest assured that there may be a solution available. In fact, you can consider each of these solutions as a method for obtaining cash for your small business without delay.

Take Out a Credit Card Cash Advance

If you have a business credit card, it is wise to contact the customer service department to determine how much money you can take out through a cash advance. With a cash advance, you simply take your credit card to an approved ATM, and your customer service department can tell you where the closest ATM is located. You will also need to know the PIN for your credit card, and you can ask your customer service department for help with this as well if you do not know your PIN.

In most cases, if you have access to a cash advance, you may obtain cash from this method within an hour or less. This makes a cash advance the fastest option to consider when you need access to extra money for your small business without delay.

Apply for a Car Title Loan

For some small business owners, there is no cash available through a credit card advance. The card may be maxed out, or the business owner may not have a business credit card. If you can relate to this, you may consider taking a closer look at your vehicles. Emergency title loans are available to you if you have significant equity in your vehicle.

In some cases, you may be able to pull out thousands of dollars in equity. Keep in mind that these are short term loans, and you typically need to repay the loan balance in full as well as pay interest charges and loan fees within 30 days.

Get an Advance on Outstanding Invoices

If the reason for your cash shortage is because of slow payment on outstanding invoices, you may consider using an advancing service for business invoices.

There are several services available to you online, and many offer a fast and easy process overall. For example, you simply set up an account with the company you want to work with. Then, you input your outstanding invoices. The company will advance the full amount of the invoice to you. When the invoice is paid by your client, you simply give the money back to the advancing company along with a small amount of interest or a processing fee.

Conclusion

Being short on cash is not an ideal position to be in when you are a business owner. In some cases, you need to find an urgent solution or your entire business may be at risk. The last thing you may want is for your business to fold up because of your current cash flow issue.

The good news is that most business owners will have access to several solutions that can provide immediate cash. Take time to explore each of these options in greater detail, and you may easily be able to find the right solution to address your current cash needs.

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