What was life like before the coronavirus started turning things upside down? Was the business struggling? Were you thinking of downsizing to cut costs? Shopping around for the best prices for materials?
Investing in your business is one of the best ways to grow, or to stabilize it when things are tough. Did you invest in new marketing strategies or training for your current employees, hoping new skills would drive in more business? Almost no one expected covid-19 to sweep the world and affect us so badly when we are so far away from the origin of this virus. If we had known weeks, months ahead of time, we maybe would have prepared better.
Perhaps you are a person who prepares. You had a safety padding in case the worst should happen. Likely, you never thought a time would come when you would be forced to close for several weeks. Maybe money was good before the pandemic, and now, there’s not enough coming in to float the costs of necessary equipment, employees who can’t work, rent for the business, not to mention the costs of living. Even a business owner needs to draw a paycheck.
One of the biggest non-medical tragedies since the quarantine began is the losses sustained by local businesses that were thriving just a few short weeks ago. Some found that bottom lines were great, profits flowing in, business was booming and expansion efforts were either on the horizon or already in full swing. For those who were in a good place to start offering goods and services to even more customers, investing in moving forward for the business’s growth was the logical next best step. Growth and the promise of growing revenue comes with costs of its own. Often, to meet increased demand, more workers are necessary to provide timely service or be available to help customers choose between products. The hiring phase for new employees is costly in the time it takes to hire many employees quickly, or interview highly skilled employees. This is time taken away from working at the business, which can come with its own costs. Secondly, training these workers, which is a very important investment, again costs time and more money.
Each additional worker may need specialized equipment of their own. Having the manpower to provide additional service and attention to customers means nothing if the employee is hampered from working at their fullest potential because they lack a computer and access to the correct software, or are not equipped with the best tools to get the job done. In addition to the right equipment, these workers need office space to operate. Work stations eat into available floor space, as well as lockers or other areas needed to give employees personal space to keep personal effects. The entrepreneur who took growth into consideration when purchasing or signing the lease for their office or store is in a happy position during expanding the business, but otherwise, a move may be in the cards in order to accommodate the trappings that come with growth.
In addition to space for staff, storage space is another consideration when expanding, though this can easily be thought through at the same time when office space is under examination. More storage space allows for excess stock to find an organized home until it is ready to be moved through, hopefully at a fast pace. Storage space helps a company deal with overstock so that one product doesn’t overflow on the shelves. It also helps a company take advantage of deals that allow for the purchase of products or materials in bulk for cheaper prices, or specialized pricing opportunities that increase profit in the long run.
All these considerations of expansion cost money and likely the savvy business owner took out a great bank loan to float expenses until profit margins hit their stride. When business is pouring in, being reluctant to take these measures is costly in money left behind from transactions that are never made. But now coronavirus has burst on the scene most unwelcomely. For those who were in the sun a couple months ago, expansion may have turned into a nightmare as business has slowed to a crawl or stopped altogether.
Everyone’s situation is unique but business owners all together are suffering from a lack of funds despite having established businesses but especially if they are startups. Acts of government are trying to flood the market with as much money as possible, to decrease interest rates so that lenders and banks can open up more loans. Terms are in place to forgive payments and interest. Goals have been set to turn some loans into grants. Perhaps you were lucky enough to secure some of the government aid. If not, can you wait long enough for your approval?
What other options are there? Cash in on assets that are necessary to do business when things are back to normal, and hope you can buy it all back when you have more cash flow? Try to join a credit union? Look into merchant cash advance companies? These high value loans are attached with a steep price as they become due in a very short period of time. They are widely available if you have good credit but the interest rates are sky high.
Business owners are cutting costs wherever possible to avoid having to take a shark loan and avoid having to close their doors for good. It is so hard explaining to people who are like family that they cannot work for you and get paid by you anymore. Leaving good employees whose struggles you are very familiar with is difficult. Will they want to come back to work for you when this is all done, or will they find something better?
There are so many unknowns. What you can do right now is secure a no interest business loan to help bridge things over until quarantine is lifted. Even if that time is sooner than we think, you may need access to the extra funds to support your business as things get rolling. This pandemic is showing many of us it is always good planning to have open credit. Having loans available can put your mind at east because now there is capital available to help weather any storm. Even the best of us, who plan for outlandish possibilities, can be tapped out by this long-standing quarantine.
In the current economic climate, many business owners are also thinking, “How much business loan can I get?” Because we have a large network of lenders, they can help you get loans for some astounding figures. Business owners often qualify for twice the amount they wanted and funds of up to $200,000 have been achieved. If you are a struggling business, looking for a business loan in Utica, you need to visit us today. These methods also work anywhere in the United States and her territories, so wherever you have friends, family, or other business contacts, be sure to share this link with them!
Whether planning ahead or playing catch up, there is another benefit to obtain your loan. A no interest business loan gives you your best chance at being able to repay it quickly. After quarantine lifts and you are able to open your doors again, profits come rolling in and you may find yourself well within the capability of paying that loan off soon. This is especially true because you are most likely still within the no interest time frame. Now this adds another feather on your hat since paying back loans is one way to earn credit points. It shows you are a good risk for future borrowing opportunities and can help your credit score take off. That is definitely an exciting pivot during these difficult pandemic times. Get a high value, no interest business loan for your business today. Visit us here.
Our partner works with business owners from all situations, helping those who cater to end customers or provide services to other businesses. They are familiar with those who are fighting to achieve their dreams. In the past few months, they have talked to so many business owners struggling to make it through these coronavirus times. Go here to apply. No sensitive information is needed, just your contact information, credit score, and basic information about your business, no payment information. A soft inquiry credit check verifies your score, doesn’t effect it, and will help get the loan you need.
Our partner is not a lender, but was created to help business owners who, like you, have great credit but are on hard times. Your company has aged past the point where business loans are hard to get, but you may find yourself in those waters again, as everyone is going to the bank for a loan. Consider creative solutions that will give you a high value, no interest business loan for your established business.
There is a 9% performance fee taken directly out of any loan you obtain. This method of payment means there are no upfront fees for business owners and no barrier to entry. You are just 9 questions and a phone call away. Click here to start the application process now.
With current low interest rates and government incentive programs, interest forgiveness for loans is available. This may apply this month, next month, even the month after, but what happens after that? Wouldn’t it be nice if your loan for tens of thousands is interest free for many more months to come? Our partner has helped business owners obtain loans double the amount they had hoped to qualify for and have a small business no interest loan for 6 months, 9 months, even up to a year and a half. What are you waiting for? Visit today.