Has the space right next to your store, restaurant or office suddenly hit the market? Or, maybe a piece of high-end equipment is suddenly on sale for an amazingly low price.
In either case, you know this window to grow your business won't stay open for long and you know you need to act on this right now. But you're not sure you have the money to make that happen.
Today, we will walk you through how to find the money to help you seize the moment during a small window.
A Merchant Cash Advance
When it comes to securing fast money, you are not going to find many options better than a merchant cash advance (MCA). You can stop by Payvant Capital to apply online, and potentially qualify for up to $500,000 in funding.
An MCA has a faster turnaround time and more relaxed criteria than a traditional loan, because it's not a loan. It's a form of funding. Your MCA provider will advance you a sum of money and you will pay it back (plus fees) via a percentage of your future transactions.
You can apply in minutes and have your answer within 24 hours, and potentially have the funds in your account the next day. This puts you in a prime position to act quickly and put a deposit down on a new space or piece of machinery.
A Bank Loan or Line of Credit
A loan from a major bank can give you the funds you need with a relatively good cost of borrowing. However, they're not really a solution if you need money in a hurry. The typical bank loan process can stretch out over weeks or even months.
This is not ideal if you must act now to acquire something. If you don't have the money right now, the deal goes to someone who does.
Applying for a line of credit from a major bank is not any faster than a loan. The application process and criteria are most likely the same. The only difference is whether you will receive a lump sum or revolving credit.
A Small Business Association Loan
The Small Business Association (SBA) has helped countless entrepreneurs launch and grow their businesses by helping them get loans. However, this is another option that isn't ideal for timely situations.
Their fastest loan is their disaster loan for small businesses. However, those are pretty much only for businesses ravaged by natural disasters or storms. Their two other major programs (SBA 7(a) Loans and SBA CDC/504 Loans) both require a significant amount of time and effort to apply. If you're waiting for these loans to process, the odds are good you will miss your window.
As you can see, it's always difficult to find money in a hurry, but not impossible. Of the 3 methods that we've explored today, the MCA certainly seems to be the fastest and most viable way to fund a time-sensitive deal.
You don't have to miss out on an opportunity to grow your business simply because you're short of cash right now. Explore your options today!
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
