An exciting opportunity has landed on your business' lap... But, you don't exactly have the cash to take advantage of it.
Don't let that stop or let this opportunity get away.
Granted, the major banks are likely not your best option, as they can take weeks or even months to process a loan. The Small Business Association's loan process is not much faster.
But, just because those two are a no-go doesn't mean there is no hope.
Look at Alternative Funding Options
The good news is that there are some amazing small business funding solutions for entrepreneurs like you that need money in a hurry. Your most viable option could very well be the merchant cash advance (MCA).
The MCA was made for situations like this. You can apply completely online and often get an answer the same day, which puts you in prime position to respond to an opportunity with an emphatic "Yes!"
The MCA is not a loan, it is a form of funding. This means it is not delayed by the traditional lending regulations or hoops that you have to jump through to get a small business loan.
You would basically pay back your advance by remitting a small percentage of your future income/transactions. The great part about that is your payments are tied to your sales. So, if you're experiencing a low sales period, you will be making smaller payments towards your MCA. When sales are higher, you will be making a bigger dent in the balance.
Financing an Opportunity With a Business Credit Card or Line of Credit
You could also consider using a business credit card or line of credit to pay for this opportunity. This can work in some cases. However, there are a few drawbacks.
First of all, the upper limit of what you may be able to qualify for could be relatively low. Newer and less-proven businesses may only qualify for a few thousand dollars. That may not enough to cover buying a big-ticket piece of machinery or business vehicle. On the other hand, the most qualified applicants for an MCA could get up to $500,000 in 48 hours.
The other issue with a business credit card or line of credit is the amount of personal risk you're exposing yourself to as the business owner. You could be asked to put up a major asset as collateral or sign a personal guarantee that says you will personally pay the balance back if the business cannot. This is extremely risky and can do a lot of damage to your personal finances and your credit.
Opportunities to grow and scale your business don't pop up every day. However, if one does pop up today, an MCA is likely your best option to get the money you need to make this happen in 48 hours or less. It also offers you better odds for approval and more flexible repayment terms than a bank loan.
Business credit cards and lines of credit could also be a way to finance your venture. However, they come with a higher personal risk and a lower ceiling for how much money you can get access to.
No time doesn't mean no chance! Look into all of your options today.