In an uncertain economy, it’s been difficult to get a small business loan, therefore many business owners have been forced to use their personal savings and assets to keep their dreams afloat. It’s a risky situation to be in as a small business owner. Now, with the US elections behind us, things are about to get even more rocky as we adjust to a new president with new ideas and objectives.
THE U.S. ECONOMY IS UNCERTAIN, BUT SMALL BUSINESS STILL LEADS THE WAY
Researchers at the Indiana University Kelley School of Business predict that 2017 could be another lackluster year for businesses, with a national growth output of just above 2 percent. The only good news, is that the US Department of Labor – Bureau of Labor Statistics advises that the creation of small businesses since 2010 is on the upswing, nearly returning to pre-recession growth rates. However, these businesses have been operating on smaller numbers of employers, meaning there are more micro-businesses than ever before.
It’s important to note that the costs for personnel may be less, but there are still costs for advertising, maintaining an office location and equipment. Then there are expenses tied to business licenses, insurance, and taxes. It seems small businesses are caught in a Catch-2 while they try to remain competitive with larger firms. Small businesses that are smart about their money management, who they choose for small business loans and other forms of working capital will make all the difference.
WHAT YOU DON’T KNOW ABOUT WORKING CAPITAL LOANS CAN HURT YOUR BUSINESS
Many small business owners do not know a lot about working capital loans, which could help alleviate much of the strain of running a profitable business. A reminder for those who may not understand the terminology: working capital is the money that moves between expenses and revenues. The more of it on hand, the better. Taking out a small business loan can help increase the funds that can carry a company through tough times.
Here are some things that you as a small business owner may not know about working capital loans that could be preventing you from exploring this type of financial solution:
IT TAKES JUST MINUTES TO COMPLETE THE SIMPLE LOAN APPLICATION.
You may believe that you are going to face a lot of red-tape when applying for a small business loan, but in fact, it’s quite the opposite experience. Just fill out a one page application and pick up the phone to speak with a knowledgeable financial rep at United Capital Source. We will handle all the details of obtaining funds and get you back to doing what you do best – running your business.
A SMALL BUSINESS OWNER CAN BORROW UP TO $500,000 IN LESS THAN 24 HOURS.
Even if you have only been in business for a short while, you can take out a large working capital loan for your business. That’s because the amount is determined by your ability to repay it, based on your business revenues. You don’t even need a co-signer or partner to go into this with you. In less than one business day, funds can be deposited to your bank account ready to put to use.
FLEXIBLE WORKING CAPITAL LOANS CAN BE OBTAINED WITH NO PERSONAL ASSET PLEDGES.
Think you need to put a lot of personal or business property or assets up as collateral? Think again. In most cases, the small business loan is not based on anything other than your business merits and earnings history. No more worrying that the lender is coming to collect your assets if you need more time to pay. We have flexible payment terms for everyone.
THERE ARE SMALL BUSINESS LOANS FOR THOSE WITH POOR OR BAD CREDIT.
Don’t let a poor or bad FICO score hold you back from obtaining the working capital loan you need for your business. United Capital Source has a number of partners who lend funds to those with limited or bad credit. And you don’t have to take any small business loan that has interest rates that don’t work for you.
WOMEN BUSINESS OWNERS MAY BE ELIGIBLE FOR SPECIAL LOAN PROGRAMS.
Very often, women in business are afraid to approach a lender because they’ve been told they cannot get a small business loan. This is based on old-fashioned ideas from generations ago. Today, women have equal access to small business funds and in many cases, there are even special programs just for women entrepreneurs.
WORKING CAPITAL LOANS ARE RENEWABLE SOURCES OF BUSINESS FUNDS.
In the future, you can expect that you will need added sources of income for your business. Working capital loans are factored on your business as it grows, therefore you can count on getting more money when you need it. So go ahead and invest in your business because you will have a renewable source of money as long as you work hard to stay profitable.
SMALL BUSINESS LOANS DON’T COME WITH HIGH INTEREST RATES.
A few years ago, the government put into place special committees and rules to eliminate much of the predatory lending practices that occurred leading up to the recession. Lenders have to comply by these rules, therefore they cannot sock customers with ridiculous interest rates like before. United Capital Source has a network of reputable lenders that follow the rules and offer working capital loans that are at industry low rates.
The coming year promises to be an interesting one for many small businesses, those that are newly forming and those that have survived the ups and downs of the market. Having a partner that can help your business maintain a strong financial foundation is what sets your business apart from those that will fail. Working capital loans are the key to protecting your business and achieving more growth. Find out how United Capital Source fits into your financial future by giving us a call today.