Thursday, July 9, 2020

Small Business Loans to Reopen Your Business

We all know that Small businesses are the backbone of the US economy. They generate over 60% of the annual revenue for the state. In the last three months these businesses have taken a great hit due to COVID-19 pandemics. But now the dynamics are shifting and we are on the backside of Corona Virus Curve.

All small businesses are reopening their doors once again. Many analysts are predicting that bringing employees back to work can put our economy in a critical condition. So, we can simply not count on the Disaster loan programs that the government is offering which include PPP and EIDL. After a few days these programs will not be available.

So, we need to get back to previous ways of getting a loan and utilizing them in ineffective ways. Now, when you are going to reopen your business you will need cash to purchase inventory, pay rent, and fix its backbone. Most of the businesses gathered very little revenue during the lockdown and without loan they cannot support their businesses now. For these kinds of businesses, Bitxfunding is providing three kinds of small business loans.


  1. A business line of credits

The business line of credit is not like business loans (one time use); they're something you get before you need it. They are obtained for your business in case of any unexpected cash flow issues, which is common in the industry. It keeps you safe from searching for financing in a hurry and making wrong decisions (fraud or higher interest loan services, etc.). With a business line of credit, you pay only what you use, allowing you to keep a line open with the lender at a minimal cost.
BitX Funding offers a simple application process, all you need is some information about your business, like name, address, and monthly credit volume, etc. Fill up those easy fields with the amount you want to borrow and apply online. Their team will analyze your application and get back to you in a few minutes.

  1. Equipment Financing

Equipment financing is the purchase of business equipment as its owner. You'll get the finance to make purchases, and once the debt is repaid, you own the equipment free and clear. The lender may assume ownership of the equipment if you are unable to pay the loan. You also required a personal guarantee in the equipment loan. So, whatever option you opt, make sure you understand what you agree to before you borrow.

 


Generally, you need to provide your credit score and show the financial history of your business, including bank statements and tax returns. You may ask for a quote because some lenders may ask for information about the equipment you're purchasing.  When your selected lender finishes analyzing your application based on the information you have provided them, you'll get to know whether you are qualified for the loan or not.


  1. Personal loans
The most popular types of loans include home loans, personal loans, auto loans, student loans, cash advance, financial obligation loan consolidation financing, and so forth. The lenders have actually likewise introduced great deals of subtypes of these lending’s, to satisfy the requirement of a certain group of individuals. The factor basically needs to be kept in mind is that these lendings have various prices and also repayment track. Each type of financing will certainly be structured according to the requirements of those lending. In case of a specific lending type such as a home mortgage, the repayment track will certainly be longer as well as the interest rates will certainly be fairly more affordable.

  1. MCA (Merchandise Cash Advance)

MCA (Marchant cash advance)  is a kind of fund which you take to increase or start your small business. There are many benefits of taking a merchant cash advance over other loans but still, you have to be careful. First, let’s talk about the benefits that you get with a merchant cash advance.
A merchant cash advance (MCA) can be a timesaver while looking for proper financing for your
small business. It is a convenient option to grow your business and sustain cash flows
temporarily. In spite of acting as a conventional type of loan, which requires a long and hectic
method of application submission and credit score checks, besides usually complicated and
perplexing reparation terms, Merchant Cash Advances or MCAs tend to be short-termed and
keep businesses sailing in the case of any original damage they may have to face. Merchant cash
advances are an especially beneficial funding alternative for small and medium businesses that
manage a considerable percentage of their sales through credit and debit cards. For example, If
you’re looking for a funding opportunity for a restaurant business, merchant advance funding
(MCA) would be worth recognizing as a possible funding method in the matter of a bumpy fiscal
Point.

So these are some of the most popular loans that you can get to reopen your business after lockdown.

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