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One of the biggest misconceptions about business financing is that it’s only for companies who are struggling or those who find themselves in a predicament. While it’s true that funding can help your business stay afloat when you’re low on cash, need help making payroll, or have to purchase new equipment, it’s also just as important to secure financing as a means for growth when business is going well. In fact, the very best time to apply for business funding is before you need it.
One of the best tools entrepreneurs can use to prepare for unforeseen expenses or emergencies is with a business line of credit. A business line of credit keeps your business running smoothly without any gaps in cash flow. With a business line of credit, you’re in control of how and when you utilize your funds. It’s perfect for business owners who want the peace of mind knowing they have access to available funds at all times.
Still not convinced your business should obtain financing while things are going well? Check out these key reasons:
One of the worst mistakes an entrepreneur can make is applying for financing too late. Being proactive and securing a business line of credit before you need it can help alleviate a ton of unnecessary stress. Having an emergency fund in place before things go awry gives you peace of mind knowing that a disaster or slow period won’t cripple your business. If you wait to apply for financing until your need for capital is urgent, then the process could be much more hectic.
When your company is in a good spot financially, you’ll have more favorable business loan options. (Pro tip: if your company brings in the most revenue during the busy summer months, it would be wise to apply for funding in September using bank statements from June, July, and August.) When you apply for funding when business is booming, you may qualify for:
Having funding at your fingertips when business is thriving gives you a better chance to seize a lucrative opportunity to scale your small business. Use a line of credit to take advantage of:
Unlike an emergency business loan that has to be used for one purpose, obtaining a line of credit allows you a ton of flexibility. It can be used for a variety of business expenses, and you can draw down any amount, at any time.
Businesses need working capital to thrive and prosper. That’s why being proactive and seeking financing before you need it can help improve your chances of success.
Interested in securing a line of credit to help grow your business? With business funding from SBG there’s nothing holding you back! Contact us today to learn more.
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