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May 12, 2020
Dec 9, 2019
Jun 5, 2020
With social distancing transitioning from “temporary action” to “norm for the foreseeable future,” more and more businesses are transitioning to doing business online. While this is an adjustment born of necessity, there are many perks to doing business online. Online shops typically have lower overhead costs, and going online can extend your reach outside your immediate geographic area. Running an online shop comes with its own costs, too. These small business loans can meet your capital needs and help your online business grow.
If cash flow is your primary challenge, you might want to consider an ACH loan, which bears the nickname “cash flow loan.” This loan type provides rapid funding—capital is often available as little as 24 hours after your business is approved—and funds are repaid through automatic deductions from your bank account. This guarantee makes it a more appealing loan to lenders, increasing their likelihood of funding in uncertain times. Plus, the automatic payment gives you one less thing to worry about.
Sometimes you need capital to purchase inventory to keep up with orders, which is just one instance where a cash advance can come in handy. A cash advance allows you to borrow against future income. Funds are repaid as a fixed daily percentage.
Whether you need to purchase a label machine, computer, equipment, or a robot that will package all your orders and fix you a cup of coffee, an equipment loan can help you do it. Equipment loans are specifically designed to help businesses procure the physical equipment they need to operate. Because these loans are secured by the items you’re using funds to purchase, they are accessible to a wider swath of borrowers.
Flexible financing for whatever you need, only when you need it. A business line of credit can help you pay for anything and everything, including domain hosting and email, software, shipping materials, inventory shrinkage, hiring employees, or marketing/advertising. You can borrow as much as you need against a predetermined sum. Plus, there’s no obligation to use the money, and you only pay interest on what you use.
Short term loans are great for when time is of the essence and you expect a quick return on your loan. Funds are often available in as little as 24 hours after funding. Payments are made similar to a traditional business loan. Because interest rates are higher, short term loans are best used when you can repay quickly to keep the cost of capital down.
With features like 0% introductory APR, cashback, and travel rewards, business credit cards come with tons of perks. Using a business credit card can help your online store build business credit by demonstrating a solid repayment history. If you don’t yet qualify for other forms of financing, there are savvy ways to use business credit cards to meet your capital needs.
Like every aspect of running a business, there are a few simple best practices when it comes to taking out a small business loan. Making a plan for how you’ll use the money, what returns it may generate, and how you’ll manage repayment will help you avoid surprises. Applying through a lending marketplace, like Lendio, allows you to compare multiple options and perform your due diligence before committing to a lender. And if this isn’t your area of expertise, no sweat. Our funding managers are small business loan experts, and it’s their job to help you make sense of it, weigh your options, and make your case to lenders.
Your online store can apply for the capital you need in minutes with our simple online application. Then, our smart technology will instantly match you with offers from our network of 300+ lenders. Isn’t the internet great?
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California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.