Financing Options for Funding Your Business
Published: January 26, 2023
When it comes to cash, your business may require more funds than you can generate from your operating revenues alone. By partnering with a business banker, you can get access to fund through loans like a line of credit or a business credit card. To qualify for a business loan or line of credit you’ll need to secure key documents to show your business’s expenses, cash flow and debts.
Funding Your Business
When it comes to cash, your business may require more funds than you can generate from your operating revenues alone. You’ll need to carefully plan and prepare in order to secure the funding you need to successfully grow your business.
Partnering with a business banker dedicated to your needs can be a game changer when it comes to making sure you have access to funds you need.
Give Yourself Some Credit
One option to increase your funds is to get a line of credit, which is a type of loan that gives you short-term or seasonal funds.
A line of credit is a versatile tool you can use to expand your business or cover unexpected business expenses. You get access to a revolving line of credit (like a credit card) that you can use however you choose.
A business credit card can be a great way to access quick funds for purchases for your business. You can find business rewards credit cards that function like consumer rewards credit cards or more straight-forward spending cards. A credit card or line of credit can build credit for your business, which is just as important for your enterprise as it is for you.
The Small Business Administration (SBA) extends loans to businesses to help finance machinery, office space leases, equipment, and other basic necessities. SBA loans are specifically designed to help small business owners and entrepreneurs who might have a hard time finding affordable financing.
Do You Qualify?
Before you apply for a business loan, make sure that you can provide potential lenders with the following:
- Business plan
- Balance sheet and income statement
- Cash flow projections
- Profit and loss reports
- Personal financial statements for all business partners
- Credit report
- Personal income tax returns
- Information on business debts
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APR = Annual Percentage Rate