Emergency business loans are meant to provide short-term relief and be repaid promptly. Perhaps, you underestimated the costs of a new project, lost a major customer or have a large invoice a client hasn’t paid yet. Whatever the case may be, emergency business loans can help resolve cash flow issues in the short term.
Alternative lenders are a great source for finding emergency business funding. Most alternative lenders can approve businesses within 24 hours and can have them funded in as little as 72 hours.
Emergency business loans can help when unexpected emergencies momentarily shut down operations, or even worse, put you out of business for weeks and force your customers to go elsewhere. These business loans can help fill the gaps in cash flow, allowing business owners to bounce back from an unexpected crisis.
Asset-Backed Financing – true asset-backed lending focuses primarily on the value of the asset used for security, rather than the ongoing cash from the business.
A/R Factoring – Factoring may allow you to raise a lot of working capital in a hurry. Factoring companies are private, non-bank lenders that purchase, entirely, your creditworthy receivables and collect them at their own risk.
Leaseback Financing – Leasing is similar to asset-backed lending. It is an arrangement where the seller of an asset leases back the same asset from the purchaser.
With Bizfi’s online lending platform, business owners can compare financing options within minutes, and once approved, can get the money they need within a day or two. This makes short-term loans from alternative lenders an enticing option, especially for a small business handling a setback or an unexpected opportunity.