Small business owners wear a lot of hats and often take on multiple roles within their businesses, which means that they are consequently always on the go. This means that when it comes to their financing needs, any excess time spent applying for financing or waiting to hear back from a financier means time away from running the business and potential growth.
Access to fast cash for small business can mean the difference between keeping operations regular in the event of unforeseen circumstances, or it can also mean the ability to take on new projects and grow your business. Easy business funding means not having to choose between depleting your cash flow in order to ensure your team gets paid on time while also having the funds for upcoming projects that require an upfront cost.
With speed and efficiency being fundamental parts of small businesses’ success, in this blog we’ll cover all the areas where fast financing can mean the difference between potentially missing out, or making the most of growth opportunities with the right access to funding.
Fast Business Loans Online VS at a Bank
A major delay in the funding process is having to make time to go to the bank during the hours that they’re open, rather than at the time that works best for you as a business owner. As someone who may work extended hours or even, applying online means you can apply at any time and don’t have to go in person. No more driving to the bank, having to make an appointment in advance, or waiting in line. Whether on your mobile device or computer, you can apply for financing at any time of the day when it’s convenient for you.
In addition to their excessive paperwork and long waits, another difference that sets Merchant Growth apart from banks is that not only do we not have the same restrictive parameters when it comes to industries that we will or will not fund. Furthermore we also take into account the full picture of the business and its overall health when it comes to making an assessment.
Why Businesses Need Fast Funding When Something Goes Wrong
As much as one tries to plan for the unforeseen, and even if you’ve set up an emergency fund, unfortunately that’s not always enough to cover it. In these types of scenarios fast cash for small business matters that much more.
Equipment Failure
If your business heavily relies on equipment, whether that be in the automotive industry, construction, restaurant industry, or it’s a matter of vehicular failure, this shutdown is not only like losing a fundamental team member, it also risks a partial or total shutdown of operations. Access to fast small business loans gives you access to the funds to repair or replace vital equipment and help minimize any delays that you may occur in the meantime.
Emergency Repair
Whether it’s a water leak, weather-inflicted damage on your patio, a broken window, or any other unfortunate sudden scenario you may find yourself in, the stress of getting this repair sorted as soon as possible and the associated cost, coupled with the potential loss of incoming revenue in the meanwhile, is a double hit that is definitely hard to take. Quick and easy funding can help alleviate some of the stress so that you can get your repair sorted without having to deplete your cash reserve, or even worse, shut down your business for an extended period of time.
Easy Funding for Small Business Growth
Convenient funding isn’t only for worst-case scenarios, but rather can add an extra boost to your business at an optimal moment for growth.
Hiring Additional Staff
Business has suddenly taken an uptick and you and your team are stretched thin trying to keep up with demand. Or maybe you’re facing the unfortunate scenario of a sudden departure of an employee without notice. Now you find yourself needing to fill that spot fast. But with funds already tied up in inventory purchases or upcoming projects, access to fast business funding can help alleviate that one additional cost you have to juggle.
Having the right people on your team, and the right size of team allows your small business to provide the best service possible to your customers. Regardless of if it’s for additional hiring for your busy season, or you’d like to add on more full time team members, fast access to funds means you don’t have to miss out on the best talent.
Expansion & Upcoming projects
While a growing business is a best case scenario, it likely requires additional funds to help facilitate this growth. Whether it’s purchasing an additional location, another vehicle, an extra piece of equipment, or even building or expanding an outdoor patio, fast business funding allows you to inject those additional funds to make it happen.
Upcoming projects should be exciting, but unfortunately logistics and planning, in particular when it comes to funds to fulfill those projects can add additional stress, or even leave them out of reach. Fast small business loans means that those new projects don’t have to wait, in particular for industries such as construction or transportation that have longer periods of time between their larger payments for ongoing projects or services.
Inventory
Managing inventory can be incredibly tricky. You have to make sure you have enough to keep up with demand while also not being unable to sell it. Additionally, inventory planning and purchasing can require substantial advance planning, or businesses may find themselves in a crunch either because they’ve run out, or a particularly good deal has presented itself.
It may also be the case that a supplier is offering a discount for a limited period of time which would mean an increased profit margin if taken advantage of. With our fast loan approval process, businesses don’t have to worry about missing out on this type of opportunity as they wait to hear back if they’ve been approved for financing or not.
In any of these situations, it is a challenge for businesses to come up with a substantial enough sum of money to make the inventory purchase without yet having made those sales, and without depleting all of their cash flow needed to cover other expenses.
Marketing
Whether it’s for a special offer or new product that would benefit from the extra push and exposure from a marketing campaign, or generally promoting your business to reach more customers, with easy business funding, businesses can extend their reach.
Marketing can be tricky, even for individuals with experience. And while one can certainly get a positive return on investment, depending on the type of marketing campaign it can still be costly upfront. Because it is a secondary expense (unlike salaries, utilities, or other necessary costs that businesses have to remain operational) businesses may be unknowingly missing out on additional growth opportunities.
Time sensitivity is a frequent tactic used in marketing – think limited time, special promotion. But the same time crunch then also applies to your ability to promote it.
Seasonal Businesses
If small businesses weren’t already feeling exceptionally pressed for time when it comes to access to financing, imagine if your sales period were reduced from year-round to a few months. This is the reality that seasonal business owners are faced with given their shorter window of opportunity and the necessity to be that much more diligent with how their time is optimized.
With easy funding for small business seasonal businesses don’t have to find themselves left out and unable to secure financing. Whether it be in anticipation of their upcoming season, or in the event they need an additional injection of capital during the season to help give their business a needed boost and maximize their profit.
Fast Loan Approval: What Can Small Business Owners Do to Help Expedite the Process
When it comes to fast small business loans, applying online will certainly mean a faster and more streamlined experience overall. However, small business owners can also take a few steps to help the process move along and contribute to a faster loan approval.
If you get stuck or have any questions or concerns at any point in the application, our team at Merchant Growth is always here to help. As you prepare to apply for Merchant Growth financing, consider the following points to help speed up your easy business funding experience.
Understand how to access your online banking information
Unlike going in person to a bank with all of your paperwork, getting a fast business loan online means that you’ll need to be able to access and share some financial information about your bank online. To help ensure a fast business finance experience, knowing how to access this information helps speed up the process that much more.
Have access to vital business information
Ensuring you have quick and easy access to the necessary business information such as proof of ownership, proof of sales, etc., all contribute to a streamlined experience and ultimately a fast loan approval. Your ability to provide the necessary information in a timely manner means that your application can consequently also be assessed that much quicker. During the application process we will work with you and let you know any supplementary information that you’ll need to provide.
Fast Business Loans Canada: The Merchant Growth Experience
Easy funding for small businesses is the difference between having access to the money that one needs in a timeline that meets your needs, and applying from wherever works for you, rather than a drawn out and overly complicated process elsewhere.
So just how quick is Merchant Growth small business financing?
Depending on the amount of financing you’re interested in, your business’s current revenue, and ability to access documentation about your business, you could receive financing between $5K-$800K in as little as 24 hours! Beyond that, many businesses that work with us receive financing within 3-14 days from when they apply.
What Type Of Fast Business Finance Options Are Available?
Merchant Growth offers two main financing options depending on your needs:
Fixed Financing
Closer to a traditional business loan, with a fixed financing solution businesses can improve their cash flow with an immediate injection of funds based on future credit and debit card sales. There is no collateral requirement, and it has flexible terms that take into account your business’s cash flow.
Business Line of Credit
A business line of credit is a revolving credit facility on which you only pay interest on what you withdraw. It allows you to avoid maxing out your business credit cards, and provides an additional level of flexibility.
When it comes to quick business loans in Canada, consider Merchant Growth for your financing needs. We’ve helped over 8,000 small businesses with fast business funding so that they never have to choose between getting the necessary funds and actually running their business. What better time to get started and get the funding your business needs, today!
