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Working Capital For Your Business
Working capital is money used to finance the daily operational costs of a business. Companies need access to financial turn-over on an ongoing basis to successfully manage their business and grow their operations.
Business capital pays for items such as property rent; salaries; marketing; and inventory. It can also be used to expand the business, renovate a location, or cushion the company against seasonal or economic changes in revenue. To be successful, business owners should always have enough capital on hand to manage these costs.
Sources of Working Capital
Businesses often rely on outside financing. A business loan is one of the most common sources they use.
Many times, businesses turn to banks for access to this type of capital. However, there are some challenges to getting a bank loan:
- Banks may require extensive documentation to demonstrate the applicant's ability to pay back the loan.
- Decisions may take several months.
- Applications are often declined.
When loans are approved, banks may restrict the use of the funds or require collateral as guarantees for repayment.
Alternative financing solutions from RapidAdvance creates more availability of working capital to help businesses grow.
Unlike a loan from a bank:
- Approval typically occurs within 48 hours and documentation is minimal.
- Repayment is structured based on your business cash flow.
- We do not restrict the business use of the capital.
Businesses should weigh their financing options based on the speed of access; the ease and flexibility of repayment; and the ability to utilize the capital as they see fit. Before applying for any source of capital, businesses should learn about the providers that are available and fully understand the terms of funding.
Contact us today to discuss what options would best suit your business.