Even in today’s credit-oriented environment, cash has an essential role in the health of a business. High-profile businessman Richard Branson, said convincingly, “Never take your eyes off the cash flow because it’s the lifeblood of business.” So, where do you get the cash you need?

Choices for Needed Cash

Certainly, cash from on-going operations can provide funds, but often not soon enough nor sizeable enough to take care of all the financial needs of a business. You can consider a traditional long-term secured loan or smaller unsecured business lines of credit for additional cash.

A term loan provides a lump sum amount of cash which is then repaid over a period of time and is secured against the assets of your business. Lines of credit, on the other hand, offer smaller amounts of cash but the cash needed is used and repaid, then used again when needed. Business lines of credit are usually unsecured–they don’t have to be backed by a claim on your assets.

The choice you make will be determined by how much cash you need, how soon you may need funds and how often you anticipate making a draw. Term loans offer potentially higher loan amounts but require stricter and more lengthy application processes versus unsecured loans.

How Do I Choose?

When exploring lines of credit, carefully research the providers, examine the terms and compare the offers. You will want to look at these factors:

  • Credit limit
  • Interest rate
  • Repayment terms
  • Requirements to get approved
  • The annual review and renewal process

Possible Funds Sources

  • Banks
  • Professional lenders
  • On-line business lenders
  • Unsecured Business Credit Cards

Seek Professional Assistance 

Contact Impact Commercial Capital in Oakland, MD. Don’t go it alone with your financing needs. You want experienced professions on your side! Impact Commercial Capital has the financing options and expertise to help your business grow.