Working Capital Loan
Keep your employees with a working capital loan.
With the shutdowns caused by the novel coronavirus, many companies are worried about their own futures. If they aren't deemed essential, they can have little or no income during this trying time. This leads many company owners to believe that they'll go out of business, or at best, have to get rid of all of their workers until they re-open. If they do, they may find that their employees choose not to return once the restrictions are lifted.
One way to ensure that employees – and bills – continue to be paid is to get a working capital loan. This type of loan is used to cover day-to-day expenses and avoid the failure of the business. It can be the difference between survival and failure, especially when problems are relatively short term. Since the coronavirus won't be a big problem forever, it is the perfect example of something that can be handled with this type of financing.
Loan companies near me are offering a variety of options to help businesses remain viable even while they're locked down. Some of the options are actually helpful, while others may not be suitable for most companies. It can take a lot of work to weed through them all if you talk to each lender individually.
You can avoid the need to meet with each of the loan companies near me if you go to a loan broker instead. Brokers charge commissions, but in exchange, you can explain your situation one time and be matched with a suitable lender almost immediately. Even better, brokers know of lenders who will provide a loan based on cash flow or other alternative metrics. This is great for smaller companies or any others that don't have a lot of collateral to put down.