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4 Ways to Get Cash and Credit For Business Fast

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Get Cash and Credit for Business Fast

Access to cash and credit for your business is crucial whether you’re in the early stages of starting a business or been in operation for years.

When you have working capital, you have the ability to cover those unforeseen expenses you didn’t plan for and other costs you didn’t expect.

So, what can you do if time’s not on your side and you need cash and credit fast? get cash and credit for business fast

In today’s post we’re going to show you four ways to get cash and credit for your business fast.

Before we get started let’s go over the different types of business lines of credit.

First, there is the business line of credit which provides a business a predetermined credit limit you can borrow against whenever needed. You can access any amount of money up to the credit limit for your business and repay that money back over time with an added interest fee.

Secondly, you have a business line of credit which provides a credit limit you can borrow against whenever needed but the repayment terms are shorter (typically 6 or 12 months).

Finally, you have credit lines you can get for your business with little to no interest charges but with repayment terms ranging from 30-60 days.
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Guide to CARES Act Small Business Relief Programs – COVID-19

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Guide to CARES ACT Small Business Relief – COVID-19

The coronavirus pandemic is affecting small businesses all across America. Things are changing fast during the COVID-19 outbreak.

In today’s post we’re going to help you navigate this challenging time by going over several ways you can get cash from the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act. Guide to CARES ACT Small Business Relief COVID-19

Now that the CARES Act is law, what steps do you need to take to make sure you can get money as efficiently as possible.

Let’s go over each of the programs.

Economic Injury Disaster Loans

The SBA’s Economic Injury Disaster Loans (EIDLS) are not new loans, they have been available for disasters. What’s different is this is the first time the program has defined a virus or pandemic as a disaster.

By making this declaration, businesses in every state are now eligible to apply for an Economic Injury Disaster Loan.

Here are the terms in the SBA’s EIDLs:

  • Loans up to $2 million
  • Repayment term is 30 years
  • Interest rates are 3.75% for small businesses and 2,75% for non-profits
  • First month’s payment is deferred 1 year from the date of the promissory note
  • No loan fees, guarantee fees or prepayment fees

Requirement: You must have been in business by January 31st to qualify. You can’t start a business now and receive this kind of grant.

From the passage of the CARES Act, $10 billion is allotted for EIDLs and $350 billion for Paycheck Protection Loans to help small businesses across the country.
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Why a Virtual Office Solution May be Best for Your Business

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Virtual Office Solution

How can you present a professional corporate image for your business if you’re on a limited budget?

In today’s post we’re going to talk about the virtual office solution and why it may be the best option.

What is a virtual office? Virtual Office Solution

A virtual office is a service that allows a business owner and employees to work remotely by providing a variety of business functions which you can access online or remotely. It also allows a company to have a corporate presence in a commercial location without having to pay rent for an actual space.

It’s a turn-key corporate solution providing the same benefits as a traditional office space, but at a very low cost.

What does a virtual office provide?

The virtual office solution enables businesses to have the following:

Corporate business address – this helps you portray a professional corporate location rather than using a P.O. box or home address. This also establishes a level of privacy and separation if you work from home since you won’t have to use your personal address.

Dedicated business phone & fax number – this not only helps manage your incoming calls and faxes, it also means you don’t have to give out your cell phone number which creates another level of privacy.

Live receptionist answering phone calls – you can better manage your time and save money with a live receptionist that is fully trained and professional answering your company calls. No need to deal with employee related expenses; a virtual office provider supplies one for you.
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How the Fast Bridge Loan Strategy Works for Paydowns

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Fast Bridge Loan

Can credit card debt prevent you from moving forward with business credit card funding?

If your overall and/or individual credit card utilization is above 50%, in some cases a paydown may be required prior to moving forward with funding.

If you don’t have the cash for paydowns or don’t want to use your cash what do you do? The good news is there’s an alternative.  In today’s post we are going to go over how the bridge loan strategy works for doing paydowns. fast bridge loan

What is a bridge loan?

A bridge loan is an amount of money lent by a bank or lender for a short-term until an individual or business secures permanent financing.  It’s also known as interim financing, gap financing, or swing loans.

This type of loan bridges the gap during times when financing is needed but not yet available. This is widely used in real estate transactions. For example, a buyer may use a bridge loan so they can purchase another home before they sell their existing residence.

Both corporations and individuals use bridge loans (gap financing) for various purposes in real estate. Lenders can customize these loans for many different situations such as credit card paydowns. So, in this post we are going to go over how this loan product works in business credit card funding.
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Corporate Credit Card for Startups or Ecommerce Businesses

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Corporate Credit Card for Startups

Did you know a corporate credit card is a special type of credit card issued to a company with millions or more in annual revenue?

In fact, with a corporate credit card there is no personal guarantee, the liability for nonpayment falls solely on the business itself rather than an individual.

What about business credit cards? corporate credit card for startups

Business credit cards are designed for a business of any size, including small businesses or solo entrepreneurs. In almost all cases, business credit cards require a personal credit check and personal guarantee.

At the end of the day it’s all about risk for the card issuing bank. The stronger a business, the less risk it imposes, which is why companies doing millions in revenue are not required to supply a personal guarantor on corporate credit cards.

Be sure to check out our post on Business Credit Cards vs Corporate Credit Cards for a complete breakdown.

I’m sure you’re probably wondering if a corporate credit card is for companies doing millions in revenue how is it possible for a startup to qualify for one?

In today’s post we’re going to talk about how to get a corporate credit card as a startup or Ecommerce business without doing millions in revenue.

Not only that, but this corporate card issuer reports your monthly activity to two major business credit reporting agencies.
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