So, you have decided to strut into the stimulating world of eCommerce. It’s a commendable decision, perhaps even a risky decision. But, as American aviator Charles A. Lindbergh once said, “A life without risks is not worth living.” But, before your small business can fly high like Mr Lindbergh, you are going to need a full tank of fuel. We know how tough that may seem to you, but fear no more because getting funding for small businesses is actually much easier than your eCommerce buddies might be claiming. So, who can you turn to for help?
Well, fortune smiles on you because Payflex and Merchant Capital have partnered up to create a financial foundation that will fill up your eCommerce tank and get you ready to fly high. So let’s dive in.
Different Types Of Funding For Small Businesses
With that way of our economy, it is often financially unviable to provide capital from your own pocket. However, a small amount of cash or collateral on your assets can prove to potential investors that you are ready to take calculated risks and are strapped into the long-term commitment of running a small business.
The Bank Loan
Bank loans are the most common source of funding for small businesses. Keep in mind that all banks offer different perks, such as personalized service and individual repayments. We encourage you to do some research and find a bank that fits your specific needs.
In general, bankers know to look for companies with solid track records and good credit ratings. Good ideas are not enough. You need to back it up with a solid business plan. Startup loans usually also require a personal guarantee from the entrepreneur.
Lines of credit are a very effective and popular form of funding for small businesses, especially for eCommerce stores. Lines of credit, sometimes called alternative bank overdrafts or revolving credits, provide funds that you can access when you need them.
A line of credit allows you to access the funds you need to take advantage of rebates and pay them back when you sell some or all of your shares. As you repay, you replenish the cash you can withdraw from your line of credit, just like you would with a credit card.
These people may not have wings, but they sure can make you fly. If you are lucky enough to meet one of these heavenly beings, you could get a serious headstart. Angels contribute not only generous portions of investment but also contacts in their related field and management oversight – as they are often former company executives.
Hence, in return, they like to reserve the right to monitor the company’s management practices. Specifically, board participation and assurance of transparency are often required.
Stopgap Funding – Your Solution For Quick, Easy Business Funding
The abovementioned list of funding options is a great place to start if you are looking for a quick way in. But do you really want to rush? The way we see it is that growing a successful business is a long and time-worthy process. Sometimes splashing out on a quick bank loan can lead to some detrimental downfalls. It’s kind of like building a house without a foundation.
If you relate to that, the flexiadvance from Payflex and Merchant Capital might be the go-ahead stopgap for you. Just hop online and follow this fully digital, no documentation, fixed-cost process:
- Apply through the Payflex portal.
- Receive a kind greeting from flexiadvance in your inbox.
- Tailor the product to your business needs.
- Digitally sign the contract.
- Receive your funding within 24 hours.
It seems this blog is taking the shape of a Christmas wishlist, but the adulthood version! Anyways, funding for small businesses will never come raining down chimneys, but with a little bit of effort and teamwork, your small business can attain all the help it needs. At Payflex, we’d be honoured to hop into your business boat and help you get the sails up with our one-of-a-kind funding solution. Let’s reach a new horizon together.