Have you ever been without business insurance?
All your hard work can come to a halt when one unexpected event happens. That’s why you would never go a moment without ensuring you have adequate business insurance whether it’s general liability insurance, property insurance, commercial insurance, worker compensation insurance or natural disaster insurances (fire, earthquakes, etc.).
According to a recent Forbes article, “75 percent of small businesses don’t have a disaster plan in place…52 percent of owners say it would take at least months to recover”. If you can’t afford those months to recover from a potential disaster, you may agree that putting a safety net in place is crucial and important for your business survival.
Are you Prepared For Unexpected Shortage In Working Capital?
Similarly, something that many business owners don’t think of is unexpected cash shortage that can occur due to seasonality, unexpected late or missed client payments, large influx of orders which cause cash flow issues, unexpected employee theft which require time consuming litigation, etc. All these factors can cause a disruption in your working capital & cash on hand.
As a result, you may not have enough working capital to cover payroll, cost of goods for new client orders, funds for new time sensitive equipment deals, or additional marketing that may help boost your business during peak seasons. One missed deal from a large client order, or the inability to make payroll could result in missed income or expensive lawsuits which could overall have a serious impact on business.
As an astute business owner, you’re already strategically planning ahead. The more risks you remove from your day to day operations, the higher the chance your business will survive and not become another statistic. Having a disaster plan in place is a vital part of that planning.
A Business Line of Credit as a Safety Net
Opening a line of credit so you have access to emergency funding when you need it is a huge step toward de-risking your business activities. A line of credit allows you to access extra working capital in case of an emergency.
What kind of negative situations can extra working capital prevent?
|Costly lawsuits from missed employee payroll|
|Loss of income from missing large client orders|
|Missing out on great equipment & transportation deals that could further your business|
|Missing out on bargain advertising opportunity during high customer demand or peak season|
Think of it almost like free insurance against worse case scenarios that could be detrimental to your business.
Why haven’t you pursued a business line of credit as a safety net?
Perhaps you don’t need it right now, or perhaps there’s a lot of time involved in applying for one. Or you may be concerned that you won’t be approved.
We understand your top concerns based on our survey with business owners. We understand what’s stopping you from opening up a business line of credit with a bank. The time consuming visits to the bank, the paperwork, multiple documents, the credit pull, and maybe you might even be unsure if your credit score is good enough to qualify.
According to a recent interview by Amy Feldman of Forbes Fundbox is one of the companies that has been changing the way businesses get access to emergency financing. Getting started with Fundbox is fast and easy. With no credit check, or any paperwork to get started. All it takes is filling out a simple application and connecting your business bank account or accounting software such as Quickbooks as one example.
Fundbox has received awards from industry experts such as Accountex, PYMTS, Forbes, and Goldman Sachs. With a five star rating on Trustpilot and featured in Forbes as one of the next billion dollar startups in 2017. The company is a trusted provider for financing used by tens of thousands of businesses.
Expand Your Business Safety Net With A Fundbox Line Of Credit
- Sign up in Seconds:
Enter your email and phone number, then create a password to register.
- Get a Decision in Hours:
Connect your accounting software or business bank account to complete your application and get a credit decision within hours. Not days, or weeks.
- Funds Right Away:
If approved, draw funds anytime. Funds transfer as soon as the next business day.
When Is The Right Time To Secure A Business Line Of Credit?
Whether you have considered a business line of credit as a safety net or not, you want to act now when you don’t need the extra cash, so that it is available for you when times get rough. It’s best to apply when times are good, income is high, clients are plentiful, so that you can prepare for a time when you are struggling.
A line of credit should not cost you anything unless you use it to draw funds from your line. This is one of the best part about Fundbox Credit™. There is no credit check to get started. And if you are approved, you do not pay anything unless you use your credit to draw funds. You have no obligation to use the capital right away. You can just keep it available as a safety net for your business, or as a tool to help you grow in the year ahead.