Looking to grow your small business, but having a hard time with your cash flow? Small business loan alternatives can kickstart your plans.
Traditional lenders often ignore small business owners. These lenders require collateral and a solid credit score, which many new companies simply don’t have. Alternative lenders are willing to work with small business owners to advance them the cash they need to reach their goals.
4 Ways to Use Small Business Loan Alternatives
How can you grow if you can’t reach new customers? You may have the capacity to take on new clients, but you’re going to need a marketing budget.
Need money to buy advertising? Set up an account with Fundbox to get the funds to meet your immediate goals. Signing up is simple, and the fees are straightforward with no hidden costs. You can spend these funds on social media promotions, trade ads, or local marketing efforts. Consider hiring a consultant to evaluate your optimal marketing opportunities.
Maybe you have high demand for your products, but you can’t fulfill every order because you’re short on inventory. Expanding your company will require you to increase your capacity to satisfy customer orders. This might mean purchasing additional raw materials, renting extra storage space, or hiring on more staff to service your clients.
A Fundbox account can help you get the cash to meet your inventory needs, whether it be covering additional payroll or paying first and last month’s rent on a new storage facility. Fundbox advances the full value of your invoices and funds are available in your bank account as soon as the next business day.
Build your community
Most of your customers will find you through an online search. Invest some time and funds toward boosting traffic to your website and social media pages. How long has it been since you upgraded your webpage? Is your logo due for a revamp? How many social media followers do you have? A good public relations consultant could help you increase your engaged follower count on Facebook and blog.
Don’t ignore good, old-fashioned grassroots community engagement either. It’s a good idea to invest in local fundraisers, charities, or host your own workshops or customer engagement events. People will form a positive association with your brand, which may turn into new customer relationships.
Late payments and unexpected expenses can distract you from your growth goals. Fast and simple access to working capital will give you the peace of mind you need to focus on more important things. It will also generate less pressure on your staffers tasked with collecting on late payments and offer your clients some flexibility with repayment options.
Set up an account with Fundbox to ease your financial stress. Fundbox doesn’t interfere with customer relationships and covers expenses, like payroll and rent, while you wait on invoices to roll in. That means never losing sleep over late-paying clients again.
Ready for more?
Apply for funding and find out if you qualify today