In a tight spot? A little extra cash flow at the moment could help you cover costs like payroll, inventory, and marketing if you’re coming up short.
Unfortunately, taking out an Anchorage loan can be an arduous process that doesn’t meet your immediate needs and ultimately hurts your credit score (especially if you’ve had to do this a lot lately).
Working capital financing is a fantastic alternative. It was made for short-term situations like these! Here’s why.
1. Working Capital Financing Is Approved Very Fast
Getting approved for working capital financing is surprisingly quick and easy. You can expect to receive the money in as little as a week from the date your application was accepted. This is not so with Anchorage loans, which take longer to approve.
2. It Has Fewer Restrictions Than an Anchorage Loan Does
You do not need to submit a purpose for the money with working capital financing, you just can’t use it for the purchase of assets or the long-term funding of your Anchorage business. Plan to use the money for payroll, inventory, or marketing and you’re good to go.
3. Working Capital Financing Requires No Collateral
Depending on your credit history and the financial standing of your Anchorage business, you may be able to take out an unsecured working capital loan without collateral. You also have the option to take out a secured loan if you cannot meet the requirements.
4. You Have More Control Than You Would with an Anchorage Loan
Indebting yourself to the bank or a loan company means you must comply with their restrictions and expectations. As mentioned, working capital financing is less restrictive and allows you to have more control over the everyday operations of your Anchorage business.
5. Working Capital Financing Protects Your Credit
Taking out loan after loan can wreak havoc to your Anchorage business’s credit score. Working capital financing provides just the money you need to bolster your cash flow over the short-term to keep your business running and to keep you out of the loan game.
6. You Can Pay It Back Quicker Than an Anchorage Loan
Working capital financing is typically less than an Anchorage loan and is intended to be paid off quickly, filling in the gap between now and when cash comes into the business again. This means that you do not spend years paying it off and racking up unwanted interest.
Need a little help getting over a hump? Working capital financing is one of the best ways to ensure short-term cash flow for your Anchorage business. At Cornerstone Credit Services, we have been offering working capital loans for years. We would love to help you get started.