Small and medium-sized businesses across the United States often struggle with cash flow issues. Such financial problems can affect their companies to such an extent that it leads to failure: 82% of businesses fail due to cash flow problems, according to a US Bank study, making it the leading cause of collapse. Late payments by customers and variable frequencies in retaining clients are factors you often can’t predict, and can quickly lead to issues with profit that mean you need assistance.
It hasn’t always been easy to secure a loan to help your SME with traditional, big banks. 27% of businesses said that they were unsuccessful in securing the amount of funding they required in the most recent NSBA survey, which meant that business growth was thwarted. 31% of respondents said that the unavailability of capital meant that they were unable to grow or expand their operations.
The growth of financial technology and its evolving relationship with banks is good news for your SMES when it comes to giving you better options and more chances to secure the capital that you need, as well as competitive interest rates and flexible options for paying back your loan. Consumers are increasingly banking online, paying bills and applying for loans from their mobile phone, outside of traditional business hours. And the seamless integrations between financial applications and banking platforms show that these trends will continue to grow.
Small business investment is strong for the United States in 2018, which is great news for entrepreneurs. If you need a little help with your cash flow due to late payments, unplanned expenses, or slow sales, it’s a great time to look at some options.
Fundbox is a service which provides revolving lines of credit for small and medium-sized businesses across the United States. This online lender might just be what your company needs, and if approved, you will have immediate access to a suitable line of credit to help you get back up and running. As long as you have been in business for three months, you can apply, with no paperwork and no personal credit investigation.
With its transparent fee structure, flexibility, easy eligibility, and no collateral requirements, Fundbox makes it simple and hassle-free to apply for and secure loans for your business. Connect your bank account quickly (with a list of 12,000 financial institutions who work with Fundbox, you’re sure to find your own bank), or connect to your accounting software. Fundbox pairs with compatible invoicing software such as Time Tracker, QuickBooks, Xero, Clio, and Sage.
Small business loans for minorities and small business grants for women are some other great options for your business, and you can get a credit decision in under three minutes! You can draw your funds any time after approval–as soon as the next business day–and pay the loan back with flexible payment options.
The ability to utilize lines of credit is a lifeline for a small business. Create your own safety net by applying for a loan through Fundbox to help you to cover your expenses during times of difficult cash flow. To really gain as much information as you can about your financial outcomes and to prevent future cash flow issues, pair your Fundbox account with Time Tracker + Billing. Tracking your time and expenses and then looking over automatically generated reports mean that you will have the foresight to prevent future cash flow issues. Add on Invoice Tracker to really save yourself time and unnecessary work with customized reminder email sets to chase down unpaid invoices.