Working Capital Fast Facts
Working Capital Fast Facts
Maintaining a steady flow of working capital is a vital part of ensuring your business’ long-term viability. Slow seasons, fluctuations in sales, and even positives such as rapid expansion can put a strain on your cashflow. Working capital loans can provide much-needed relief, serve as a key component of your overall financial strategy, as well as help you free up the funds you need to expand your fleet and grow the business. If you are considering applying for working capital assistance in the near future, follow our quick guide to ensure a smooth process.
Working Capital Snapshot
While there are many different types of loans and financing options available for business owners, working capital loans are designed to fulfil a very specific purpose. These kinds of loans are meant to assist with the immediate financial variables that may be, or could in the direct future, place undue strain on your business.
Such variables include:
- Day to day/monthly costs (internet, web service, supplies)
- And other soft costs (that are not typically covered by asset-based lenders)
When to Consider A Working Capital Loan
Acquiring a secure working capital source can be a fantastic protective measure for business owners who anticipate or are experiencing a seasonal fluctuation, those battling a sluggish sales funnel, and businesses experiencing a sudden growth ‘boom’ that demands additional resources sooner than later. Because cashflow is a universal requirement for all businesses, its best to keep the following in mind when deciding whether or not to apply:
How to Apply/What to Expect
If you decide that moving forward with a working capital loan is a fit, you’ll want to keep the following in mind:
While certain lenders will have unique requirements in terms of what historical documents and data they require, information on your current and past revenue as well as future projections and use of the funds, and any crucial details that affect your business’ revenue stream.
How Quickly Can I Get Started?
As with most business financing, your lender knows that time is of the essence. Generally speaking, your lender will work to get things moving as quickly as possible during the financing process.
Some lenders are able to source capital for clients in as little as 24-48 hrs!
Current Financial was founded by entrepreneurs for entrepreneurs. Our goal is to ensure that owners have access to the cash flow and working capital their business needs to thrive. To make financing more accessible for our clients, Current Financial provides quick, streamlined service that allows you focus on and in your business. With plenty of custom options available, our team of financial experts will help you find an equipment financing or working capital solution that perfectly suits the needs of your growing business.