Chances are good that the nice weather will put a little jolt in your small business. What shopper isn’t a little more willing to open their wallet and head out to the stores when it’s sunny?
Still, more business means more supplies, more maintenance and more workers needed. You may be able to pay for all of that with your revenues, of course, but what happens if you need something now? What happens if, say, your air conditioning system fails and you need a new one to keep those customers ducking into your shop instead of braving the 100 degree weather outside?
The answer? Working capital loans. We’ve trumpeted the many benefits of such loans in this space before, but it’s important to note that the need to pivot from need to need is the best part of these loans. With a wide variety of potential uses, a quick approval process and minimal paperwork, you can react to needs.
Most importantly for your purposes, you can get things done quickly. If you need an extra marketing push or a new piece of equipment, a working capital loan* will allow you to get it now. With help from the expanded summertime revenues, you should then be able to pay the loans back quickly. It’s a real winner.
If you’re the kind of business that slows down in the summer, meanwhile, a working capital loan can help you handle expenses you otherwise would not have the revenue for. Just be sure you’ll be able to pay it back within the timeframe you set up with your lender, whether that be a handful of months of half-a-year.
So that’s how working capital loans can help you this summer. How was your last experience with one?
Photo credit to iStock
*Working capital not available in the following states: AK, DE, ND, VT