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Why Getting a Quick Business Loan is Important

In business, time is everything.

Being able to react quickly to setbacks and always steal a march on your competitors can be the difference between success and failure as a business.

When it comes to finances, time is equally as important.

When you need a cash injection for your business, chances are you need it quickly.

A quick business loan can be the answer to your desire for funds, and in some cases, the money can be in your bank within 48 hours.

So, just what is a quick business loan? And why are they so important?

Well, here at Smart Funding Solutions, we know a thing or two about getting funds to businesses who need it in a quick time, and we’ve created this guide to let you know why this is so vital.

Let’s take a look.

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What is a Quick Business Loan?

A quick business loan is exactly what it says on the tin. It is a financing option designed to provide access to funds in the quickest time possible.

These types of loans are characterised by a swift approval and payment process, which allows for a speedy transaction.

While more traditional loans may go through a longer vetting process, and in some cases can take weeks to see the funds, a quick business loan is a great option for someone who needs the money urgently.

When applying for a quick business loan, here are some things you normally come across:

  • Fast Approval: A streamlined approach to application and approval can make the decision much quicker.

 

  • Quick Funds: There is no delay after approval in getting the funds into your account, which can be hours after approval in some cases.

 

  • Online Applications: Rather than having to visit an organisation to apply for a loan, a quicker option can normally be applied for online to speed things up.

 

  • Shorter Terms: As a quick business loan is often used for a sharp injection of cash, it can have shorter repayment terms, often months rather than years.

 

  • Higher Interest Rates: Due to the nature of a quick business loan, interest rates can be higher than traditional loans, but this can be countered by a shorter repayment time.

How Quick is Quick?

Throughout this guide, I have mentioned the term ‘quick business loan’, but just what speed lands you in this category?

Well, in our experience, anything under a week would be classed as fast.

Although this is a good benchmark, we go a step further here at Smart Funding Solutions, providing funds within 48 hours when possible.

While some traditional loans can take weeks to process and send the funds, being able to receive it quicker can be a big boost to your business.

Here are five reasons why this is the case.

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5 Reasons this is Important

Siezing Opportunities

You never know what is around the corner in business, and opportunities often arrive unexpectedly and suddenly.

Whether it’s some new equipment, a new market opportunity, or an exciting investment offer, having access to quick financing can enable you to take advantage of these opportunities before your competitors do.

Alternatively, if you’re in a high-growth phase and need additional funds to hire staff, invest in marketing, or scale your operations, obtaining a quick loan can provide the capital needed to propel your business forward straight away, rather than waiting a while and losing some of the momentum you have built.

Some suppliers or vendors offer discounts or favourable terms for early payments. A quick business loan can enable you to make these payments and save money in the long run, making it a great choice that can save you plenty of money.

Helps you Keep on Top of Cash Flow

Seasonal fluctuations, unexpected expenses, or delays in customer payments can create cash flow gaps in your business.

Quick loans can help bridge these gaps, ensuring you have enough in the bank to cover essential expenses and keep operations running smoothly.

Markets can change rapidly, and businesses must adapt to new trends or customer demands.

With a quick loan, you can always be ready to spend big on changes that need to be made to put your business in the best position to survive.

Sometimes a change in strategy or a new product offering can make a big difference and provide an upturn in sales when it’s needed most, so having the financial backing to achieve this quickly is a big help.

Can Help You Out of an Emergency

Emergencies can strike at any time, whether it’s equipment breakdowns, natural disasters, or unforeseen health crises.

Having access to rapid financing can help your business weather these emergency situations and recover more quickly.

As with unexpected opportunities, you can also never be sure when something negative may happen which may cause an end to sales.

Let’s say for example you’re a shop owner, and all of a sudden, the roof of your store falls in. This will mean that you have to cease business and you will lose the expected income you had forecasted.

In this situation, waiting a couple of weeks will be hugely costly for your business, so if you can get it fixed and paid off in a couple of days, you can be back up and running and earning money again before the end of the week.

Showcase Financial Stability

Access to quick loans can showcase your business’s financial stability to stakeholders, partners, and customers, enhancing your reputation and credibility in the market.

The sheer fact that you can show that in any of the instances above, there will be no issue with getting quick funding and resolving the situation can be reassuring for people looking for a safe investment.

By making quick and timely payments, you can show that you know what you’re doing when it comes to financing your business with loans, and convey this as a great option to keep your business moving forward.

Also, using these loans as part of a strategy, to invest in new business equipment, for example, shows you have a strong strategy in mind that is sure to impress and entice stakeholders and investors.

Keeps You in Control

Unlike seeking equity investments or partnerships, taking out a business loan allows you to retain full ownership and control of your business. Quick loans can provide the necessary capital without diluting your ownership stake.

The last thing most business owners want is to hand over control to someone else who may counter some forward plans and strategies.

It can be easy to bring someone else on board with the promise of more finances, but if you can avoid this, by using a quick business loan to secure the funds you need, for example, then it is a much better option.

Your business is your own and you need to maintain the direction, brand, and ethos of the company, and a quick business loan can help you do that by keeping things firmly in your hand.

lady sat down applying for a quick business loan

Quick Business Loans from Smart Funding Solutions

If you think a quick business loan would be a good option for your business, then why not apply with Smart Funding Solutions today?

Our team have a wide network of lenders who can apply quick funds to your account within 48 hours.

Want to know more? Contact our team today.

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