With PPP Round 2 loans becoming stricter, many are looking for alternative lending options. The good news is that many available solutions can help business owners gain access to working capital. Because of the ongoing effects of lockdowns and the coronavirus, these small business loans may be necessary to spur growth. These new solutions are a part of the different loan options available with Clarifi Lending. If you’re interested in learning more about offers beyond PPP, don’t hesitate to contact us. A specialist will walk you through the different options available.
Microloans
Microloans are an alternative to PPP loans, allowing you to borrow money in small amounts. You can get a loan of up to $50,000, depending on your business needs. It can also be a way to improve your credit rating and history. They are easier to get, and you can use them for inventory, payroll, working capital, and more.
While they are easy to access, these loans have shorter time frames and higher interest rates. The upside is that you’ll be able to get the money fast because processing times are faster. If you’re interested in microloans, Clarifi Lending has favorable terms that can provide you with liquidity quickly.
Business Credit Card
If you’re looking for short-term credit, using a business credit card allows you flexibility and extra funding. It’s a great way to ensure that you have something if a discrepancy occurs with your cash flow. You can even get a reward credit card and yield extra benefits. You can use a credit card to pay for a project in advance. Then, once you get the payment from the client, you can pay off the debt. When acquiring these types of cards, you’ll need to be careful and examine the terms. You’ll want the lowest interest rates. Some cards even offer a zero-percent APR period for a short time. Be vigilant with payment deadlines, as late payments can negatively affect your credit score.
If you’re interested in a business credit card, Clarifi Lending has several options available for you to choose from.
Grant Programs
Small business grants aren’t a guarantee because of the competition involved. If you manage to get one, they can provide you with the financing you need. You can’t rely on this in the short term as you’ll have to go through a lengthy application process.
When you do get a grant, you don’t need to pay it back. They are a form of support rather than a loan. As such, private companies and the government are usually selective with awarding grants. To improve your chances of landing one, you’ll need to adhere to their requirements. If you’re interested in applying, Clarifi Lending can help you find available programs that match your business.
Credit Line
A business credit line acts like a credit card. A lender sets a limit of money you can borrow. The difference is that you can withdraw from your balance as needed and pay for it later. Many credit line options are available, but it is often easier to get approval from an alternative lender like us.
Credit lines don’t offer large sums as loans do, but like credit cards, they offer you quick access to cash as needed. They can also improve your credit rating provided you pay on time.
If you’re looking to apply for a credit line, seek out Clarifi Lending. We have credit line programs available for small businesses.
Bridge Loans
The issue with many types of loans is the long wait time before approval. You may not have the luxury to wait for weeks before getting the money you need. A bridge loan is a short-term loan designed to fill the gap. It gives you access to the cash you need when you need it.
However, it doesn’t have flexible terms. The best time to use it is when you’re waiting for money but have to fulfill a deadline. If you’re interested in completing a bridge loan, Clarifi Lending has several options available for small businesses. Contact us today to get more details about them.
Inventory Loans
Aside from a traditional SBA loan, an inventory loan is a much better option if your funding needs are specifically for it. The requirements are easier to meet, and it has fewer restrictions. However, when you do opt for this loan, the inventory you buy will become the collateral.
If you cannot pay the loan, the lender has the right to claim any part of the inventory you purchased using their money. Clarifi Lending offers inventory loans that have better requirements than most offers in the market. If you’re interested, contact us, and we’ll fill you in on the details.
Merchant Cash Advance
A merchant cash advance (MCA) is another alternative loan option. You get a lump sum loan in exchange for remittance from your sales on a daily or weekly basis. However, you’ll have to be able to fulfill debit and credit card transactions to qualify.
If you can, you’ll find this is a much easier loan to apply for. Instead of making large payments each month, you only have to make smaller payments, albeit frequent ones. With a higher chance of eligibility, it might be the loan for you.
If you’re interested in an MCA, Clarifi Lending offers these types of loans for small businesses. Contact us and learn more about the requirements and application.
Find The Best Loan For You
There’s likely a loan that fits your situation perfectly. However, it requires time to research and weigh your options. It’s all about what your business needs and your preference when it comes to the loan terms.
If you need help figuring out the best loan options for you, don’t hesitate to call us. We’ll guide you through each loan available and help you decide what’s best for your business. Contact Clarifi Lending today.