If your business suddenly has an emergency where you need infusion of fast cash, one way to get it is to get a business cash advance. In general, this is an expensive way to get funding. As such, we’re going to discuss some other methods of getting funds in cases of emergency.
The first group of alternatives to a business cash advance assumes that you have prepared for this event before it happens. One option you have is to create an emergency fund that you generate slowly over time from profits. This can be very difficult for fast growing companies with narrow profit margins, but it is quick and easy to pull from. Best of all, it is free.
Another alternative is to set up a business line of credit. These can come in different forms. Typically for new business owners, they must be personally guaranteed. In some cases, it is not unheard of to use a home equity line of credit for your company. A word of caution would be to make sure you have a clear plan to pay it back, since you don’t want to lose your house.
If you haven’t prepared for an emergency, you could use some other options. If you have any credit available on your personal or business credit cards, you could try using those. These will typically be a bit cheaper than a business cash advance. Just make sure you pay them off quickly. This is because they will become more expensive if they turn into long-term loans.
Another alternative for retailers is to get a merchant account loan. Taking out a small payment pays these back from each point of sale credit card transaction. However, these aren’t necessarily cheaper, so make sure to compare them carefully.
For more information, go to Business Cash Advance at http://www.unsecuredbizloan.com/business-cash-advance/