As a business owner, you may have times when you need extra money to cover unexpected costs or take advantage of an opportunity. Commercial finance companies offer various services to help you get the cash you need quickly and easily. Here are several services that these companies offer:
Working Capital Loans
Working capital loans are a great way to get the cash you need to keep your business running smoothly. These loans can be used to cover short-term expenses like payroll or inventory costs to finance long-term projects.
Equipment leasing is a great option if you need to purchase new equipment for your business but don’t have the cash available. This service allows you to get the equipment you need without spending a lot of money upfront.
Lender financing is the act of providing money to a borrower for an asset or business that they intend to use as collateral. Traditionally, lenders, small banks, and financial institutions offer loans through commercial finance companies specializing in managing Funding for Lenders. Commercial finance companies are not lenders themselves but rather represent lenders by processing applications, arranging payments on behalf of the lender, and ensuring compliance with credit agreements.
With merchant services, your business can accept credit cards from customers anywhere in the world at no cost to you. Before using this service, you will have to apply with one or more processing companies that provide these services and set up an account with each company that requests it. Depending on which companies you use, you may also be able to get a merchant account that allows you to accept debit cards, American Express, and other forms of payment.
Accounts Receivable Financing
If your business has been approved for accounts receivable financing, you can get cash quickly based on the amount of money your customers owe you. This type of loan is perfect for businesses growing quickly and needing extra cash to keep up with their current expenses.
Business Credit Cards
Business credit cards are a great way to build up your company’s credit history and can also be used to cover expenses like travel and advertising. In addition, many business credit cards offer rewards programs that give you cash back or points for every dollar you spend.
Inventory financing is a great way to get a loan for your inventory before it sells. This type of loan allows you to finance your inventory purchase by paying for it upfront and then repaying the loan once the items have been sold. Depending on which business you’re in, you may also be able to use other types of installment loans to finance inventory purchases.
Lease financing allows businesses that lease their property instead of buying it outright to obtain a loan at a much lower rate than they would get from a traditional lender. When using this type of service, you will have less paperwork and approval time than with other forms of commercial, making it a quick and easy way to get the cash you need.
Commercial finance companies offer various services like those discussed above that can help business owners in several ways. Business owners can find the perfect service to fit their unique needs with many options available.