There comes a time in most small business owner’s lives when they think about getting a loan. It may be that cash flow is slow, you want to purchase a new piece of equipment, you’re looking to open a new location or any number of other endeavors.
Many small business owners find it difficult to get approved for a traditional bank loan, or they find that the process to get approved takes way more time than they have. Maybe you’ve found yourself in this predicament.
One great solution for small business owners looking for working capital is to obtain a bridge loan. A bridge loan is a short-term loan which is usually repaid within a short period of time – between 3 to 18 months.
There are a number of occasions when getting a bridge loan is a much better option that getting another type of loan or other financial input:
Bridge loans have a bit of a bad reputation, but this is due to people who wrongly choose to get one. The main thing to remember is that it is a short-term loan, which means that payment needs to be made relatively quickly. Forget this and you could end up with a lot of interest to pay off.
Here are a few questions to ask:
If you are fully aware of the conditions around your loan and are confident that you have the means to pay it back within the time frame, then a bridge loan can answer a lot of your problems.
To receive a no-obligation, free quote for a bridge loan for your businesses, Click here. We’re here to help you get approved by one of our FDIC-insured community banks. We’ll even put up the collateral for you!