{"id":3531,"date":"2015-06-09T07:30:49","date_gmt":"2015-06-09T07:30:49","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=3531"},"modified":"2021-07-13T17:15:17","modified_gmt":"2021-07-13T21:15:17","slug":"when-should-i-get-a-bridge-loan-for-my-small-business","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/when-should-i-get-a-bridge-loan-for-my-small-business\/","title":{"rendered":"When Should I Get a Bridge Loan for My Small Business?"},"content":{"rendered":"<p>There comes a time in most small business owner&#8217;s lives\u00a0when they think about getting a loan. It may be that cash flow is slow, you want\u00a0to purchase a new piece of equipment, you&#8217;re looking to open a new location or any number of other endeavors.<\/p>\n<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/06\/business-bridge-loan.jpg\"><img class=\"alignnone size-full wp-image-3535\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/06\/business-bridge-loan.jpg\" alt=\"Business Bridge Loan\" \/><\/a><\/p>\n<p>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&#8217;ve found yourself in this predicament.<\/p>\n<p>One great solution for small business owners looking for working capital is to obtain a bridge loan. A<a href=\"https:\/\/www.arffinancial.com\/development\/loan-products\/bridge-loans\/?utm_source=blog&amp;utm_medium=post&amp;utm_campaign=blogbridgeloans\" target=\"_blank\" rel=\"noopener noreferrer\"> bridge loan<\/a> is a short-term loan which is usually repaid within a short period of time \u2013 between 3 to 18 months.<\/p>\n<h2>The Benefits of Getting a Bridge Loan Include:<\/h2>\n<ul>\n<li>A better alternative to obtaining an equity partner<\/li>\n<li>Bridge the gap while waiting on conventional financing<\/li>\n<li>Can act as a down payment to begin a build-out project<\/li>\n<li>Act as a line of credit with access to 5 loan drafts for 4 months<\/li>\n<\/ul>\n<h2>When Should I get a Bridge Loan?<\/h2>\n<p>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:<\/p>\n<ul>\n<li>If you need some additional working capital\u00a0but don\u2019t want to give part of it away to an investor.<\/li>\n<li>If your business is looking to purchase\u00a0new equipment.<\/li>\n<li>If you need money quickly for a down payment.<\/li>\n<li>To keep your business cash flow positive.<\/li>\n<\/ul>\n<h2>What You Need to Think About<\/h2>\n<p>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.<\/p>\n<p>Here are a few questions to ask:<\/p>\n<ul>\n<li>Is there an early pay-off penalty?<\/li>\n<li>What documents you need to supply and what credit checks (if any) will be carried out?<\/li>\n<li>Can the loan be split over time?<\/li>\n<li>Is the rate guaranteed?<\/li>\n<li>Is it fixed term?<\/li>\n<li>Can you defer payments if necessary?<\/li>\n<\/ul>\n<p>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.<\/p>\n<p><strong>To receive a no-obligation, offer for a bridge loan for your businesses, <a href=\"https:\/\/www.arffinancial.com\/development\/apply-now?utm_source=blog&amp;utm_medium=post&amp;utm_campaign=bridgeloantime\" class=\"broken_link\">Click here.<\/a> We\u2019re here to help you get approved by one of our FDIC-insured community banks. We&#8217;ll even put up the collateral for you!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There comes a time in most small business owner&#8217;s lives\u00a0when&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,698],"tags":[154,155],"class_list":{"0":"post-3531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business-financing","7":"category-small-business-financing","8":"tag-bridge-loan-for-small-business","9":"tag-business-bridge-loan"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When Should I Get a Bridge Loan for My Small Business? - ARF Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arffinancial.com\/development\/when-should-i-get-a-bridge-loan-for-my-small-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Should I Get a Bridge Loan for My Small Business? 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