Commercial Bridge Loans and Your Small Business: An In-Depth Look

If you own and operate a small business, you understand the many challenges you face. Perhaps the biggest roadblock you face is obtaining the financial assistance to build a successful organization. You have much tasks and responsibilities, and each of these requires sufficient capital. You have many options at your disposal, but in some cases, bridge loans could be the perfect way to go. The form of lending is ideal if you need quick, short-term help while you wait for longer-term funding to come through. Consider the ways in which this option could work well for you.

Interim Help

There’s no question that your business has some big expenses both currently and in the future. Larger, established organizations may have the funds to cover any costs, but your small business will probably need to seek some form of lending. Sometimes, long-term funding may not be available, or the process may take longer than you can afford to wait. Bridge loans are ideal in both of these cases. If you need money now, these loans can bridge the gap between your present needs and when you’ll be able to secure permanent assistance.

When You May Need It

There are numerous times when these loans could be applicable for your small business. First, you have daily needs to take care of, so while you wait for long-term funding for your something such as a new office or new equipment, you could use bridge loans to help with those daily tasks that aren’t going away. Some of these may include meeting payroll, paying utilities, covering rent on your office space or other similar needs. This way, you can still meet your obligations while you wait for larger funding to work out for you.

The Process

There are definite advantages to using these types of loans. You will love the simple application and approval process. You won’t have to wait week for a decision. In fact, you could have money in your account ready to use within days of your application. Your loan terms will be much shorter than traditional loans, so make sure you’ll have the cash flow to repay the loan within the time frame. Also, be aware that these come with higher interest rates as well. You shouldn’t have to worry about prepayment penalties.

Bridge loans may not be for everyone, but if your business needs funds fast to take care of an immediate need, these loans could be perfect. If you’re interested, contact us today.

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