Rapid Business Lenders since 1969

Survive & Thrive: Leveraging Fast Business Loans in Times of Crisis

Business Loans guidance

When unforeseen circumstances hit, they can threaten to sink small businesses. Things like the Covid-19 pandemic or an economic downturn can have a devastating effect, leaving small businesses gasping for a lifeline.

Thankfully, there are ways to secure small business loans relatively easily through lenders such as Rapid Finance, which can keep small businesses afloat, tiding them over until circumstances improve.

In this ebook, we’ll look at a few strategies and tips on how to leverage a business loan to keep your operations afloat, as well as how to use the funding wisely.

Prioritise Investing In Revenue Generating Activities

If you’re going to borrow money, ideally you should use it to make more money. Investing in revenue generating activities such as marketing campaigns, product development, or sales channel expansions can help your business grow while earning you the funds you need to repay your loan. This will help you climb out of the hole you’re in and rise above it.

Create Detailed And Realistic Cash Flow Projections

To make sure you leverage a business loan wisely, you should ensure that you know exactly how much money you’ll be needing and what for, as well as how much cash you’re expecting to receive during the repayment period. This can be achieved by doing a budget recon and developing a realistic cash flow projection so you are not caught off guard.

Consider Using The Loan To boost Efficiencies

Day-to-day operational expenditures can be a killer if your operations are not efficient. By investing in the right kind of infrastructure, equipment, or IT, you can probably reduce your operational costs significantly. This can help you not only save money in the long run, but also future proof your business so that it can continue to thrive and grow once the loan is repaid.

Consolidate Your Debts

If possible, use the business loan to consolidate your other debts. Not only will this get a plethora of creditors off your back, but it can potentially help you save on interest costs. To consolidate your debts wisely, use some of the business loan to pay off the most urgent debts first that directly threaten your business’s ability to operate and generate revenue. These might be things like outstanding rent or utility bills.

Here at Rapid Finance, we offer small business loans that are easy to apply for and get approved. Contact us now to apply and get your business back on its feet today!