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Emergencies happen. When you’re the owner of a small business financial emergencies happen frequently. That’s why it’s important that your business always be in a position to respond quickly and effectively when emergencies strike. Ideally, that means you’ll have a business line of credit at hand, but if you don’t, you’d better be prepared to get a fast business loan.
Contractors have a saying: Good, cheap or fast; you can have two of them, but never all three. Preparing for emergencies increases your chances of getting at least two of them—a fast business loan with a good limit—with the possibility of adding the third attribute—cheap—after the storm has passed. Once you have a good, fast business loan you can go back later and renegotiate the terms.
Update your business plan continually. Totally revamping a business plan can be a months-long project, but if you stay on top of it, you’ll have it ready when you need that fast business loan. Without it, you’re not likely to get fast, cheap or good.
Your business’ financial records must always be up to date and totally accurate. If your business is relatively new (and we’ll assume it is or you’d already have a business line of credit), your personal financial records must also ready for scrutiny. This requires that you keep a constant eye on your credit report to check for errors and any dip in your credit score. Fail to do these things and not only will you not get cheap or good, your chances of getting a fast business loan are nil.
Plan to apply online. When you need a fast business loan, you can’t possibly go from bank to bank delivering applications and documents. Familiarize yourself in advance the lenders most likely to approve your application. Using a loan-consulting firm means your application can be submitted to several banks at once. And, when you need a fast business loan, you need all the help you can get.