Municipalities throughout the United States are beginning to lift restrictions for businesses across sectors. As medical practices, dental practices and many small businesses are preparing to reopen, they also have a unique set of challenges to overcome.
Here are solutions to some of the top financial challenges of the moment:
Challenge: I’m struggling to cover payroll, manage overhead costs like mortgage, rent, and utilities, or pay for typical operational expenses.
Solution: Overhead costs and business debt don’t take a break during a pandemic, and your expenses could be piling up. Depending on your unique situation and the speed at which you need capital, you have a few options. Most businesses have already taken advantage of the Paycheck Protection Program (PPP) loan, which can be used specifically for payroll, benefits, and other business expenses, but it won’t cover everything. Here are two options to supplement your PPP loan:
- SBA 7(a) loans are specifically designed for small business owners, which can be used for business debt consolidation, renovations or repairs you may have been waiting to make, and a variety of business-related purposes. 7(a) loans feature terms up to 25 years, and loan amounts up to $5 million.1
- With a business loan you can consolidate debt into one simple monthly payment and free up cash for other immediate business expenses you might have.
Challenge: I need cash fast in order to provide personal protective equipment (PPE) for my staff or to make safety modifications to my office or business.
Solution: Even though counties and states are beginning to greenlight businesses for reopening, new safety requirements could prevent you from getting back to work as soon as you’d like. A business loan can help you invest in the safety equipment and other PPE that you need now, in order to keep your staff and patients or customers healthy.
Challenge: I’m worried about protecting my revenue cycle as business starts to pick up again.
Solution: Many businesses were unprepared for their patients or customers to defer payments or stop paying altogether. Working with a collection partner who operates from a place of empathy can help you protect your bottom line and your brand, without jeopardizing those valuable client relationships.
Challenge: My personal finances have taken a hit and I need to consolidate personal debt or get a cash injection.
Solution: The state of the market and overall economy has caused financial challenges for many individuals. If you need financing to help you get through this time, a personal loan may be the option for you. With a personal loan, you can consolidate debt in your name into one lower payment, which can help you cover immediate day-to-day costs and support your overall financial profile.
No matter what financial challenges you face, it’s important to work with partners you trust. Finding a lending or collection partner that is focused on finding the right solutions to your unique needs will help you transition smoothly, so you can get back to business.
1 Source: SBA.gov