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Three Types of Loans to Consider in a Time of Crisis

We’re facing unprecedented times. Businesses are grappling with how to respond to the COVID-19 pandemic as it threatens their day-to-day operations, and their livelihoods. Some are unable to operate unless employees can work safely and remotely, while others are being forced to limit their services and follow strict operational guidelines that are throttling typical revenue. Although business owners and their employees may both be struggling to remain financially secure, there are a number of financial resources designed specifically to help weather this time of uncertainty, and prepare for prosperity again.  

While the federal government is offering several new financial relief programs for business owners and individuals, these may not be a seamless fit for everyone; eligibility requirements, funding limits, and service time may leave people wanting—or needing—more. In these cases, there are a variety of other loans available to serve as a lifeline, helping to cover immediate costs and set recipients up to hit the ground running once the economy begins to recover.  

Financial Options are Available for You–Now 

No matter if you’re looking for a financial solution for your business or for yourself on an individual basis, there are financial opportunities available without delay.  

Business Loans 

Many business owners are seeing a pause in their operations, with only a small percentage of essential businesses able to continue earning revenue, albeit at a reduced level. A business loan can provide a cashflow injection for immediate operational and overhead costs like rent or mortgage, insurance, and utilities, as well as payroll, for those still able to operate. A business loan can also help with debt consolidation, meaning fewer payments and deadlines to keep track of, as well as the possibility of lower payment costs.  

Personal Loans 

If your business expenses are covered, now could be a great time to review your personal finances. A personal loan can help with debt consolidation, providing similar benefits of one consolidated payment, giving you the opportunity to free up capital for other things. A personal loan can also help with non-business expenses if your typical income is paused, offering peace of mind until business begins to return to normal. 

SBA Loans 

Small business owners have unique financial needs. Many are seeking a flexible option for debt consolidation as well as purchasing, acquisition, and other fixed costs. An SBA 7(a) loan can provide larger-scale solutions to help your business not just maintain, but grow. 

When it comes to establishing financial security in times of crisis, most Americans can’t afford to wait. While financial regulations and programs from the government are still in flux, steadfast options for financing are available now. As always, we at BHG are standing by to assist you however we can, both now and in the years to come.