Working capital determines the health of your business. Meaning the more capital you have, the more likely your business is to succeed in the long run. If you’re a growing business with a steady revenue, working capital is perfect for you. There are many reasons as to why working capital can be beneficial to your business.
Can help cover costs
Working Capital can be used towards expenses such as taxes and can be used to cover losses in slow seasons. Whatever the case may be, you can use the capital instead of taking money out of your pocket. Capital can replace that rainy day savings fund that you’ll have in case anything happens. And let’s face it, something always happens.
Get inventory for a better price $$
Most suppliers give discounts and cheaper offers as long as you buy in bulk. With working capital you can use this to your advantage and get the supplies you need for cheaper. This is helpful especially if your business is retail-based.
Expand your business
Expansion can mean lots of things and working capital can be used for them all. Move to a bigger location, hire more employees, vamp up your marketing to raise awareness for your business. The possibilities are endless.
Quick fund time & flexible repayment
Working capital has a quick funding time sometimes in as little as 24 hours. Any fees that don’t work for you can also be waived. You can also be flexible with your terms when paying back the loan. You could get anywhere between 6 - 24 months depending. This way you’ll have an agreement that works for you and your business. You will also be eligible for renewal after paying off 50% of your loan which can be beneficial when you're in need for more capital. Your finance manager will contact you once you're eligible.
As you can see there are many benefits to working capital. You can use it for whatever you want! You can see those uses here. Often times when a client applies for equipment and gets declined, we can put in an application for capital and get them approved. See what you’re qualified for today and you could experience these benefits for yourself!