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Is a Working Capital Loan Right for Your Business?

Is a Working Capital Loan Right for Your Business?

You may want to exhaust all other avenues to increase working capital before deciding to take out financing. Here are a few strategies to consider.

1. Increase Prices

The fastest way to make more money is to raise prices. Be sensitive, however, to your existing customers’ comfort levels. Raising prices too much may turn them off and force them to buy from a competitor.

2. Add Other Streams of Revenue

Constantly seek ways to innovate and you might be able to come up with new revenue streams to enhance profitability.

If clients regularly delay paying invoices, consider implementing a late fee on any invoice paid after a set date. This will either get clients to pay on time…or add a little extra cash to your account.

4. Cut Down on Expenses

A careful analysis of your budget may show areas you can cut back on to free up working capital. Look especially at recurring subscriptions for software or services you no longer use.

In this webinar, we’ll review different types of working capital loans, important factors to consider before you apply, and help you evaluate whether this would be a good fit for your business.

In the end, only you can determine whether a working capital loan or other financing solution is the right move for your company if none of the above ideas helped. But there are several important questions you should ask yourself as you’re weighing the pros and cons.

1. Are You Likely to Qualify?

With many types of financing, both your business and personal credit may play a role in your ability to qualify. Checking your credit and researching a lender’s requirements may help you to figure out which types of financing you’re likely to qualify for before you apply. MatchFactor by Nav can also show you your approval odds for dozens of business financing options.

Your business’ ability to keep up with the repayment terms of a loan (daily, weekly, or monthly) is another critical piece of information you need to consider when you’re deciding whether or not to take out a working capital loan. …

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