Short Term Business Loans

March 11, 2023 | Merchants | Dustin

Entrepreneurs that need funds for a new business investment, expansion, or marketing efforts can profit from short term business loans. These loans are an efficient way for a business to scale and launch fresh initiatives. Short term business loans can also help companies who need to handle immediate business needs without the obligations of long term loans.

Short Term Small Business Loans

A short term loan is usually financed and paid off within a 12 month period. However, some lenders offer longer periods of financing up to 24 months. Other financial suppliers extend the payment period even longer. It completely depends on the business’s financial situation. This can include assets, owner’s credit score, and how long the business has been operating.

It is not uncommon for motivated and highly driven business owners to seek out new ways to get approved for loans. In fact, over 40% of small businesses applied for business loans in 2019. That means almost half of all businesses labeled as “small” are seeking extra funds to scale their operations.

Why Businesses Should Use Short Term Business Loans

According to small business lending statistics and trends, almost 30% of all startup businesses fail because they run out of capitol. If you asked any merchant that sells products or services what they would do with a short term business loan, most of them would have a quick response ready. Most entrepreneurs dream of having extra money to use on their business.

Successful entrepreneurs and investors alike know the usefulness of short term loans to boost revenue. In fact, over half of all small businesses in the United States apply for extra funds.

That means the other half of businesses are missing out on expanding their operations. In addition, these operators don’t get to explore new sales opportunities or acquire new assets to grow.

So, utilizing shorter term loans sets your business up for future success by investing in long-term growth. If your business is just getting started or is well-established, a term loan can greatly contribute to the positive financial performance of the venture.

Extra Cash Approval for Businesses

Like small business loans, short term business loans are a great way to get extra cash for your venture. But when do you know when your business needs extra cash approved?

When the time comes where cash flow is slow or additional funding is needed, it’s important to know your financing options. Above all, make sure to work with a great lender. You should be able to ask any question regarding the specifics of the loan, interest, and payback options. Understanding these financial details is crucial. As a result, business owners are more comfortable applying for and getting a short term business loan.

Quick Loans for Businesses

Thanks to the years of experience in the financial industry and strategic partnerships, PayKings can get extra cash approved for businesses of any size that qualify.

Get more custom, short term loans that have several payment options. Additionally, PayKings experts can get you set up with a loan and financing that works best for your specific business’s needs.