Businesses face ups and downs. When a challenge hinders a business operation, and money is what it takes to bypass the hindrance, a business continuity loan can be a helpful tool. Many businesses consider situations of this sort rather plausible and maintain “Business Continuity Plans” or “Contingency Management Plans” to handle them. Some plans may include an internal source of funds, while some may need external support from a reliable source, like Business Advance Lenders.
While having a defined business continuity plan can be of great help in such times, we at Business Advance Lenders are here for you whether your business maintains a continuity plan to counter a situation of contingency.
What is a Business Continuity Loan intended for?
To explain this, I shall take an example from my personal experience at a previous job as a hotel front office manager. The hotel used a software platform to manage day-to-day operations and almost depended on it. We had a license renewal date for the software coming up, and each year there used to be an auto-renewal of it. In this particular year, our team didn’t notice that there was no further license renewal for the version we used and that the company should’ve purchased a new version at least a week before the expiry of the current one, for a smooth transition.
At midnight on the due date, we found ourselves without a platform to manage the 280-room hotel, which also included a nightclub and 4 restaurants in addition to a functioning 24×7 room service. We had enough reports and paperwork to serve as a backup and sustain the operations for a few days, without the platform – it was a part of our Business Continuity Plan, which we had in place. But, what the company didn’t have, is a contingency plan which included the financial preparedness for a software license buy. This is where a business loan had to come to our rescue, and it indeed did.
A business continuity loan is a funding option for businesses that need financial support to manage a situation that is disrupting their operations or hindering the production/delivery of their goods and/or services. A good lender would design it to be easy to apply for, quick and reliable so that the business continuity is least impacted while the loan gets approved and deposited.
What shall Your Business require to qualify?
Choosing Business Advance Lenders as the source of your business continuity loan offers great advantages:
- Easy qualification terms
- Simple online application process
- High chances of loan approval
- No restrictions in loan purpose
- Quick funding for all eligible businesses
To qualify for our loan, your business just:
- Needs to have completed 1 year in operation
- Should be generating a minimum monthly revenue of $15,000 or have a steady monthly cash flow
- Should be free of any open bankruptcy for a minimum of 6 months
Advantages that such a Loan Should Offer
The right business continuity loan should offer many advantages, to suit a situation that raises the need for it:
- Acceptance: The ideal business continuity loan should be able to serve a broad variety of businesses across many industries, with various business models. Some lenders, like us, also accept bad credit performances in certain situations.
- Ease of Application: A business continuity loan application should be simple and less complicated, to allow the business owner/management to focus on the problem at hand rather than invest their time in trying to procure a loan.
- Reliability: The loan should be reliable, i.e., it should have a high rate of approval.
- Speed: Such needs are urgent and the loan is of value only when it can be delivered in time.
- Customer Service: Seasoned borrowers would vouch that one of the key benefits that a lender needs to offer is great customer service. Without this, no loan is worth the money.
- Flexibility: From loan terms to repayment options – flexibility is something that enhances the value of a loan for the borrowing business, especially during a challenging time.
Is it Right for Your Business?
When your business is in a tight spot and needs funding to continue, a well-designed business continuity loan is likely the solution you’re looking for. But, there are situations in which such a loan can be a less favorable option, and one must avoid such a decision.
When to Avoid a Business Continuity Loan
- When your business continuity depends on closing other debts: If your business has many debts and you are seeking a business continuity loan to offset those debts, choosing this solution could lead to an unhealthy increase in debt.
- When nearing bankruptcy: Lenders filter out businesses with recent or open bankruptcies. Businesses nearing bankruptcy may sometimes get a loan when the lender cannot assess the downfall. But, a business continuity loan can be a dangerous decision at such a time.
- When you don’t know if this is the right type of business loan for you: We design each specialized business loan to fit a specific purpose. Choosing the wrong type of business loan can be a disastrous decision at times.
- When you don’t have a plan to keep the business running for long: If you don’t plan to keep the business going for long, don’t take a loan that extends beyond your planned business operations. It could be a financial mistake.
Get a Loan for Business Continuity
In the right circumstances, business continuity loans can be a great source of much-needed help. They come from the right lender. Getting a loan for business continuity is easy when you choose us as your lender. We also provide great flexibility. Fill out the application form online. Our team will work to meet your financial needs as soon as possible. This support will help your business continue operating.