Short Term Funding
Short term business funding is the perfect solution for business owners who find themselves in a tight spot or could take their business to the next level with just a little extra boost. Longer term funding schemes typically take years to repay, whether you take out a traditional or SBA loan. Short term funding is used in, well, the short term to cover costs with a shorter repayment period. A shorter repayment period often means less interest paid overtime and less of a headache when trying to repay the borrowed funds, as the duration of the repayment is smaller.
Several forms of short-term funding exist and Riverday Capital are experts in helping businesses secure them. Before offering any funding, the finance experts at Riverday Capital interview each of our applicants to discuss what financing option could work best for their specific needs. Does your business need to cover the expense of new equipment? Are you thinking about expanding your workspace or acquiring another business? Or are you simply needing a cash infusion while waiting for the busy season to kick in?
Depending on your answer and your need, we may recommend different solutions. Bridge loans, for example, could work if you are interested in expanding your business by acquiring another but need a large amount of cash to cover costs before new revenue kicks in. A business line of credit might be the right solution for you if you have on-going costs but do not want to take on the burden of a traditional loan structure with traditional loan interest rates. With a business line of credit, you only ever pay for what you use. If you have the type of business that deals with a lot of invoices, you may be able to turn your unpaid invoices into cash with invoice factoring.
As you can see, several funding options exist, all of which have their benefits depending on your situation. Regardless of your need, Riverday Capital is here to make sure you secure the funds needed to keep your business thriving. Contact our New York or Florida offices or apply online today.
