The big question one must ask oneself when there is a massive unforeseen event like the Corona virus is………How will this pandemic effect my business and what will you have to do to ensure you survive the massive changes it has brought with it.
Now depending on your market Covid has probably either brought about more profitability or less. Both scenarios beg the question. Do I put in money into my business to grow it more if Covid has had a positive effect, or do I put in more money to try and keep it afloat because Covid has damaged it so badly? Both are critical funding questions.
If the answer is yes to both these questions then you will have to find money in some or other place.
Your Options basically are;
Private finance i.e. Using your own money or a family member or friends.
Using a financial institution that will offer an overdraft or a business loan or a secured loan over an asset.
The other alternative is using a company like First Advance that provides short term and medium-term loans using an asset as security. We are like your old school bank manager that looks at your situation, understands your risk and tries to help in a very quick and efficient way. We will loan money against your fully paid-up property and give you the best possible rate based on our perceived risk of your situation. Our company allows you to settle your loan after one month and you have up to a year to settle. We can even renew your loan at a better rate after a year if your repayments were timeous.
Generally, property prices have taken a hit with Covid and so it makes no sense to sell a property and take a lower price than is necessary when you can easily take a loan over the property.
The beauty of our way of doing business is it is the quickest way to unlock money. And in this fragile economy some of us find ourselves in, the ability to inject capital into the business can make all the difference between winning and losing.
One has to be decisive in business and the decisions you make now like loaning money for your business will either pay off or not in the future. So, choose wisely people!
Remember it was just over 1 year ago that our world changed significantly with Covid and quite honestly will never be the same again!!
Read more: Has COVID-19 given us all PTSD?