Small business owners, particularly those that are sole proprietors running their own companies, often find there is a cash flow problem between payments from customers. As it can be challenging for Florida small business owners when customers do not pay on time, turning to a reliable, reputable service for short term loans to get through the cash flow gap is a simple solution.
Many small business owners in Florida do not qualify for small business loans through the Small Business Association. These are often higher value loans or lines of credit, with minimums typically in the thousands of dollars.
When a small business owner only needs a few hundred dollars, these loans simply do not make financial sense. Additionally, the time it takes to apply for the loan and wait for approval can be weeks or months, and there is extensive documentation required to show revenue, expenses and the credit information for the company.
A Better Option
Rather than go through a long, drawn-out process for a loan that is excessive and will include ongoing interest until it is repaid in full, smart business owners in Florida turn to short term loans. Similar to payday loans for individuals, these allow the business owner to borrow a specific amount of money for a short period of time, which does not exceed 31 days.
There is a flat fee charged that is provided to the business owner during the application process and acceptance. There is no need to provide extensive documentation on the business, and the loan can be approved and the cash provided in just minutes.
These short term loans are not used to run the business on an ongoing basis, but they are a very important option to consider for short-term funding requirements.
