Owning and operating a business is a dream of a lot of Singaporeans. Being a business owner means financial prosperity, being your own boss, and more energy to focus on your own progress. However, operating a business has its own problems, and we are not just talking about paperwork and business operations.
One of the most critical issues regarding the operations of a business is the short-term need of cash. Getting an easy cash loan is important in both the daily operations of the business and the financial security blanket in times of an emergency.
Cash is King
Having problems with cashflow is a major cause why small businesses fail. In fact, a Small Business Administration Report shows that more than 33% bankruptcy fall within two years. Another study found out that more than 3 quarters, specifically 82%, of small businesses flop because they have poor understanding and management of the cash flow for their businesses.
What is even more unfortunate is that there are already cash deliverables that are more than enough to cover the said financial contingency. This is most especially true for businesses that operate in a B2B manner or those that usually wait for the incoming revenue between 45 days to 2 months. This can cause a big strain for small businesses that are usually strapped for cash.
Getting emergency loans from banks can prove difficult, especially if the small business has only existed for one to two years. Bank loans can also take quite a lot of time, and the rates are usually higher if the loan is needed right away. Putting your inventory and property as collateral will also further increase the burden to your logistics and financial operations.
Another solution most small businesses do is to get a quick injection of cash either by selling their products or services cheaper and faster. This can lead to a loss in the long term.
As you can see, getting a bank loan will cost you more money in the long run and it is also inconvenient. Not only is it time-consuming and tedious from all of the paperwork involved, but there is also a chance of losing a great deal of your property in the end. Both of these can only go so far, and might even endanger the survivability of the business.
A Better Solution
Getting an easy cash loan is easier and better when you use our products and plans. Fast Money has been serving both small businesses and individuals get their much-needed cash at great terms, and in a convenient and quick manner. Contact us today and let us help you with your cash needs.