Once you’ve decided to open your own business, one of the most important things you’ll need to consider is financing and where to obtain quick business financing in case of an emergency. Money is necessary for all parts of your company to function, whether you need to market your products or services to customers or need to make for shipping materials to ensure items reach customers safely.

There are a few options you can consider to ensure that you have the funding you need to keep your business running smoothly. It’s important to think about your overall company budget, as well as your short-term and long-term financial goals before making the quick business finance choice that is right for you.

Quick Business Loans

You can get a business loan in a few business days when you apply with online lenders such as Merchant Cash Advance spoken about later in this article. These lenders will consider your business credit history, and if your lending history with your company is limited, your personal credit could be the criteria for deciding whether you’re approved for a loan. There are also a number of businesses that won’t require you to have collateral, which is definitely a plus for new businesses since you likely won’t have much inventory if you haven’t had the chance to build a large customer base. However, you’ll need to be aware of the interest rates associated with these loans. The rates can be pretty high depending on how much you need to borrow. The time that you’ve been in business, as well as your revenue, will also be considered when you apply for this type of loan.

Small Business Loans

There are also several loans offered by the Small Business Administration. To gain access to these quick business finance options, you may have to attend a seminar or workshop to learn more about managing your company finances and paying the loan back in a reasonable timeframe. You’ll likely have to provide collateral for approval, and if you’re not able to pay, your property will belong to the lender until you can satisfy the balance. Keep in mind that your credit can also be affected by these types of loans.

Merchant Cash Advance

If you’re a brand new business, the merchant cash advance will likely be your best quick business finance method. While traditional loans can work in some cases, a merchant cash advance sometimes takes as little as one business day for approval. This form of funding occurs when a lender essentially purchases your credit card transactions. You’ll receive a lump sum of cash that you can use to operate your business and pay for necessary tools and items that assist you in providing great customer service. This way, when customers purchase with their credit cards, the value of the sale will go to the lender until the balance is paid off. This means that you don’t have to have perfect credit to get approved for the loan, and you won’t have to worry about defaulting on your payments.

If you’re considering a merchant cash advance as your quick business finance option, be sure to talk to your financial advisor about this option in detail. Find a merchant cash advance with a low repayment percentage rate, so that you can continue making a profit for your business while settling your cash advance debt.