Every year, it seems the holiday season unofficially starts earlier and earlier. This is being written in October; it’s not even Halloween and yet we’re seeing Santas in full force in many brick-and-mortar stores as well as online shops. The December holidays are anticipated with great glee by many people and it’s meant to be a joyous time of merriment and celebration—but the end of the year can be challenging as a business owner.
In particular, cash-flow issues can rear their ugly head, making you feel like you got coal in your stocking instead of a longed-for gift. But all is not lost. The end of the year is an ideal time to take advantage of alternative lending options such as working capital loans, equipment financing and merchant cash advances.
Here are five ways to take advantage of alternative lending during the holidays:
- Covering payroll and bonuses—In addition to making sure your employees get paid, you may need a little help covering holiday bonuses, parties and gifts for employees or clients.
- Overcoming a slowdown—If your business sees its income slow as the holidays approach but your financial obligations stay the same, you may need options for expanding your budget.
- Planning for seasonal operations—At the other end of the spectrum, your business might be busier than ever as the holidays approach—and may find yourself needing some extra funds to add hours for existing employees or hire seasonal workers.
- Planning for demand fluctuations and how you manage inventory—In the rollup to the holiday season, you may need to stock up on the items you know will be in demand but you may not have the cash on hand to make that happen.
- Using your assets to get the financing you need—You may want to investigate invoice factoring or asset-based lending to use what you already have as collateral for financing to get you through the holiday period.
Getting started is easy. While each alternative lender will have its own specific requirements, most will ask you to complete an online application and provide supporting documents such as your accounts receivable and balance sheet assets. The beautiful thing is that even if you have low or no credit, that doesn’t necessarily mean you’re out of luck.
Make plans now to be jolly throughout the holidays instead of a Scrooge!
Contact Clear Skies Capital today at 800-230-9822 to discuss how our professional lenders can work with you to provide the funding you need. We’ve helped hundreds of business owners who’ve been turned down by banks—and we’d love to help you too.