As restrictions are lifted in many states and businesses start looking to reopen. Business owners are finding themselves operating in a new world of restrictions and procedures that have evolved out of the COVID-19 pandemic. Small business owners must plan their next steps and come up with a strategy for reopening. For many, the biggest need they are facing is financial. As we always have been, Signature Capital is here with a variety of small business loan options to help you get business back up and running again.
Due to the coronavirus pandemic, businesses have faced a variety of struggles in the past months. As in-person business became very difficult, to almost impossible, many people were able to transition some of their employees to work from home. Others had to close their doors completely during the outbreak as their work could not be completed offsite. Regardless of how they were impacted during the pandemic, every type of business will face some degree of challenges as they look to reopen due to the ongoing public health threat caused by the virus.
Those businesses that have a physical location may struggle to get customers back in the door as many people are concerned about social distancing practices and potentially being exposed to the virus. All businesses, including those online, may face a loss in sales with many people around the country dealing with decreased income and loss of jobs. Small businesses will need to be flexible, adapting to customers’ needs and carefully strategizing their financial choices in order to survive the new reality we all find ourselves in.
Speaking primarily to business owners, Signature Capital knows you will not only have to make sure you comply with all federal, state, and local regulations regarding reopening, but you’ll also want to make sure that your customers and employees are safe and comfortable. This may mean purchasing additional cleaning products and sanitizers for customers and employee to use. You may also be required to provide face masks and/or gloves for your employees or even customers depending on your type of business and location. Additional needs may include equipment to monitor your employees’ health (such as thermometers) and provisions for additional sick time and paid time off so that you can encourage employees to stay home if they feel ill.
These changes could add up to a significant expense for your business, especially if you are already struggling. Signature Capital can provide immediate financing which you can use to purchase these much-needed supplies for reopening.
Additionally, if your business has been shut for a while, you may be struggling to find the cash flow you need to cover your regular operating expenses such as employee wages and utilities. This could continue to be a problem in the coming months as sales could be slow to return. Signature Capital can provide financing to help you meet these daily capital needs as you get back on your feet and move back towards the profitable business you were running before the pandemic.
Signature Capital has a range of loan options which include business term loans with terms starting at 3 months to 3 years to help provide financing. If you need quick access to working capital on a regular basis, a business line of credit may be a better fit. You can access this credit line whenever you need it, and you only pay interest on the credit that you actually use.
Take an honest look at your budget, your available capital and additional one-time expenses you expect to incur as you reopen post-COVID. Then, reach out to Signature Capital. We are waiting, ready to help you with any financing needs that you have as you reopen your business.