In many parts of the country, early June is the ideal time for planting or putting the finishing touches on an outdoor garden. The prospect of celebrating Father’s Day this Sunday also has us thinking about the important role a father figure plays in providing support, encouragement, and inspiration during every stage of a child’s growth.
Growing a business is much like raising a family or cultivating a garden. While a small business owner is ultimately responsible for sowing the seeds of success, he or she thrives on the support, encouragement, and expertise they receive from staff, customers, colleagues, vendors, and other professionals.
At Summit Financial Resources, we understand that, despite careful planning, business growth is not always predictable. Our goal is to partner with small business owners to provide the financial resources they need to grow their businesses wisely and flourish for years to come.
Seizing Immediate Opportunities
You get an out-of-the-blue opportunity to buy out a competitor and quadruple your annual sales. You stumble on the perfect location to house your expanding manufacturing operation. A new distribution center is opening across town and needs to staff up with hundreds of new employees.
When a golden opportunity for substantial growth comes your way, you want to be able to jump on it before it slips away. However, chances like these also require substantial capital, and exposing your company to excessive debt could put your future at risk. Working capital financing gives you the freedom to capitalize on act-now opportunities to improve or increase your business, knowing you have the money needed to satisfy monthly obligations.
Summit Financial Resources offers an array of quick-lending options for companies in a broad range of industries, including manufacturing, freight and trucking, distribution and wholesale, and professional services. Our invoice factoring, asset-based loans, inventory financing, and equipment term loans involve using your accounts receivable and other assets as collateral. We structure our credit facilities based on your needs, allowing for maximum flexibility and minimum restrictions.
Investing in Long-Term Growth
In addition to seizing immediate opportunities to take your business to the next level, there are countless investments you must make to ensure long-term growth. Whether you need an infusion of cash to purchase new equipment, scale up operations, or meet an increase in demand, a working capital loan provides a ready and reliable source of funds to help your business evolve. Here are just some of the ways working capital financing can give your small business a big boost:
Expand your team.
If your company has been generating a healthy profit, chances are you’re considering whether or not it’s time to expand. While growing your team is typically one of the largest expenses for small business owners, it’s also an investment that can generate significant returns. To ensure that you hire people who are a fit with your company’s needs and culture, establish a strategy to help you set goals and avoid making costly mistakes. Keep in mind you can use working capital financing to cover the expense of hiring and onboarding new staff.
Purchase new equipment.
Buying new equipment is often a costly proposition, and small businesses often postpone making purchases despite knowing it will improve efficiency and profitability. If upgrading your equipment now will have long-term benefits for your business, you can use working capital financing to cover the cost without compromising your cash flow.
Beef up your inventory.
Working capital financing can be used to restock your shelves, purchase new products, or buy additional inventory to fill future orders. Some small businesses rely on working capital loans to take advantage of bulk pricing or special deals that require a substantial upfront payment.
Boost your marketing.
If you are looking to attract new customers or entice existing customers to engage, there is no need to wait until fall to ramp up your marketing efforts. You can use a working capital loan to add some sizzle to your summer marketing campaign via online advertising, social media, special signage, or by sponsoring a local July 4th or Labor Day event or fundraising initiative.
Upgrade or enlarge.
Whether you need more space to generate more business or want to remodel to provide a better customer experience, a working capital loan can fund projects that will support business growth. Use it to access quick cash now to repave your parking lot, add indoor seating for your restaurant, or upgrade your warehouse racking system before the change in seasons.
Pay down debt.
Working capital financing is an option for paying down high-interest loans or credit card debt, or getting current on unpaid taxes. If you have fallen behind with an important vendor, use stabilized cash to bring your account up to date so you’re in a better position to take advantage of pricing discounts or request additional credit.
Cover unexpected expenses.
Growing a business involves taking risks, which can sometimes result in unplanned expenses. Getting a sudden spike in orders or landing a large customer can leave you strapped for cash. Because a working capital loan can be used for any business expense, you can keep your business humming even when the unexpected happens.
Summit Financial Resources sees the infinite possibilities in your business. You can count on us to treat you with the care of a customer and the vested interest of a partner dedicated to helping you take your company to new heights.
Working Capital Financing is a few clicks away.
Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.