There’s absolutely nothing wrong with asking for assistance. In fact, it’s a consistent and practical necessity for most small businesses. Few people have the capital they need to fund all of their operations comfortably, and it can be easy to get blindsided by a disaster you never saw coming. 

Sometimes your business just needs help today, and there’s no way to just plead for extra time. If you’re in a dire situation, these financial aid options can help you get where you need to be quick.

Small Business Grants

Grants for small businesses from federal and local governments as well as private institutions are very common - at least if you know where to look. While a lot of grants have very specific criteria, a little bit of research can likely find something that fits your business. And since the world was hit by COVID-19, those grant opportunities have become even more prevalent.

Grants can come from a number of different sources, and that means that the time it takes to get a grant can sometimes be inconsistent. Ideally, you should be consistently keeping on alert for grant opportunities so you can really make the most of what’s out there.

Equipment Funding

Some businesses have no overhead at all - but in other cases, the overhead is practically all of the expense. Consider the amount of cost for creating an industrial kitchen or - on an even more dramatic scale - outfitting a shipping business with a fleet of delivery trucks. If you already have financial arrangements in place, you can consider offsetting your immediate expenses through equipment funding.

Many specialized lenders offer equipment funding plans that are designed with a narrower purview in mind, with there being an especially booming market that allows you to get help with business vehicles and fleets. Equipment funding can help you increase your financing directly, but it also allows you to potentially defer some immediate equipment expenses.

SBA Loans

The Small Business Administration exists specifically as a proxy between prospective lenders and small businesses in need of capital. Rather than offer loans themselves, they create strict standards that formalize the process. SBA loans come with relatively strict criteria, but they’re also some of the most competitive options around in terms of interest rates and how much money you can get.

The requirements are the biggest impediment to getting an SBA loan, but there’s another limitation you should probably know about. How and when you can spend your loan is limited to specific instances, so be sure to plan as much as possible if you’re looking to use an SBA loan to shore up an emergency. An SBA will usually arrive within a week to three weeks of application.

Crowdfunding

Crowdfunding is one of the great success stories of the past decade. It’s helped countless small businesses make their vision a reality, but it’s also fundamentally changed how the financial lending market works for small businesses. Most importantly, it provides a funding model that’s scaled as much as possible to your specific businesses.

And while most crowdfunding models require you to deliver narrowly tangible results to your investors, they do allow you to quickly and effectively gather money right when you need it. If crowdfunding isn’t already part of your model, it’s important to start building your visibility now. You’ll really get the most out of crowdfunding as a quick source of capital when you already have a network of prospective investors in place.

If you need financial help today, there’s no resource better than Seek Capital. They can help navigate the complicated world of small business financing and help you stay afloat.