Updated: Jan 8
Working capital loans can save your business
Running a business can be challenging during the best of times, but COVID-19 has presented business owners with obstacles they have never faced before. Whether they have had to switch to virtual services, get their staff working from home, or even shut down temporarily, the fact is that many entrepreneurs are struggling financially during this time.
To help businesses, both the federal and provincial governments are offering assistance such as expanding the work sharing program to offering up to a 75% wage subsidy to companies who have lost at least 30% of their revenue due to COVID-19. Additionally, entrepreneurs are getting extensions on the tax deadlines and breaks on their rent.
Despite all of this help however, many businesses will simply not be able to survive this economic downturn. But that doesn’t have to be your business. Despite the economic turmoil that is happening right now, many businesses are finding ways to survive and even thrive.
But you may need a little help in getting there.
In addition to taking advantage of whatever government programs might be available, your business should consider additional asset based lending (ABL) solutions to help ensure operations can continue until restrictions are lifted and the economy starts trending upward again.
Why work with CORFinancial?
At CORFinancial, we have over 30 years’ of experience helping small to medium sized enterprises get they funding that they need to keep their businesses operating and growing. We have the expertise to pinpoint exactly what types of loans will work best for your business, and the practical experience to know and do what it takes to get your business approved.
Over our three decades in business, we have built relationships with dozens of highly reputable lenders to help ensure our clients can access the loans they need, not only during COVID-19 but also beyond. Our goals is to help you be successful, which is why we put in the time and necessary effort to match you with the right lender and type of loan to best suit your needs.
What options does CORFinancial offer for entrepreneurs?
Working Capital Loans – if your business has accounts receivables owing, that is an asset that you can borrow against. With CORFinancial, you can borrow amounts ranging from $100,000 to $1 million. The process for applying for this type of loan is quite simple and our team of loan experts will work with you every step of the way until the money is in your account.
Equipment Financing – perhaps your company is at the stage where old equipment needs to be replaced. Or perhaps you’re even doing quite well, and you need additional equipment to help you keep up with the demand. At CORFinancial, we are able to help you with the financing of equipment and other assets starting at $100,000.
Bridge Loans – Is your business expanding? Going through a rough patch? Still waiting for payments from government assistance programs? We can help you by providing bridge loans to help get your business through the interim.
Contact CORFinancial today!
During these tough economic times, you owe it to yourself and your business to explore all of your options. To learn more about our asset based lending solutions, contact CORFinancial today!