As the COVID restrictions we’ve become accustomed to begin to fade away, the thought of returning to what we once knew as “normal” seems more attainable than ever. Many have spent the last year reminiscing about the daily events that we once took for granted. Be it grocery shopping, family gatherings, or even going into the office for work, the things we once considered normal became something we missed.
While the potential of returning to the office may be intimidating or overwhelming to some, many are eager to return to the days of sitting around a conference table and participating in afternoon team happy hours. But returning to the office requires more than just pressing the play button and picking right back up where we left off over a year ago.
Most return to work plans require adjustments and measures to protect the health and safety of workforces in close indoor quarters. Businesses are having to consider the issue of providing adequate space to socially distance, implementing updated air filtration systems, and in some cases, providing personal protective equipment (PPE) such as masks, shields, and distancing barriers.
All of these office updates amount to one thing … Cha-Ching. After a year of economic stress for many, businesses are being faced with new financial challenges to reopen in person safely. While many are excited to reunite with peers and coworkers, doing so may be easier said than done.
What are my options for financial support?
In the event that your business needs financial support to pursue necessary return to work adjustments, you have a variety of options. Some of those include the following:
SBA 7a Loan
The Small Business Administration (SBA) grants loans to businesses that are in need of financial support. Receiving this type of loan has special requirements that a business must meet to be eligible for a loan. Often these loans are best suited when real estate is part of the purchase but they may also be used for:
- Short- and long-term working capital
- Refinance current business debt
- Purchase furniture, fixtures, and supplies
Commercial Bank Loan
Commercial bank loans are another type of loan that business owners may pursue. Oftentimes these are usually the most common types of loans that individuals seek out when initially looking to obtain a loan. While commercial banks are an excellent accessible financial resource for many, working with them can be challenging and slow for borrowers that aren’t well versed in the details of financing.
On some occasions, borrowers might get weeks or months into the lending process with a bank partner before ultimately being turned down and ending up back at square one. This may not always be the case but when it is borrowers are often left frustrated, lost, and desperate for a backup plan.
Commercial banks have a unique set of standards by which they do or don’t lend. Their willingness to lend is often based on a borrower’s credit history, requested borrowing amount, among others. That being said, their decisions on whether or not to lend aren’t necessarily always a precise equation.
Our process is different. Rather than taking your loan needs to one bank at a time, we send it to a variety of our commercial lending partners at once. That way if one doesn’t work out, you’re not kicked back to the starting line with no idea what to do next.
Private Money Loan
In some cases, sourcing a private money loan might be the best-suited financing option for your business. Typically private lenders are more willing to take greater risks on borrowers. Whether you intend to utilize funding for unconventional uses or the borrower’s credit score isn’t as high as needed for commercial banks to lend, private money lenders offer a solution to these challenges.
Like our partnerships with commercial lenders, we also have developed a pool of private money investors that we utilize as resources for our clients.
Innovative Capital Corporation a one-stop-shop experience for all loan types mentioned above. If your business is in need of funding to support the reopening of your business or office space, our team can help.
Unlike other options that often result in lengthy, complicated processes, we streamline our efforts to make the process as simple and seamless as possible. At Innovative Capital, we collect your information and specific needs and assess the best possible solution to meet those needs. We take your information and needs and propose it to our diverse pool of lending partners to identify a match that mutually benefits both parties.
Once interested lenders have been identified, we bring various options back to you to make a decision on which offer to accept, if any. If you’re not happy with any of the deals that we bring you, you don’t have to pay us. That’s how confident we are that you will find a deal you like working with us.
The global pandemic has been a hard time for almost all of us. Getting funding to move past it doesn’t have to be. For more information or to get started with our team, call or contact us at Innovative Capital today.