There are a variety of emergency business loans available. It may be wise for you to ask for help from family and friends before looking for a quick fix from a financial institution. There is a reason your business is in a crisis-friends and family may be able to help you in managing your business as well as give you money. Read on to learn more.
Instructions
1. Decide how much emergency money you need and where you want to find it. Many times family and friends are useful in a crisis.
2. Obtain a low interest credit card if you don't have one already and take out a cash advance.
3. Go to your bank and take out a home equity loan to fund the emergency in your business.
4. Determine if you want a home equity loan or a line of credit. You will have to have a realistic look at your business and know what your limitations are.
5. Research the pros and cons of a signature loan. A signature loan is an unsecured loan.
6. Resist the urge to pour all the money you just borrowed into your ill-fated business. A slush fund is necessary when owning a business. Put money aside in case the bailout doesn't work.
7. Motivate yourself to sacrifice ultimately for your business. In an emergency sell-off, decide what assets are expendable before you borrow any emergency funds.
