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Small Business Emergency Funds for Financial Need

2 min read
Small Business Emergency Funds: Preparing for Financial Need | Nav

An economic crisis can force many businesses to close their doors or shift business operations. Businesses that have financial resources or can get access to a business loan fast can be in a much better position than those who lack the necessary funds. Let’s read about the importance of small business emergency funds. 

Financial Need 

If you’ve saved or are saving money for a rainy day, your business will be better prepared for an unexpected situation. An emergency fund can help your business survive setbacks. Specifically, it can help you with: 

  • Unforeseen expenses
  • Working capital when sales are slow
  • Higher tax bills
  • Higher supply costs 
  • Unexpected inventory and equipment costs 
  • Increased payroll 
  • Costs related to a physical or natural disaster
  • Unanticipated legal expenses 
  • Insurance-related costs that can’t be covered 

According to Guidant Financial, 33% of small business owners say a lack of capital is the biggest challenge they face. 

Quick Business Loan Instead of an Emergency Fund 

According to the majority of business advisors, you should save at least 3-6 months of operating expenses as an emergency fund. However, the COVID-19 related situation revealed that 6 months of operating expenses may be the lowest amount to save. Though, any amount can be helpful when in a financial crisis. 

What if you had no chance to save money and an unexpected financial issue occurred? That’s where a fast and low-cost business loan from a reliable provider such as a reputable alternative online lender comes into play.

The right funding for your business will provide you with peace of mind. In addition, it can help you enjoy the flexibility to take advantage of opportunities to take your business to the next level. 

So, even if you lack capital, you can avoid a tremendous obstacle to your business and survive difficult economic times if you can access additional financing without challenges. 

Saving Funds for a Small Business Emergency 

Entrepreneurs often face the issue of insufficient funds. It’s critical to have an emergency fund. It should be an essential part of your business financial plan. Or you can apply for reliable and cheap business financing that can help you continue operations through a tough time.

Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their business loan solutions. He’s experimented with various occupations: computer programming, dog training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.

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