Image by mohamed Hassan from Pixabay

By Henry Brown

If business owners have learned anything these past eighteen months, it’s the fact that even seemingly secure budgets can wobble if they don’t prepare for the worst. This has led to the complete closure of as many as 100,000 businesses and, for those left, securing a more reliable budget for future disaster recovery has become an obvious priority.

Of course, in some sense, disaster processes needn’t cost a fortune. There’s certainly a lot to be said for well-laid recovery plans that cost only in the time they take to put in place. Equally, stocking up on options like emergency fire tanks from a plastic tanks distributor ensures an affordable solution for surviving even typically devastating in-business fires and so on. Still, true survival against significant disruptions like those that we’ve already seen does largely rest on the ability to secure additional funds.

Moving forward, that might mean setting aside a certain amount of your budget for this purpose. Now, though, putting in place a continuity plan for a small business loan could be the best way to both get back on your feet, and meet even ongoing challenges head-on. Here, we consider what exactly you need to make that possible.

Step 1: Seek realistic loan options

Right now, you’re probably not the picture-perfect business that you ideally should be for securing additional funding. Hence, it’s first essential that you seek realistic loan options like small business administration loans (SBAs), which supplement credit with government grants. Quick disbursement options offered by lenders like TD Bank are another tempting option here as funds will be released in as little as 48 hours. Either way, finding the best and most viable solution for your needs means considering how quickly you require funding, how much funding you require, your current business credit standing, and so on.

Step 2: Avoid multiple applications

With most loan applications leaving a mark on your credit score, blindly sending out panicked applications could make it seem like you’re struggling for approval. By instead taking the time to find the best loan (see above) and also using calculators, etc. to determine the likelihood of approval in advance, you make it far easier to apply for one true loan that makes you look better, and increases your chances at fast approval.

Step 3: Gather all relevant documents in advance

Even after approval, delays are inevitable if you have to scramble around for relevant documents. Given that you’re seeking a loan to protect your small business in an uncertain market, these delays can prove costly, and are easily avoidable by putting together a comprehensive document package in advance, including –

– Business plan

– Business bank statements (at least three month’s worth)

– Profits and losses

– Balance sheets

– Personal details

As daunting as this might all seem, the continuity made possible by a little extra financial wiggle room can drastically increase your chances of surviving this hurdle and any after it. So, put this loan continuity plan in place to protect those survival skills that are currently running in short supply.

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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.