The global pandemic is causing a lot of economic uncertainty for businesses big and small. The Department of Education, Skills and Employment reported that 54 percent of businesses said that COVID-19 had affected their business ‘a great deal’.
In order to rebound strongly from COVID-19 you might need some working capital to kickstart business in 2021.
Here’s how Lumi can help:
- $5K-$300K business loans on flexible terms. You can apply online in minutes, with same day funding available.
- Lines of Credit giving you the flexibility to access funding when you need it.
Below are four scenarios of how funding can help revive your business in 2021.
Boost your cash flow
A decrease in revenue might have led to your cashflow running critically low. If you have already taken measures but your cash flow isn’t recovering sufficiently, consider applying for a flexible business loan to help you get back on track.
Hire & retain staff
Whether you had to reduce your staffs’ working hours or let some of them go, getting funding can help you rehire or increase your employees’ hours so your business can operate successfully.
Expand your inventory
As part of your COVID-19 survival strategy you might have decided to expand your business offering and therefore need new inventory such as equipment, rental space or additional advertising budget to spread the word about what your business has to offer.
Refinance existing debt
You might already have a business loan but its terms are not serving your current situation or you are simply looking for a more affordable and flexible loan. In this case it could be beneficial to refinance your business loan to save money.
If you are in need of working capital and want to apply for a small business loan, click here. Alternatively, feel free to reach out to our lovely team of experts who’ll be happy to help with your business borrowing needs.
Wishing you all a successful start to 2021!
Your Lumi team