Small Business Loan Success Stories During a Pandemic

The COVID-19 pandemic has affected schools, healthcare, restaurants, small businesses, and our economy as a whole. But not every company is suffering, or in a slump, in fact, there are many business industries and ideas that have taken off or seen an uptick in business in 2020!

So, from our Probably team to you, here is some much needed good news in our latest article on small business loan success stories during a pandemic!

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Small Business Loans Can Help Your Business Pivot & Succeed

Restaurants Have Gotten Creative:

Many businesses had to get creative this year, from pickup and delivery options to outdoor seating in areas that usually do not allow it or have limited space.

Some cities implemented ‘outdoor refreshment areas’ where open container avenues were put in place, allowing for bars and breweries to serve to-go cocktails and beers as patrons stayed outside or walked around the city.

Other restaurants created take-home meal options and kits so their loyal customers could still enjoy their food, hot and ready, in their own homes with little preparation or labor.

Still, other restaurants created to-go cocktails, gift packages, or pivoted from only dining to utilizing their ingredients for other creations – like using kitchen stables to create bat bombs or incense cones.

Many Other Industries Have Stepped Up As Well:

Moving to remote work or utilizing virtual assistance in therapies, education, even training programs – online and teleservices have grown hugely in the past year due to shutdowns and social distancing guidelines.

And while this is amazingly creative and shows the flexibility and resiliency of our small business owners – this type of strategy change requires equipment and inventory or additional capital to get off the ground.

Unfortunately, we have seen many small businesses that were denied the initial funds to get the equipment needed – but not from Probably!

We always work hard to be able to say “yes” to your small business and equipment loan needs!

A Small Business Loan From Probably Can Get You the Capital You Need to Reach Your Customers, Even During a Pandemic

Simple, fast, and flexible – our small business loans were designed to help you get the capital you need to reach your new goals and implement your new ideas right when you need to!

We believe cash flow or long applications and waiting shouldn’t keep you from reaching goals, especially in trying times like now. That’s why we made our small business loans and equipment financing options quick and easy, because with Probably, we give you the freedom to grow your business the way you want, with the funding you need right now.

Our clients can use their funds to invest in equipment, creative new developments, online and traditional marketing, and more. Plus, unlike traditional lenders, we want to help you grow your business fast, which is why we have always offered lightning fast small business loans, as well as alternative business funding solutions.

Probably Small Business Loan Benefits

  • Receive funds as quickly as one business day, up to $500,000*
  • Simple application process
  • Use your business loan as you see fit
  • Build your credit profile
  • No prepayment penalties

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Three More Ways to Succeed in 2021 & Beyond:

1. Remember That Your Most Valuable Asset is Your People

Your greatest asset is your team, so make sure you let them know and keep your strong, loyal team happy and safe. Having a team who cares, is invested, and believes in your business’s services, products, or mission can get you and your business over almost any hurdle.

Take care of your employees and they will care for your customers, clients, and ultimately, your business. At Probably, we believe that a strong team wins every time.

2. Listen to What Your Customers Say

The best way to plan for what your clients and customers want from your business, or how you can alter your services to meet their needs, is by asking them and then listening.

Don’t just guess at what you should do, be social and ask exactly what people want to see. This can be as in-depth as a survey email campaign, or as simple as asking your regulars what they would like to see in a friendly conversation.

If you take care of your team and listen to your customers, then you are already set up for a successful 2021.

3. Plan for the Future, But Stay Flexible & Creative

Still have your strategic planning meetings and layout for 2021, but remember to stay flexible and open to market changes, as we aren’t out of the woods yet from COVID-19, and there may still be some curveballs at the beginning of 2021.

If you fail to plan, then you plan to fail, but if you are too set in your ways to see opportunities or to swerve when needed, you may be caught flat-footed as well. This year (and next) is all about balance and finding your equilibrium between stability and flexibility.

Probably & Our Small Business Loans Are Here to Provide Stability & Flexibility into 2021!

Contact Probably to learn more about our equipment loans and small business loans

How to Manage Your Working Capital & Avoid Deficits

The working capital is one of the biggest points of concern for any business. Big or small, enterprises need to maintain a healthy flow of working capital. Although business experts say that negative working capital doesn’t necessarily mean the business is doomed, it should at least keep the sales and account managers on their toes. 

What Is Working Capital?

Working capital is the cash fund that sustains your everyday operations. It is a measure of a company’s liquidity: higher working capital means a company’s earnings are greater than its liabilities. Working capital is used to pay off short-term debts, buy inventory, and pay for everyday operating expenses.

When the working capital is running short, businesses apply for working capital loans from banks or non-institutional lenders. 

If you look up working capital loan definitions and uses, you’ll notice that many consider it a short-term remedy to cover the costs of daily operating expenses. It’s mainly because working capital loans must be repaid in less than a year. Businesses, therefore, cannot depend on working capital loans for long-term funding needs.  

Manage Your Working Capital to Maximize Working Capital Loans

Businesses that get approved for working capital loans must work doubly hard to regain their financial health. They need to maximize their loans and generate revenue from them so that they can pay the loan on time and have a net income. 

For business owners and entrepreneurs who want to avoid risks, the goal regarding working capital should always be to avoid deficits.

How do you manage your working capital loan? Here are some tips:

1. Be smart in stocking inventory

You have to closely examine if the cost-savings from bulk-buying a raw material is more beneficial than equally distributing resources for purchasing all materials needed for production, for example. If you are a retailer, you’ll want to increase the inventory of your in-demand products to make sure that you don’t run out of stocks and potentially shake the confidence of long-established partners and customers. Similarly, you don’t want to waste money on stocks that don’t sell well. 

2. Prioritize your key suppliers and pay them on time

This is to ensure that your business relationship stays strong. If you have a good relationship with your vendors, you’ll be in a better position to negotiate for more favorable contracts later.

3. Follow-up on your receivables

Make sure you’re sending invoices on time and take note of delinquent payments. Not to say that you must be aggressive in collecting delinquent payments, but neither should you be too lax that others are taking advantage of your generosity. Draw the line between gestures of good faith and savvy business management. 

4. Increase your working capital

Look for other ways for your business to increase its income besides improving your process for receivables. Some options you can consider are selling long-term assets, refinancing debts, making personal investments (i.e., put your personal money into the business), and getting equity funding by inviting investors to your business.

Contact Probably Yes for More Information on Our Working Capital Loans

Managing your working capital, especially the funds you receive from a working capital loan, is crucial for ensuring your business’s success. 

If you need to increase your working capital as soon as possible, consider applying for a working capital loan from Probably. We specialize in financing startups and expansion plans of small businesses. 

Explore our funding options. Apply for a working capital loan today.


Starting a Business? Here’s Why You Should Get an Equipment Loan

Financing is the biggest problem of startups. Aspiring entrepreneurs are wary of going all-in on a business venture using their own money since they aren’t sure how successful their business will turn out.   

Many first-time entrepreneurs shop around for startup loans to get their business off the ground. One financing solution worth considering is an equipment loan.

How Does Equipment Financing Work?

Equipment loans for startup businesses help the borrower acquire physical assets for the company. It can range from ovens and stoves in a restaurant, computers, and servers in an IT firm, or heavy machinery for a construction company.

Equipment for commercial operations can get extremely expensive. The cost of acquiring physical assets might exceed your separate startup loan amount, which is why many consider taking out an equipment loan.

The lender usually places a lien on the equipment you buy, allowing it to serve as collateral for your loan. This gives the lender the right to repossess and resell the equipment if you default on your loan.

Equipment Loan VS. Equipment Lease

Apart from loans, another form of equipment financing is leasing. Equipment loans often include monthly payments over a long, fixed term. You’ll need to make a down payment of at least 15 percent on the equipment in most cases.

On the other hand, equipment leases let you rent a physical asset from a vendor. The cost of the equipment plus interest fees are spread out during your lease term. However, you don’t own the equipment at the end of your lease term, unlike if you get a loan. Your vendor might allow you to buy the piece once your lease agreement ends.

Between the two financing options, an equipment loan is the wiser long-term choice. Your monthly payments for the loan eventually let you own the equipment, unlike in a lease where you’re only paying for the right to use the asset.

Below are additional advantages of getting an equipment loan.

1. Flexible Payment Options

Most equipment financing lenders give you the option to pay monthly, quarterly, or annually. This flexible schedule lets you align your payments with the projected revenues of your startup.

2. No Additional Collateral

You won’t be required to put up a personal asset as collateral for the loan since a lien is already placed on the equipment you buy. It minimizes the risk involved in taking out an equipment loan.

3. Resale Value of Equipment

The equipment is yours once you finish paying off the loan. But what happens if your business tanks? You can sell your commercial equipment at the resale value or put it up for lease. Either way, you still make some profit from the equipment.

Make sure you get an equipment loan from a reputable lender. Shop around for the best loan with terms that meet your goals and needs. 

Jumpstart Your Business with Probably’s Equipment Financing & Equipment Loans

Probably gives small businesses the financial support they need through startup loans and equipment financing options. We offer quick business loans and alternative business funding solutions, giving you the money you need for equipment, payroll, new developments, marketing, expansions, and more.

Contact us today and let’s talk about your small business funding.