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How to Successfully Launch a Startup During a Pandemic

The recent pandemic may hopefully be coming to a close because of the vaccines. However, its effects on public health and businesses are nearly-irreversible.

Despite the impacts of the COVID pandemic, many business owners and entrepreneurs are finding ways to continue to serve consumers’ needs 

Sure, starting a small business in the midst of a health crisis may be deemed risky by some, but it’s definitely doable. A variety of business types can thrive during and beyond a pandemic with enough time, effort, and research.

Here’s how to do it.

Get With the Times

If you want your business to be in-demand, you need to cater your products and services to the needs of your customers during this pandemic. Your enterprise should also offer goods or services that are still going to relevant and helpful beyond the current health crisis.

Business types that attain this balance include:

  • Delivery Services — If you’re looking to create a company that greatly benefits your fellow business owners in your community, start a delivery service. A lot of small to medium enterprises are forced to provide delivery options for their goods. Plus, a lot of logistics companies are backlogged because of COVID-19 restrictions in their workplace. You can build a fleet of bike or motorcycle riders that can provide fast and efficient delivery for restaurants and retail stores. If you want to focus on business-to-business customers, then you may want to switch to a van or truck fleet, as they often need to transport products in bulk.
  • Cleaning Services — The pandemic has seen a rise in demand for cleaning services. Commercial and residential property owners alike are looking for crews that can not only clean up but also disinfect the surfaces in their homes and offices. If you have the knowledge and experience in this field, starting a cleaning business and training employees on the best sanitation practices should be a breeze.
  • Mask Making — Masks are especially helpful during this pandemic, as they minimize the spread of the virus. There’s also a demand for them beyond these unprecedented times, as there are some people whose immune system is sensitive to particles in the air, like pollen and bacteria. The Centers for Disease Control and Prevention (CDC) has a great guide on how to make sewn cloth masks. If you want to stand out from the competition, print or sew unique graphics and patterns on the masks.

Implement Social Distancing Measures & Explain Them Through Your Value Proposition to Give Your Customers Confidence

The last thing you want is for your business to be closed down after just a couple of days because you violated social distancing orders. Being complicit to the spread of a virus like COVID-19 in your place of business is not a good look, too.

Here are some social distancing guidelines to consider:

  • Keep a distance of six feet from each other. This applies to both employees and customers. The fewer the people in the establishment, the better.
  • Provide handwashing and sanitation stations for employees and customers to wash their hands.
  • Direct employees and customers to wear a mask at all times in your place of business.

Take Your Business Processes Online

Because going outside isn’t always safe, people are starting to prefer buying products and services online. This means your business needs to be on the web, too.

Create an online store using e-commerce platforms, like Shopify and Squarespace. Take cashless payments using online gateways like PayPal, Venmo, and CashApp. Instead of using traditional advertisements like flyers and posters, get your customers’ attention through digital marketing methods. Get your business to the top of search engine results and your customers’ social media timelines, and you’re sure to get more sales or at least inquiries.

Digitizing your business processes also makes it future-proof. After all, over 74 percent of people already buy products online. It’s not only safer because of the pandemic, it’s also easier and more convenient overall.

Probably Yes Can Help Fund Your Startup & Get You the Equipment You Need!

With a business type that fits the needs of people during this health crisis, has solid online business processes, and follows proper social distancing measures, your business is sure to weather this storm and thrive beyond it!

Let Probably help you get the funding you need for your startup. We make small business loans easy. Call us today for details.

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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.

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Startup Business Loans Without Collateral: Take Your Pick

Borrowing money is a sensitive matter, especially for banks that will always look for a guarantee that borrowers will repay them, plus interest. Without that guarantee, banks have little reason to grant a loan if they consider a borrower as a high risk.

Unfortunately, “high risk” is a stigma attached to startups; it doesn’t help that the statistics seem to agree with it, too:

Here’s the rub: most startups have little capital and no valuable asset to put up as collateral, and yet, they are the ones most in need of financing.

The Non-Traditional Route: Unsecured Business Loans for Startups

If you own a startup that needs an influx of cash, but you don’t have anything of value to offer as collateral, you can forget asking for a loan at a bank. Your best bet would be to apply at private lending institutions that provide startup business loans with no collateral. There might be compromises, like interest rates that are slightly higher than bank loans. But the payoff is getting the cash you need to keep the business running now so you can implement those plans to increase your revenues.

What are your options for unsecured loans for startup businesses? Take your pick from the following:

1. Working Capital Loans

These loans are meant to sustain a business’s daily operations by providing much-needed cash flow that owners can use to pay off working capital costs and operating expenses. Examples of these are inventory acquisitions, taxes, payroll, overhead, and accounts payables.

2. Financing for Equipment Leasing

Leasing agreements don’t need collateral. This is a sound alternative to financing for buying brand-new equipment: the loan and interest are much more affordable and the terms more flexible. There will be less pressure for the startup business to perform exceptionally high on year one because there are no absurdly high fixed dues to pay each month.

3. Merchant Cash Advance

You may qualify for a merchant cash advance if a large chunk of your revenues come from credit card sales. This loan is essentially an advance on the income you expect to get. There’s no need to repay or offer anything for collateral, too, because the lender will automatically deduct the payments (a specified percentage) from your future earnings. 

What if your startup hasn’t been in business long enough to have substantial historical data on monthly revenues? You may not qualify for a merchant cash advance, but you can certainly apply for a working capital loan. Moreover, if your need is specific to equipment upgrades, you can take the strategic route and seek financing for equipment leasing instead of the two other options.

Enjoy Collateral-Free Loans from Probably

All of the loans discussed above are available at Probably. We specialize in affordable financing solutions for small businesses and startups. Choose from the options above if you have no assets for collateral. If you have further questions, contact us through phone or email.

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What Makes the Best Small Business Loans for Startups

At Probably, we believe cash flow shouldn’t keep you from reaching your business goals – no matter the size of your business or its age. Small business loans and startup loans through Probably are meant to give you the freedom to grow your business the way you want.

Our customers can use their small business loans to invest in equipment, bridge gaps in payroll, new developments, marketing, expansions, and more. Unlike traditional big bank lenders, we want to help you grow your business faster without all the hoops to jump through. That’s why we offer quick small business loans and alternative business funding solutions for startups, expansions, as well as small and medium businesses.

Learn about how we’re different, and how we put you first with our easy application, our speed and communication, and our approval ratings!

Our Easy Application:

No endless hours of signing your name here! Probably made the conscious decision to be an easier and better small business loan option, and we started it by making our small business loan application just one page.

That’s right, one page. Our application can be filled out in just a couple of minutes. Then, we will contact you to get to know your business needs and how we can best help you.

Just fill out our application, speak with one of our team members, and be on your way to the small business loan you need. Short, simple, and sweet, just like we think it should be. Every step of our process was created to make applying for a small business loan simple, transparent, and accessible. Because we believe that simplicity and clarity are the best practices in any industry, but especially when it comes to your money and your business.

1. Fill out our online 1-page application.

2. Provide three months of your business’s bank statements

[Not 6-18 months like most big banks require]

3. Talk with us so we can get to know you and your business.

Our Speedy Credit Decisions:

Probably has always worked hard to be a fast and reliable option for small business loans.

After all, what’s the point in waiting weeks or months for a credit decision or your business funding when you need it now? Instead of the runaround and waiting game, Probably can fund your business in as little as one business day!

We didn’t just come by our reputation of providing quick small business loans by accident. Our credit decisions are always rendered quickly, so you can get the working capital you need when you actually need it.

What good is a small business loan if it comes too late?

Our Credit Decisions & Approvals:

We want to partner with you and your small business to find the perfect loan or financing products for your funding needs. Whether you need a working capital bridge loan or something more unique for equipment or expansion, our small business loans can get you the working capital you need with much higher approval rates than the ‘big banks.’

Banks often refuse to help small businesses and startups, or they say they will help but have such lengthy, complicated processes and applications that they still really aren’t trying to help.

We decided to offer small business loans and financing options that actually work for small businesses.

We want to drive small business growth through our small business loans, startup loans, and working capital loans, and that means we want to approve your request! Unlike banks who refuse most applications, we pride ourselves on working with every application, business, and client on an individual basis to find the best financial product, service, or option that will work for them.

Contact Probably for Your Small Business Loan or Startup Loan Today!

If you need working capital or a small business loan quickly, and you don’t want to spend a whole workday filling out paperwork just to get denied, then contact Probably for your small business loan today!

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Step-by-Step Guide: How to Get a Small Business Loan for Your Startup

A small business loan for your current business, or even your startup can seem near impossible to tackle. Especially now as the US is still reeling from COVID-19 and many businesses are trying to find a way to keep their doors open and weather the storm.

However, we don’t think that cash flow should ever stand in the way of your business growing, which is why we offer small business loans for established businesses, startups, expansions, and more!

Alternative business funding through Probably gives you the ability to reach your business goals and grow the way you want. Many of our clients use their business funding to invest in equipment, employees, marketing, construction costs, rent, and more. Because we don’t attach strings to your small business loan – we let you use it exactly how you want and how you need it.

Probably Makes the Small Business Loan Process Short

1-Page Application

If you have heard horror stories about stacks of paper and hours of signing your name, don’t worry! Probably wanted to be a better business funding option, and we started with our small business loan application.

Our application is just one page and can be filled out in just a few minutes. We will then contact you to get to know your business, your needs, and how we can best help your business. And our name doesn’t just come from anywhere, we are called Probably because we can Probably help you get the small business loan you need.

Just fill out our application, speak with one of our team members, and be on your way to the small business loan you need. Short, simple, and sweet. Every step of our process is meant to make applying for your small business loan transparent and easy, and credit decisions are always rendered quickly. We think that’s how business funding should be.

Probably Makes the Small Business Loan Process Simple

3 Months of Business Bank Statements

We don’t require mountains of paperwork in our application, and we don’t require you to show us mountains of past bank statements either. Instead, we made our small business loan process simple too.

Simply 3 months of business bank statements if you are an existing business or contact us if you are a startup. Every business got its start at some point, and we want to help you on your business journey by getting you the small business loan you need today. Most banks refuse to consider startups or new businesses, but Probably will work to help you grow regardless of your age.

Plus, we offer no prepayment penalties, and instead offer prepayment (or early payment) discounts on our small business loans. These prepayment discounts can be anywhere from 6 to 25% off the original cost of funds depending on your business loan amount. Do the banks do that?

Probably Makes the Small Business Loan Process Fast

Funds as Quick as 1 Business Day

Probably can fund your business as quickly as one business day! From quick business loans for startups to equipment loans for existing businesses, we have an option that will perfectly fit your needs. And we will get you the funds right when you need them.

Whether you need a small business loan to bridge a payroll gap, buy more inventory, rent, taxes, or other periodic charges and fees, we can get you the funds your business needs immediately. Because what good is a small business loan, if it comes too late?

We look forward to making your small business loan process short, simple, and fast with Probably.

Contact Probably Today for Your Small Business Loan

With an easy application process, fast approval in as little as one business day, repayment for up to 18 months, and small business loans anywhere from $5,000-$2,000,000 – we can most certainly work with you.

Or, better said, we can Probably work with you!

Contact us today or apply online to get your small business loan underway. We cannot wait to partner with you and your business.