Supporting small businesses is essential for the economy’s growth.
Did you know that over 99% of America’s businesses are small? Keeping those businesses alive during tough times isn’t easy: navigating the pandemic, a contracted economy, and other unexpected pitfalls can be devastating if your business isn’t prepared.
Thankfully, we are here supporting local businesses during tough times.
In this article, we’ll tell you exactly how we do that, and other tips business owners need to know to survive and thrive.
|Table of Contents|
|1. Camino financial help for small business owners|
|2. How to get financial support for a small business|
|3. How small business owners can take advantage of financing help in tough times|
|4. Other ways to support small businesses|
Camino Financial Help For Small Business Owners
We created Camino Financial to help minority-owned small businesses grow. We go out of our way to fund ideas and unlock capital for underserved entrepreneurs.
This isn’t just a headline that we put on our website. It’s something we practice every single day; it’s baked into the foundation of our business.
Here are a few ways we support small businesses.
We Provide Free Business Resources to Small Business Owners
Education is a simple but key benefit that we offer clients and anyone looking for information on how to better understand start or grow a small business.
Not everyone can afford to spend additional time and money on education; that’s why we offer free articles, newsletters, videos, and more.
We don’t believe in gatekeeping. We help small business owners dive deep into different subjects, including the following:
- Business Funding
- Accounting & Cash Flow
- Starting a Business
- Marketing & Sales
- Management & Lifestyle
- Technology & Operations
- Small Business News
- And more!
We’re constantly scouring and updating our articles with up-to-date information to provide small business support. Make sure to subscribe to our newsletter and keep up to date with the latest news and information on our blog.
Support from Dedicated Professionals
Our team understands the challenges of building a business and is empathetic to all cases. When applying for a loan, our professional agents will guide you through the application process so you can get the capital you need.
We can also offer basic support, guidance, and information that will help you grow your business.
We Make Funding Access Easy
We understand the challenges of getting funding and make it as simple as possible to get your business’s money.
You just need to follow 3 easy steps to get a loan with Camino Financial:
- Submit an online application
- Review pre-qualified terms
- Sign a loan contract and receive your funds
We offer alternative funding with flexible requirements because we understand how tough it can be for smaller businesses to access funding.
To make it as easy as possible for local small businesses to get the funding they need, we offer these perks:
- Convenience — offer a streamlined online process so you can apply from your home, your office, or anywhere else!
- Quick turnaround processing — if you’re approved, funding can happen in as little as 2 days and only up to 10 days
- Freedom and flexibility — Once you get your funds, you can use them for most business needs, from buying equipment to paying off personal loans to hiring more staff
“Graduation” Benefit for Timely Payments
At Camino Financial, we offer our loan holders a “Graduation” benefit.
You may qualify for a better loan if you make timely payments for just 8 months.
In other words, you could get a larger loan with lower interest rates and an extended repayment period.
You won’t find other deals like this at other lenders. We do everything we can to help small business owners thrive.
How to Get Financial Support for a Small Business
When it comes to getting financial support for your small business, you can get three different kinds of loans: startup loans, microloans, and small business loans.
Microloans are a credit product specifically created for smaller businesses with lower credit requirements.
These loans usually range from around $5,000 to $30,000 and have annual interest rates of 28.8% to 57%. These microloans are usually best for working capital and equipment purchases.
Startup business loans
We’ve created our startup business loan to support small business financing.
We understand that challenges may exist when getting the funds to start; that’s why you can use the loan proceeds for equipment financing, inventory purchase, software acquisition, and even to pay the first few months of rent.
Small business loans
We also offer small business loans. They range from $10,000 to $400,000 with annual interest rates of 12.00% to 24.75%.
You can use it for most business needs, like equipment, staff, and improvements.
Camino Financial is much more flexible with requirements compared to traditional bank loans.
Here are some of the requirements that you will need:
- Annual sales of at least $30,000
- Your business must have been operated for at least 9 months
- No bankruptcies in the last year
- Must be current with creditors with no past due payments or existing debt
- You must own at least 50% of your business.
Our whole application process is completely online, so there’s no paperwork. You can share all the information digitally. For example, we will review your business bank statements for the last 6 months using a secure app called Plaid.
On our portal, you can also share your most recent business and personal tax returns and proof of business registration and business license.
*Requirements and the application process may vary depending on the type of loan.
How Small Business Owners Can Take Advantage of Financing Help in Tough Times
Keeping your business afloat during periods of economic uncertainty can be challenging. Unfortunately, there isn’t a single set of rules to survive tough times. Every business is different and has its own risks and rewards.
With that said, there are some general strategies for using loans when local businesses and the global economy might face downturns. Let’s take a look at a few.
Running a business is an expensive undertaking daily. Multiple costs add up, from payroll to marketing to rent.
A small business loan can help make more cash available to manage expenses and business fluctuations.
This can be an excellent tool for companies expecting extreme changes or tough times because of seasonality or other factors.
If you’re a business that relies heavily on equipment for your day-to-day business, such as a healthcare provider or a restaurant owner, a great way to use your loan is to fund new equipment.
This can help you either scale up your operations or replace a less efficient machine that might be nearing the end of its life.
The last thing you need is to have important machinery break down on you when times are tough. Either way, investing in high-quality machinery will create a strong foundation for your business.
For business owners in commercial spaces that don’t provide extra assets, you probably need to finance any improvements to the building.
Tenant improvements can include installing new offices for a real estate office or a new kitchen for a restaurant.
Although the landlord may provide some financial assistance for the improvements, anything else is usually paid for by the renter.
Upgrading the space can be an effective way to use your financial loan.
For businesses that rely heavily on the sales of their inventory to generate income, investing in more inventory might be the most effective way to use financial assistance.
Whether it’s restocking the latest trends in fashion or kitchen ingredients, purchasing bulk inventory can help small businesses take advantage of discount pricing for bulk orders.
It’s essential to stay competitive in your industry with the latest innovations. Small business loans can be used to purchase new computers, technology updates, vehicle repairs, or updates on other equipment.
The most effective way to increase business is by selling more of your product or service. A great way to do this is by starting a new marketing campaign focused on boosting sales.
Using a loan to improve your digital presence could be an investment that ends up paying for itself many times over if done correctly.
Hire More Staff
Depending on the type of business that you run, hiring more workers can make a huge difference.
If you rely on just a few staff workers to handle a huge amount of work, your employees might grow disgruntled and increase your turnover rate.
It can also help your company’s image by providing better service if your business is customer-oriented.
Using a loan to hire and train new staff is a great way to help grow your business.
Add New Products to Your Inventory
If your business has several loyal customers, consider introducing a new product or service that might work well.
Your existing customers already know and trust your business, so introducing something new that they might find useful might pay off.
To do this, make sure you take an ample amount of time to do research. A lot of it will be about learning about your target market and understanding what your competition is doing.
Although it may take a lot of research, building your business on its existing strengths can be a great and highly efficient way to build the business.
Other Ways to Support Small Businesses
Not only is it important to maintain your own company, but it’s also important to support small businesses that surround yours.
Of course, the best thing you can do is purchase their products or services, but there are other ways to help a local small business.
Here are different ways to do it:
- Buy gift cards from stores in your local community
- Shop in a local store as opposed to the big box stores
- Order takeout or delivery from local restaurants
- Tip more than you usually would
- Leave positive reviews online
- Donate to nonprofits to support the local economy
- Share recommendations as much as possible
- Sign up on the email list of your local business
- Find and follow them on social media
With all that said, even just interacting with small business owners and saying “thank you” can positively affect their day.
You can even ask them how business is going and how to support their small business in other ways.
Keep Small Businesses Alive
At Camino Financial, we understand that small businesses make up our society’s backbone. We have made it our mission to keep supporting small businesses in every way possible. We encourage everyone to keep supporting small business owners everywhere!
The first step to building a business is finding a financial firm that believes in your business. At Camino Financial, we make the process fast, easy, and painless.
If you want business financing with minimum requirements in a short period, we are here to help!
Frequently Asked Questions
What do small business owners need help with?
Several challenges come with being a small business owner. They need to learn how to manage their cash, understand the margins on their products and services, build a strategy for staffing, and engage in marketing.
Why is it important to support small businesses?
Small local businesses make up the fabric of local community economies. They provide opportunities for entrepreneurs and can create meaningful jobs with higher job satisfaction than bigger companies.
How can I support small businesses for free?
You don’t need to shell out money to support local small businesses. Spreading the word about their business, supporting them online on social media, and leaving positive reviews are just a few ways you can help provide support for small businesses for free.
What are the best ways to support a small business?
There are a number of things that you can do when supporting a local business:
The best way to support a small business is by spending your money with them. This will help them to grow and keep their doors open.
Another way is to spread the word. Tell your friends, family, and neighbors about a small business’s great products or services. Word-of-mouth is one of the best forms of advertising and can help bring in new customers. You can offer your time or expertise. If you have skills or knowledge that a small business could use, offer to share them!