Are you looking to start or expand your online store but struggling to secure the necessary funds? Financing can be a smart way to give your business a jumpstart, even if you’re running an internet-based business. In fact, there are several financing options available for small businesses, including WooCommerce stores.
Before applying for financing, it’s important to prepare yourself by having a solid business plan, knowing how much you need and creating a budget, and being ready to provide current business details. With this information ready, here are eight legitimate financing options to consider for your WooCommerce store:
1. PayPal Working Capital Loan: This loan is flexible and intended to cover short-term funding needs. It’s only available if you process most of your purchases through PayPal, and repayment is made via automatic payments taken from your PayPal account.
2. PayPal Business Loan Builder: This is a more traditional loan option that requires a credit check and all the usual application process. Funds are deposited in your bank account within a couple of days.
3. Kabbage: This lender offers both secured and unsecured business loans with short and longer terms, working capital, revolving lines of credit, and inventory-specific loans.
4. Upstart Loan: While this lender specializes in personal loans, they can be helpful for sole-proprietors who may wish to consolidate their personal debt or credit card debt before venturing into a new business.
5. OnDeck: This lender offers two different forms of financing – the OnDeck Line of Credit and the OnDeck Term Loan – for small businesses looking to stock up on inventory, manage payroll, or invest in a large one-time purchase to expand their business.
6. BlueVine: This lender offers business loans and lines of credit that would be workable for many small businesses. They do require that your company have at least $25,000/month in revenue.
7. Fundbox: This lender offers flexible small business loans, including a line of credit and term loan, for up to $150,000.
8. Credibly: This lender offers small business loans and financing in amounts ranging up to $400,000, including working capital loans, a merchant cash advance, and business expansion loans.
Managing a WooCommerce store can be stressful, especially if you’re just starting out or hit a slow month. Knowing there are financing options available can provide reassurance and help carry your company over the hump.