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How to Get a Business Loan if Your Iowa Business Is Struggling

This news story was published on October 15, 2019.
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Most businesses go through tight financial periods. It’s at those times that a business is especially vulnerable to risk. However, even if your business is having financial issues, it doesn’t mean that you have to shut up shop and update your resume. Businesses in Iowa have a variety of options that are worth looking at more closely if they want to stay afloat and make it through these challenging cash flow times. Business loans can come from a variety of sources, and they each come with their own advantages. If your Iowa based business is struggling in these tight economic times, then here are a few key things to remember when it comes to securing a business-saving loan.

Cash Flow Issues

No matter how well-thought-out your business plan, cash flow problems can always take you by surprise. Now that banks are no longer so quick to lend money to businesses, alternative funding should be your priority if cash flow is limiting your success. If your financial woes are being caused by cash flow issues, then make sure that you have identified the problem before you start applying to lenders. The more solutions that you can present them with, the more likely that you will get loan approval.

Seasonal Trading

Just like businesses in any state, those in Iowa are prone to seasonal fluctuations. Seasonal shifts in profitability can make it hard to get a loan, but there are options out there. Merchant cash advances are particularly useful for business models that have a high level of off-season and on-season trading periods. Restaurants, hotels, travel agents, and businesses relying on tourist attractions can be especially reliant on seasonal trade, and merchant cash advances can ensure you make it to the next busy trading season.

Know Your Options

While banks might not be so keen to lend money to a small, struggling business, there are still options that should be investigated. Online lenders are rapidly taking the place of traditional bank loans and for good reason. They are fast, competitive, and can make it much easier for a business in Iowa to get through tight financial times. Online lenders like won’t make you jump through the overly complex hoops that banks are prone to do. Online lenders are responsive as well, so if you need access to finance quickly to make sure your business stays open, they make sure that you get your money in your bank account as soon as possible.

Business Grants in Iowa

It’s worth noting that there are grants available that are solely for the use of businesses based in Iowa. The problem with this option is that grants can take a very long time to get approved and transferred to your account. If you wait too long for a grant to come through, it might come too late. If you have the breathing room to justify a delay in financial resolutions, then look at:

These grants could help you make it through financially challenging periods. However, remember that you will need to provide a lot of paperwork in order to get approval for business grants and that you will need to match all of the relevant criteria. 

Most business models face periods where finances are an issue. Don’t rush to panic. The modern, small business owner has a variety of options to consider that can help keep the wolves from the door long enough for you to tap into the next stage of your growth plan. Do your research, and find the loan that matches your needs. A well-timed loan could save your business and see your profits take a turn for the positive.

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