Simple Solutions: How to Get Money Quick for Your Small Business

By Alex Kerai

Jun 15, 2022

2 min read

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June 15, 2022

Microloans offer a small addition of cash for your business. We’ll tell you why they might be useful. Plus, Sunday is Juneteenth.

Microloans can provide much needed money to get you through the rest of the year.

Could your business use more money?

We’re already halfway through the year so we wanted to show you how microloans could give your business a boost to close 2022. These capital injections allow you to invest in inventory or pay down property costs. So, could your business use more money? Well, you’re in luck.

Microloans arrive in as little as 14 days and average around $13,000. Honestly, these small loans are pretty great ‘cause they have low rates and shorter terms (beware of inflated interest though).

You still have to pay them back, but they can really help your business stay afloat for the back half of the year.

Interested? We put together a list of everything you need to know about microloans.

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Wait, What Are Microloans?

Still have questions about microloans? No worries—we’ve got you covered. We put together a guide on what they are and how they work so you can feel confident when you apply for a loan.

Here's Where to Look for Funding

Maybe a loan isn’t the best option for your business. So what else is out there? Great question. We listed out the pros and cons of common business funding methods. Depending on your business needs, we think you’ll be able to find the right funding for your business.

Need New Equipment? Here's Some Cash

Need a new stand mixer or forklift? Maybe something else entirely? You’ll need an equipment loan. Lenders offer lower interest rates and longer loan terms, which helps keep the cost of your equipment down. Intrigued?

We need Black-owned businesses

Juneteenth is this coming Sunday (June 19) and it commemorates the emancipation of American Americans from slavery. In 2021, the year it became a federal holiday, Black Americans represented 13% of the US population but held only 4% of household wealth. And the devastating effects of the COVID-19 pandemic led more than 40% of Black businesses to shut down.

Since minority-owned businesses get denied funding at three times the rate of non-minority-owned businesses, we put together a list of the best small business loans. Our top pick? Lendio.

Not interested in a loan? There are also grant opportunities specifically designed for minority businesses. Check out our chat with Taylor Maag for more info about grant programs to spur economic recovery.

We’ve previously covered interest rates, cryptocurrency, and climate change… Check out all previous editions of Simple Solutions on our website!

Thank you for reading. We’ll see you next week.

- Alex and the Business.org team

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Written by

Alex Kerai

Alex reports on emerging consumer trends. Previously he was a staff writer for Business.org, with a focus on inventory management and ecommerce. He also started and wrote the Simple Solutions newsletter that was delivered to Business.org email subscribers each week, featuring news and interviews with business leaders and academics across the world. His writing on consumer trends can also be seen on Reviews.org, WhistleOut.com, SatelliteInternet.com, CableTV.com, and Reviews.com. Utilizing his experience in multimedia content creation for businesses, non-profits, and educational institutions, Alex writes for businesses today.