Running a business is a long term endeavour, but there are many short term challenges that as a business owner, you may face on a daily basis. Paying for overheads, employees’ salaries and new inventory — it’s safe to say that cash is the fuel that keeps your business running.
Now taking out a loan is one way of meeting these challenges. But for urgent, immediate and short term needs, a conventional loan just doesn’t cut it. We asked Facebook users to share how the OCBC Business Revolving Short Term Loan can help to meet these specific challenges.
Check out what they had to say:
Delay in receiving payments
“Boss, just give me one more week to pay you back.” Delays in collecting payments are a common gripe of business owners. One delay can set off a chain of cash flow bottlenecks — your customers don’t pay you and you can’t pay your suppliers.
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“Especially when a big client comes by to express interest for longer credit terms for a project… this is something which your company wouldn’t normally agree to — cash on delivery is our livelihood! Then again, I can’t possibly reject their request and blow up this opportunity.”
Applying for a regular loan is not a solution, because by the time the loans are approved your credit terms would have been busted. That’s why Jaslin Tan said the OCBC Business Revolving Short Term Loan will help to ease such a situation. As a cost-effective loan that allows you to draw down when needed, you will have the ready cash to tie them over the period.