Many of the loans taken out during the holiday season are taken out last minute because they were unexpected. There are many financial issues that can crop up during the holidays:
Payroll and holiday bonus expenses. Many business owners enjoy giving gifts to their employees during the holidays, but this can take a financial toll, especially if the business hasn’t budgeted appropriately.
End of year expenses. The end of the year can bring many contracts to bear, some of which may need to be paid out immediately and finalized.
Reduced income. For companies outside of the retail and entertainment industries, the holidays can be slow. Business owners may not anticipate making significantly less income through the holiday season.
Seasonal business trends. Even though some companies may be doing more business, they may be profiting less. This is because they may need to hire seasonal and temporary workers, invest in training, buy more supplies, and more.
Supplies and equipment. Sometimes the expenses are temporary. Those within a retail or merchandising space may find that they sell more product than ever, but this comes at a temporary cost of supplies, product, and equipment. A business owner may need to leverage financing to fulfill these orders.
Business owners may also find themselves financially strapped during the holiday season, which can make it more difficult for them to lend money to their own business. Together with the factors above, it creates a perfect storm.
Lone Star Lending offer easy business funding during the holiday season. No minimum credit score is required, we offer six different loan products for bad credit. Our application process is fast and approval are received within 48 hours, Apply today at the link below.