Small Biz Insights: Accessing Capital for Your Small Business – Know Where to Go
running-a-business | Read Time: 2 minutes
By Eric Springer | Published: June 2023
Accessing capital can feel overwhelming for small business owners, but it doesn’t have to be.
Why it matters: Having capital means having cash flow, which is critical for any small business’ success and growth. Common uses for capital include:
- Working capital for operations
- Purchasing assets
- Funding growth through assets, property or expansion
- Supply chain purchases/costs
There are many options for small business owners to consider, so they should lean on their trusted banking partner to determine next steps.
“There are great options for small businesses to consider,” says Steven J. Cunningham, Senior Vice President, Director of SBA Sales for WSFS Bank. “There is no one-option-fits-all approach, so it’s important to consult with your small business banker or lender to identify what works best for your business’ structure, needs and goals.”
Here are a few options:
- U.S. Small Business Administration (SBA) Loans
- Commercial Real Estate Loans
- Equipment Financing
- Lines of Credit
Get Extra Tax Credits
“During the pandemic, the SBA’s Paycheck Protection Program (PPP) and other initiatives under the CARES Act were implemented to help small businesses keep operations going and their staff employed,” says Cunningham. “While many of these programs have expired, another program, the Employee Retention Credit (ERC), is still available. Even if your business received PPP funds, you may be eligible for the ERC.”
Visit https://www.irs.gov/coronavirus/employee-retention-credit and work with your accountant, tax advisor or payroll company.
Go Deeper: Learn more about accessing capital for your small business.
About the Author – Eric Springer
Eric Springer is Vice President, Integrated Communications Manager at WSFS Bank. He brings nearly 20 years of experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
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