8 June 3 Ways How Pharmacies Can Access Quick Working Capital
All business enterprises require adequate capital for them to thrive. And this includes your pharmacy. Without sufficient funds, your venture may not stand a chance to compete effectively and grow as it ought. Now, perhaps you haven’t got enough money for pharmacy financing, and wonder how to go about it. Relax. Here are three quick ways you can access capital for your pharmacy.
Medical Invoice Factoring
Have you considered medical factoring as a means of maintaining steady cash flow in your pharmaceutical business? Medical factoring gives you the advantage of financing all your invoices instead of spending valuable resources, chasing customers to pay up. Medical factoring eliminates that gap left by unpaid invoices and grants you the operating capital you need in running your business. Pharmacies that use this opportunity have been found to have smooth operations.
Merchant Cash Advances
If your business is planning on expanding or hoping to commence a new opportunistic strategy and is not ready to face the hassle of preparing long proposals for traditional financing, you can try out some merchant cash advances. Merchant Cash Advances (MCA) offers loans in exchange for a certain percentage of future sales made by your business. This is also ideal for businesses that require fast capital or need to acquire new inventories. This is an excellent opportunity to achieve essential goals set for your business without suffering the lags of cash insufficiency.
Business Line of Credit
You can also apply for a small commercial loan or a line of credit, which offers more flexibility when it comes to paying back. You can get funded from $5000 to $100,000 based on your pharmaceutical business’s specific needs. You can pay back and request another with ease. Such funds can be used for purchasing new inventory, upgrading outdated equipment, and boosting marketing.