Sometimes a company owner doesn’t know when they will need an immediate small business loan to hire additional staff, buy added inventory, take advantage of a special purchasing opportunity or take care of an ill-timed expense.

After 27 years in banking, Rick Cano was ready for a change. In 2010, he launched Designworks, a website development and design company, in Vancouver, Washington. He sold his house to start his business. Demand for services was steady until 2016, when his income flattened. Rick says that, “Getting more business wasn’t the issue. We had clients.” He needed more capital and a small business loan to increase his staff.

Being a former banking professional, Rick knew that banks would be hesitant to lend him money since he no longer had a house to secure the loan. Instead, he got a line of credit from Kabbage and hired two website designers which helped grow the company 35% the next year! Rick also uses the Kabbage Card for ongoing business expenses. “It’s just like using a regular credit card, but it comes off my line of credit,” he says.

Kabbage offers a “Kabbage Card” which can be used for any point of sale purchase. It’s so easy because it is tied to a business’s previously approved small business loan, can be used anywhere VISA is accepted. What I like about the Kabbage Card is it eliminates the need to wait for funds to be transferred into your business account, like most business loans. Instead, it gives the business owner the convenience and purchasing power of a card that is ready for use and easily accessible in their wallet, without the usual annual fees or surprise costs typically associated with a business card.

Here are some of my suggestions when the Kabbage Card could be of use to you and your business:

  • Purchasing discounted inventory on the spot to prepare for the busy season.
  • Purchasing new equipment through an online store that requires credit card details.
  • Quickly repair or replace equipment that is vital to running the company.
  • Manage online bills or large expenses and pay it off over a six-month period.
  • Pay for subscriptions to online software solutions, like cloud-storage or cybersecurity tools.

Tell me what you think in the comments below, and learn more about Kabbage and its lending products here.

This post is sponsored by Kabbage.