Get the funds you need to fill the gap between expenses and revenue.
There’s a lag between expenses and revenues in any small business, but that can be especially true for those in the scientific and technical services fields. Research takes time and resources, while contracts may take up to a year to complete. You might consider business financing or alternative funding to fill these gaps and keep your business running.
Alternative funding is increasingly popular for scientific and technical enterprises and startups to get working capital. While such businesses have traditionally relied on grants and loans from nonprofits and the government, an online loan or line of credit can quickly help a business get the cash flow it needs without time-consuming grant writing and restrictive conditions.
Running a technical services business is tough enough. When you choose Clarify, we consider you family — and work with you through the ups and downs to help you achieve success every step of the way.
Keep parts and components on hand to complete jobs quickly. You might save money by purchasing raw materials in bulk. Hire additional staff or subcontractors for larger projects.
Pay for your upfront research and development costs, knowing it may take six months to a year to get paid.
Scientific and technical services often require specialized equipment. Buy what you need to keep your business running without depleting your capital reserves.
Below, you’ll find some of the best business financing options for technical services businesses. Due to the nature of the tech services industry, these loans offer small business owners and entrepreneurs the financial resources they need to make their business plans a reality.
When you apply for a small business loan through Clarify, your dedicated financial adviser will guide you through the online application process. Instead of traditional banks and financial institutions, we work with private lenders who compete to offer you the most favorable loan terms. Our goal is to provide funding that fits the specific needs of your tech services business.
An SBA 7(a) loan provides some of the industry’s best interest rates and terms. SBA loans are secured partly by the U.S. Small Business Administration (SBA). Your actual loan is through an SBA-approved lender. The SBA provides a guarantee of up to 85% of your loan. These types of loans can be used for various purposes, from business development to real estate. However, the application process can be lengthy, and there are prepayment penalties, making this type of loan ideal for specific business cases. Clarify can help determine if this loan program is right for your business.
A term loan is structured similarly to traditional financing from a bank or credit union. You borrow a specific loan amount at a specified APR and repayment terms. The duration of the loan term can be short-term based on your needs as a borrower. Clarify walks you through the loan application process to help you secure the best business funding solution.
Equipment is often the foundation of a successful technical services business. Aging technology can limit your service offerings, and new, specialized equipment can be necessary to remain competitive. Whether buying new equipment or paying to repair existing tech, equipment financing can be your best solution.
If your tech services business has late or unpaid invoices, invoice factoring lets you sell your accounts receivable and get up to 100% of the invoice value immediately from a factoring lender. Invoice factoring can be an excellent option for immediate cash in your bank account. There are little to no credit requirements, meaning most businesses are eligible.
With a business line of credit, lenders approve you for a maximum credit line, and you can withdraw funds as needed. You only pay interest on funds you use from the available credit line. Typically, business lines of credit have much more favorable interest rates and repayment terms than business credit cards or other cash advances.
"My company gets paid by the state and it takes 60-90 days to get paid. I worked with both Michael and Bryan. We were able to leverage my accounts receivable to secure the working capital needed for day-to-day operations. I’m able to pay off the credit line with no prepayment penalties. Their line of credit program was exactly what I needed."