Manufacturing businesses are resource intensive, which means their work is largely dependent on their resources like raw materials, machinery and their skilled staff. To manage a proper flow of resources and coordinate between demand and supply requires significant working capital. These funds fuel smooth production and ensure that the business does not have to stop manufacturing because of a cash crunch. At Priority Lending we understand the challenges manufacturers face, and are ready with solutions!
Main Reasons Manufacturers Need Loans
- Buy raw materials
- Pay bills
- Execute new purchase orders
- Purchase new equipment and machinery
- Purchase real estate
- Pay employees
Besides these, there are many more non-routine expenditures that manufacturers need to pay. Business loans are the answer to these, as the right loan can fulfill the demand without putting extra burden on the business.
Types of Business Loans Suited for Manufacturing
Different types of loans available for manufacturing businesses are:
- Business Cash Advance or Merchant Cash Advance
- Supplier Financing
- Invoice Factoring
- Asset based Lending
- Inventory Financing
- Purchase Order Financing
Each of these manufacturing loan options has its own purpose and benefits. If your manufacturing business needs an injection of funds to either cover a shortfall, take advantage of an opportunity, or manage planned growth, contact Priority Lending. Your Priority Lending Financial Advisor will explain the different options and help you navigate the application process so you get your funds quickly! Priority Lending is one of the leaders in providing manufacturing businesses with the exact loan they need.