Short Term Loan Daycare Expands With A Short Term Loan
Author: Casey Marie Long
Date posted: 09.20.22

In late 2021, a Texas daycare center was quickly getting back on its feet after dealing with variable enrollment for two years during COVID. Though the PPP program had helped meet operational costs during the pandemic, several maintenance issues had been neglected. The owners found themselves needing some repairs and new air, which would cost $45,000. Their state’s childcare licensing department required them to maintain the building and operation in pristine condition.

The center’s director, Sarah, says that the short term loan has been a lifeline for her business. “Without the loan, we would have had to close our doors,” she says. “It’s been a tough time for everyone, but this loan has really helped us get back on our feet.”

The center is just one of many small businesses that have been able to stay afloat during the pandemic thanks to short-term loans.

These loans are typically given out by banks and other financial institutions to businesses that are in need of a quick infusion of cash. The loans are usually for a period of six months to three years. condition improves.

 

The interest rates on these loans are usually higher than the rates on traditional loans, but they can be a lifesaver for businesses that are struggling to make ends meet.

The business was able to secure the loan and receive funds within three days of completing their application. The funds were directly deposited into their bank account which allowed them to quickly pay their vendors. They made the updates to their center and received approval from licensing to reopen the center and start providing care again.

The application process was painless and required minimal documentation from the business owners. They had to allow the lender to run a credit check and provide a few months of bank statements.

If you’re a small business owner who is facing financial difficulties due to the pandemic, don’t hesitate to reach out to your bank or other lenders to see if you qualify for a short-term loan. It could be the lifeline that your business needs to weather the storm.

About The Author | Casey Marie Long

Casey has 12 years of technical writing experience. She is also a CPA and bookkeeper. Casey graduated from the University of St. Thomas (Minnesota) with a B.A. in mathematics and currently resides in San Diego, CA.

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