Commercial Real Estate Financing
How COVID-19 Caused Problems
COVID changed the world and brought with it some issues to the floral shop. More people were spending all their time indoors and not visiting local businesses. At first, it seemed that the smaller and less frequent orders would be a short-term problem but COVID raged on and made the problem more pervasive. Savings started to dwindle but the owner had no desire to let the business go. He was going to have to start thinking creatively to ensure there was enough money available to remain open when people needed his wares and services.
Bringing in Financing to Stay Open and Stocked
With no clear indication of when things would become positive again, the owner started to look into the options. The amount needed could vary based on whether things got better or worse during certain months. However, having at least $50,000 available to use when and if needed seemed like a great option. This would ensure there was some money available for supplies, paying workers, and other needs until things were back to some version of normal. The owner looked into various options to see if one financing method would be far better than another.