Operating a business in today’s diverse and ever-changing economy can be a major challenge – especially in the highly-competitive auto repair and parts industry. With an auto repair or body shop on just about every street corner and various auto parts distributors popping up all over the internet, it can be daunting to keep your operation afloat. It is not uncommon for repair shops and auto parts stores to look for a lifeline at their local bank in the hopes of procuring a short-term business loan or modest cash advance to stave off the prospect of downsizing staff, selling inventory or closing up shop entirely.
But given the frequent constricting guidelines and needlepoint scrutiny banks are imposing on small businesses nationwide – especially industries deemed “risky” or those with bad credit, the odds of actually being approved for a business loan or line of credit dwindle like your car’s oil life indicator. When your business is your dream, you will try just about anything to keep it alive, so it is reassuring to know that there are options out there.