Business Resource Center

Six Ways to Get Emergency Funds for Your Business

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Many business credit cards offer rewards like cash points for regular spending. You can redeem these points for travel, merchandise, gift cards or cash back.
  1. Try peer-to-peer lending.

    Peer-to-peer lending is a newer means to secure funding. Several sites facilitate lending arrangements between investors and businesses looking to borrow. Excellent scores translate to lower rates. The provider will review your credit history and offer an interest rate based on your company’s rating. Origination fees may also apply. You can apply online and the process is often faster than you might think, with some providers responding as quickly as 24 hours after receiving requests.
  2. Sell your accounts receivable.

    “Factoring” is when a business sells all or part of its accounts receivable (AR) to a financial institution or factoring company. The buyer will assess your AR and offer a price that typically excludes their fees and profit. They'll advance you a portion of the entire purchase amount and release the remainder when your customer pays the bill. The process is usually fast, so this solution may be ideal if you have high-quality invoices outstanding and operate in an industry where slow payment is the norm.
  3. Use personal assets.

    Depending on the structure and age of your business, tapping your personal assets may be a viable solution. Some options to quickly access funds include:
    • Using a home equity line of credit or personal credit card.
    • Lending your business cash for personal savings.
    • Borrowing against investment accounts.

    Either of these choices can impact your financial situation. Additionally, some transactions can be more complex. So, it's best to consult a trusted financial professional or tax advisor to understand the implications.

Saving a percentage of your monthly revenues for emergencies, securing a business line of credit, and applying for a business credit card are easier than you think. You might also consider a combination of these options to ensure you’re not reliant on one funding source.

Set aside emergency funds NOW.

The best time to prepare for unexpected expenses is before they happen. Creating an action plan before you’re facing a deadline will ensure your business keeps running smoothly and provide peace-of-mind. No matter how you’d like to get started, Synovus can help. For more information, call 1-888-SYNOVUS (1-888-796-6887) or stop by one of our local branches.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information. Diversification does not ensure against loss.

  1. Federal Reserve Bank, “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey,” March 2024 Back
  2. Ibid Back
  3. Ibid Back