Essential tips for boosting your business’ finances

Business moves fast. To be successful, businesses cannot simply react to the unexpected; they need to be prepared.

Whether managing sudden emergencies, covering payroll through seasonal ebbs, or building capital in anticipation of expansion, the ability to mobilize resources at the right time is crucial for businesses.

Ready access to capital is necessary to fuel a company’s growth aspirations and day-to-day needs; however, capital only gets you so far. Transformational business investments happen when you have a knowledgeable financial partner at your side who knows your business, understands your strategy, and can offer comprehensive solutions to support your immediate and long-term needs.

Here are two effective options that can help businesses build positive working capital:

Loans and lines of credit

When speed matters, applying for a loan or line of credit may not seem like a quick solution — but it can be.

At Byline Bank, we offer small businesses a fast track to financing. Our Byline Express program expedites the application and approval process for term loans and revolving lines of credit from $10,000 to $500,000, ensuring that businesses can access funds promptly and efficiently. This particularly is beneficial for urgent needs, such as emergency repairs or immediate capital injections for inventory purchases.

Byline Express financing minimizes the bureaucratic delays and paperwork requirements typically associated with more traditional financing, allowing Chicago-area small businesses to be agile in how they respond to opportunities and challenges. A streamlined process ensures that funds are available when needed most, providing peace of mind and operational stability.

High-yield CDs

For businesses that can anticipate their cash flow needs, depositing excess cash in a certificate of deposit (CD) can be a strategic choice — especially while the Federal Reserve continues to keep rates favorable for savers. CDs offer higher interest rates in exchange for locking in deposits for a set period, such as six months or longer. They are an excellent option for businesses with predictable finances, allowing them to grow their reserves while preparing for future expenses.

Plus, CDs are considered a low-risk investment. Deposits are FDIC insured, up to allowable limits, allowing businesses to boost capital levels with confidence when they choose a CD.

Every small business has different needs and demands, so it’s important to work with a bank that offers a variety of options for managing company finances.

Whether the right solution is expedited financing or high-yield deposit accounts, these tools are designed to cater to the diverse and timely needs of businesses, ensuring they have the financial support required to thrive amid challenges and quickly capitalize on opportunities.

With a knowledgeable financial partner that is invested in the businesses’ success, leaders can prepare for the unexpected and navigate the complexities of the market with confidence and strategic foresight.

• Stephen Ball leads Byline Bank’s Business Banking team, which serves Chicago-area small businesses and nonprofits. Byline Bank is a member of FDIC.