It is sometimes necessary to generate additional funding in the course of running a small business. You may need money to expand, cover payroll, increase inventory, or for any number of other reasons. With tight margins, sometimes borrowing is your best bet. But there are many different ways of securing funding for business needs. Below are three useful methods worth considering.

1. SBA Loan

SBA loans are partially backed by the Small Business Administration, and offer a number of different options depending on your business needs. Some loans are geared towards expansion, while others are oriented towards purchasing owner-occupied real estate.

It is useful to familiarize yourself with the different types: 7(a) loans, microloans, CDC/504 loans, and several others. Depending on your particular needs, one of these may be right for you. While SBA loans typically require fairly extensive documentation and a lengthy application process, rates and loan terms are often manageable.

2. Bridge Loan

A bridge loan is essentially a short-term loan that allows you to generate needed capital, over a brief period, before refinancing in some fashion into a longer-term loan. Consequently, bridge loans can be incredibly useful if you have an unexpected or relatively short-term funding need — say, an urgent need to expand payroll during a seasonal hiring period.

Because it is designed to be reincorporated into a longer-term financing schedule, a bridge loan will typically have fairly high interest rates, and will always have a short term. Accordingly, you want to make sure any plan you create involving this type of loan is fiscally sustainable over time.

3. Asset-Based Loan

An asset-based loan uses a business asset — like real estate, inventory, accounts receivable, equipment, or something else — as collateral for funds. Typically, you can draw funds equal to the assessed value of whatever you put up as collateral, and there likely are few strings attached to potential uses for the funds. Like bridge loans, asset-based loans can often be secured relatively quickly.

Of course, because a specific asset is being utilized as collateral for the loan, it’s important to ensure that you have the capacity to repay, or you could lose whatever you have put up.

In short, there are many options for generating funds for an established small business. Consider the details of each type of funding listed above, and if your business is in need of a cash infusion, decide whether one of these options might make fiscal sense for you.