lumiloan's blog

When you have a business line of credit, you can borrow a certain amount of capital annually, just as with personal credit. You make payments only on the credit you've actually used. This can help you manage cash flow shortages or cover surprise costs until you have the funds. You won’t have a regular monthly payment schedule as you would with a long term or short term loan but there usually are minimum monthly payments required.

A business credit line can be secured or unsecured and it can be easier to get compared to other types of business loans. It should not, however, be used for long-term investments or major purchases. Businesses should be able to repay promptly as the interest and late fees can compound quickly with a line of credit.

Especially in the current climate, a lot of small businesses have suffered a decrease in revenue and are struggling to stay afloat. The increasing level of economic uncertainty is further fuelling the financial stress of small business owners.

If you are a small business owner and are currently struggling with your mental health, here are 5 mental help tips to support you: 

1. Spend more quality time with your family

One thing that business owners often have in common is that they tend to spend most of their time running their business, which is often unavoidable, especially in the current situation. But often one forgets that spending time with the family can really help to put things into perspective. It can remind you of what is most important. And help to distract your thoughts (at least temporarily) from any business related stressors and give you a much needed break. 

2. Eat well, move, sleep, repeat 

It might sound like a broken record but it really does hold true. Make sure you get the right balance of soul and whole foods! According to the Cleveland Clinic, getting the adequate nutrients and vitamins from whole foods can help to regulate your stress hormones such as cortisol. Which in turn can reduce symptoms such as anxiety and depression and improve your overall well being. 

3. Get on top of your finances 

With financial stress being one of the key triggers impacting mental health, it’s important to face financial problems rather than ignoring them. Because financial stressors tend to get worse when left ignored. 

4. Ask for help 

In case you’re feeling hopeless, overwhelmed and can’t find relief from any of the mental health coping mechanisms, it might be a good idea to reach out for help! Help can come from anywhere, whether that’s your family or friends, your GP or any other health care professional that can support you throughout this time. 

5. Help someone else 

They often say “the secret to happiness is helping others”. Whether you believe in good karma or not. Helping someone else, especially in times of crisis, can also help you cope better with your own situation. According to scientific research the benefit may be partly explained by the simple fact that it is easier to get one’s mind off problems and losses in life by helping others.