If you own or operate a small business, you know that money is frequently tight. Margins are often difficult, and even a brief downturn can sometimes be disastrous for a business.

That’s why, as a business owner, you must enjoy the good times — but also be prepared for the bad times. One way to do so is to have a solid understanding of multiple financing options that can help your business. This will help ensure that when you see bad times coming, you can potentially draw on additional funds, as part of an overall fiscally sustainable approach to your business.

Read on for three ways to raise funds that can be crucial for your business.

1. SBA Loan

Every small business owner should be familiar with the SBA loan. An SBA loan is partially backed by the federal government and is designed specifically to support entrepreneurs. There are CDC/504 loans, 7(a) loans, lines of credit, disaster loans, and more, each with unique subtypes. These loans can be used to start a business, expand one, rebuild after a disaster, or do something else.

Accordingly, understanding SBA loans is essential. Many business owners do employ SBA loans to help start businesses, but even if you eschew that route, understanding this class of loans and how they can be a part of your long-term financial strategy is essential.

2. Lines of Credit

Lines of credit are also essential for small businesses. Similar to a credit card, a line of credit will allow you to regularly draw funds up to a certain limit, which “maxes out” until it’s repaid. 

Lines of credit can be enormously handy for all sorts of situations, but particularly when times get tough because the money is already there. Use a line of credit to purchase inventory, repair equipment, cover payroll, or do something else. Opening a line of credit can also help your financial profile, provided you consistently repay on time.

3. Crowdfunding

These days, crowdfunding can also be a great way to support a business. Whether you draw on a large pool of supporters, perhaps through a social media campaign, or bring in big-dollar investors, crowdfunding can help you get big projects accomplished. Just be aware that you may have to provide some type of “compensation” for crowd funders, including, in some cases, equity stakes.

These are not the only means of fundraising for a small business. But the list above can help you as you work to make a business financially strong.