Signs Your Small Business Needs Funding
Signs Your Small Business Needs Funding
As a busy business owner, you may not have had the time lately to slow down and analyze areas that desperately need improvement, those spots in your business you put on the back burner until things slowed down. If you’re ready to assess where your business stands now, keep an eye out for these signs your business needs help, in the form of cold, hard cash.
Covering Highs and Lows
Seasonal businesses see huge profits during specific times of the year. Restaurants obviously have an uptick in the summer months and over the holidays, while retailers bank on raking in the profits during Q4. But throughout the rest of the year when businesses experience a lull, payroll might be harder to make; owners may be one broken stove away from bankruptcy; or maybe the bills can’t be paid on time. With cash on hand, possibly from a business line of credit, all of these “maybes” become a non-issue.
Equipment Needs
Equipment for small businesses comes in many shapes and forms, but one thing is for certain—none of it is cheap. Retailers are coming off the busiest season of them all: the holidays. How did your POS systems fare when they were operating on overdrive? What about your display tables or mannequins? Restauranteurs, are your ovens and refrigeration systems still functioning properly? These types of upgrades or repairs aren’t glamorous, but your business depends on their functioning properly at all times to survive. In order to afford the price tag that accompanies a new industrial mixer or upgraded computer system, a loan is likely the smartest solution.
Expansion Opportunities
Has your business outgrown its current space, or is it going to in the near future? Do you need more space, or perhaps even a second location? Do you think the time has finally come for an expansion? Expanding can help your business grow, but it is certainly not cheap. With the right type of loan, you can make sure you’re financially equipped to handle the expenses that go hand-in-hand with physically growing your business footprint.
Your Credit is Great
Building exceptional credit is no easy feat, and it takes a lot of time and a firm commitment. To be considered a desirable loan candidate, you’ll need to diversify the types of credit you use and make debt payments on time. When you take out a loan, the lender is going to run a credit inquiry that will likely take your score down a couple notches. So, if you’re currently in a great credit score range, this is also a great time to apply for a small business loan or line of credit. Your strong credit history will be an excellent sign to lenders, and you’ll possibly be presented with the opportunity for more affordable loans, better rates, and amazing terms.
As you take a step back and look at your small business, really think about the areas that could use some TLC and how they could all likely benefit from a small-business loan. Our online loan application is quick and easy—it takes just minutes to fill out. We grant approvals within 24 to 48 hours and funding within 3 to 5 days, plus you can defer up to 50% of your principal. Clients love our clear loan terms and fixed payments that aren’t tied to credit card receipts; they also love the personalized experience offered by their dedicated loan consultant, who is by your side every step of the way. APPLY NOW for an offer!