When Should a Business Choose to Expand?
If you’re wondering how to fund the expansion of your business, Small Business (SBA) loans and Lines of Credit are pretty good options because the rates are very affordable, and the terms are very favorable — allowing the borrower to pay back the debt with comfort. SBA loans are government backed to help reassure the security of your loan.
- Need facilities: A common reason for business expansion is when a company outgrows their current operating facility or supporting networks.
- Need equipment: As business growth ramps-up, so does the need for modern and fully-functioning equipment or machinery to help keep up with orders.
- Hire employees: As your business grows, the reliance on quality workers to support the growth is crucial, as well as the need to hire new workers to help the company with production and marketing.
- Working capital: When you find yourself reinvesting in larger facilities, equipment, marketing, hiring, etc. you may find that your liabilities begin to outweigh your income. During those times it may be crucial to obtain working capital financing.
- Marketing: As with all businesses, if you have a great product or service but no one knows about it, you won’t make much money. Therefore it takes money to make money. Investing in marketing to help grow your business grow is absolutely necessary.
- Purchase inventory: As your business grows, the need for adequate inventory is crucial. Making sure your product is always in-stock is extremely important.
We provide lending options for those individuals seeking to expand their business operations. Your success is our goal!!