How to Fund a Small Business
If you own a small business, whether it is a hair salon, an auto body shop, or even a small clothing boutique, you may need additional funding from time to time. There are many reasons why small businesses look for outside funding, and in many of these cases, a business loan is a great solution to their problems.
Why Do You Need the Cash?
Before you apply for any type of business loan, it is important to first consider why you need the cash. Small business owners apply for loans for the following reasons:
- To help keep a “seasonal” business afloat during its off-season
- To remodel the business location
- To add new stock to the inventory
- To purchase new equipment like computers or cash registers
- To help cover expenses during unexpected cash flow shortages
In any of these situations, a loan can actually save your business and help you maintain your way of life. Fortunately, a term loan is easy to obtain.
Bad Credit? No Problem
Whereas traditional lenders will check your credit history before even considering you for a loan, there is no credit check required when you apply for a term loan. Instead, these lenders look at your business, its history, and its sales. You qualify for a term loan if you:
- Have been in business for at least six months
- Own a Canadian-based business with a retail location (no e-commerce or home-based businesses)
- Accept credit and debit cards
- Generate $7000 in credit or debit card sales each month
That’s it! Your credit does not come into play when you apply for a business loan. The amount you qualify for is based on your annual and monthly sales.
A business loan is paid back in fixed installments. The predictable nature of this financing solution puts you in control of the money, so you can better plan your business investment. Whether you are looking to renovate your shop, upgrade your equipment or invest into additional marketing, a term loan can help you accelerate the growth of your business.
Benefits of a Business Loan
There are multiple benefits of taking out a business loan. You are guaranteed a predictable repayment plan that consists of fixed monthly payments; your funds will be deposited in your account in a few days; there is a high approval rating – no need for a perfect credit score; you can use the funds however you like and you can easily top up your advance with additional financing at any time.
Click here to apply for your loan today.
Read More on the Staples Small Business Blog
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