Your business is growing, you have solid revenue projections and a business plan in place. The problem is you are short on the precious cash flow required to manage your expenses. It could be that you are considering a business loan for your business.
Here are some thoughts to keep in mind:
- Why do you need the money? Ask yourself how this loan will help your business. Find the right loan. Choose a type of business loan based on your needs. Be sure to keep personal and business borrowing separate.
- Compare options and terms. See if you have what it takes to qualify. Gather information including your credit score and annual revenue.
- Get ready. Know what you need and seek the advice of your lawyer and accountant. Ensure you feel confident this will pay off. Don’t rush your decisions. Think it through.
- What is your payback plan? Ensure you have a plan in place to pay back the loan and meet the requirements to do so. Talk to your accountant in advice to support you in this process.
What type of items should you consider applying for a loan?
- Hiring staff to bring in more orders and business – hire those who have skills you don’t have.
- Purchasing critical equipment to expand or complete business initiatives effectively
- Expanding business locations.
Once you have carefully thought out your reasons for the loan, and how you will use it now is the time to shop around. Our sponsor, Staples has business loans available up to $300,000 to drive your business forward.
Did you know? Staples Canada has business loans available up to $300,000 to drive your business forward.