How small business loans can help your business grow
Growth is the name of the game when it comes to small business success. Sometimes, that requires a business loan or line of credit. While that can feel intimidating when you’re just trying to make payroll and keep the lights on, borrowing money for your business can be a smart way to boost revenue and hire more people. Here are some ways to use a business loan to improve profits and help your small business reach that next level.
Invest in New Technology
Take a look at your business computers, servers, printers, phones, tablets, and any other devices that allow your team to communicate with each other, with customers, and the world. If possible, buy new hardware so that your business is on the cutting edge of technology, such as artificial intelligence (AI). Additionally, purchase new software or update the licenses for the software you already lease. This can improve productivity when done correctly. Please note: some software updates require new hardware to function correctly. Review software updates carefully to avoid slowdowns and service interruptions.
Expand Overall Operations
This can include everything from new vehicles and machinery to buying added inventory and hiring new employees. Additionally, the right business loan can help you open a new location or lease a new warehouse. Those expansions in operations can, when leveraged correctly, help your business grow.
Boost Marketing Initiatives
Adding to your advertising and marketing schedule can help bring in added business. In addition to online paid advertising as well as search engine optimization, re-evaluate traditional advertising media such as radio, print, direct mail, and outdoor.
Consolidate Outstanding Debt
A small business loan can help consolidate high-interest debt into something more manageable. Ways to reduce monthly payments include an interest rate reduction, longer terms, or both.
Before You Borrow, Consider Your Needs
Create a clear business plan, update your process to manage cash flow, and give your business financial performance a full review. Doing so can help ensure borrowing money makes sense.
Get the Funding You Need
An SBA loan from Central Willamette Credit Union can help your small business grow. Choose an SBA 7(a) large or small loan with no collateral needed for loans under $50,000, terms of up to 25 years, and maximum loan amounts of up to $5 million, or explore a SBA 504 loan and borrow up to $5.5 million with a 25-year term to boost working capital, refinance debt, or finance AI-related projects. Talk to our team about all your small business loan options today.