By Suraj Jha on Nov 18, 2020
Taking loans or borrowing money is not often seen a good light. While the whole practice of managing finances is not clear enough with a majority of people, taking business loans often is considered equivalent to struggle.
That being said, we all know the situations and stereotypes, and at the same time it is also very obvious that taking a loan does not mean that your business is struggling and trust us, it is instead a smart move than something inferior.
When it comes to going up on the graph, it is always a broader spectrum for small and midsized companies as compared to big brands. Such companies or even individuals who own businesses have more options than ever.
Whether it is about choosing equity or debt, they have a whole different spectrum of fundraising routes which include remortgaging, using credit cards, taking revenue based business loans, courting angel investors or borrowing from some people they know.
But when it comes to securing large loans, the lender often resorts to big banks. With low-interest rates and intense challenges from the competitors, it would be a smart move to re-evaluate your options.
How loans can secure your business
If you choose to finance your business through loans instead of choosing equity means you don’t have to give up any stake in your company where you sacrifice some of its future value. An advantage of monthly repayments for a fixed-term loan is a fixed rate that is very direct to manage.
Often the liabilities cost more than the salaries, which people cover-up by borrowing, even at high-interest rates. That is why a significant chunk of business owners are opting for financial loans to stay ahead of the risk factors with money.
There is another reason why the younger population prefers these loans as they live a fast and metro lifestyle and the instant requirement of money may be due to some short-term emergency that cannot be fulfilled by the banks due to the lengthy loan approval process.
Hailing from average middle-class families, they have all the intention to repay the loans, often before their due dates. One of the reasons is they would require these loans again and want to be in the good books of the lenders.
However, the world is developing quickly, and so are the opportunities to make life easier.
A business lending specialist can help you tailor the terms of a loan analysing the needs of your business model which you might struggle with, being not so well versed with finances.
Contrary to popular beliefs, taking loans does not mean your business is struggling. In fact, it is a rather smart move to plan, analyse, transform and unlock new horizons of growth.
Loans can help you with expanding your business.
Business requires money to grow. There are several costs such as expenses towards premises, inventory, staff, equipment etc. that are involved in running a business smoothly. There are several reasons people choose to expand their business such as staff shortages, inventory gaps, untapped markets, changes and evolution in the respective industry and edging out the competition.
One of the biggest mistakes business owners make is that they wait for too long to expand their business. They wait until they hit a particular milestone or they accumulate a certain amount of working capital. Till that time, it could get too late, with the ever-growing demands for the business.
Financing a business expansion can prevent this scenario by giving you the capital to pay for the tools that you need to handle additional business. Business expansion loans help you manage your business’s growth and can have the added effect of boosting even more growth along with it.
Landing at the Right place
At whatever stage your business is currently, having the right premises and facilities is one of the most crucial things to get right. You will have to make important decisions in a business where you just cannot afford money to be a constrain.
In such circumstances, you could use a business loan for expanding your business and be confident enough to take huge decisions without money being a barrier. For that, you will need advice as well as solutions from the right person and be at the right place. Owning a business comes with significant risks, and one risk you totally cannot afford is taking the wrong advice.
Going to experts and specialist is always a wise choice. In situations like this, you can rely upon a full-service digital marketing and accessibility agency. You can boost your business with secure trust commercial finance services provided by Umbrella local.
The unique concept of working with them is that Umbrella local provides a dedicated local expert who analyses the structure of your business and takes care of all your marketing needs.
Finding the right business financing solutions
Umbrella Local can provide with the opportunity to secure the desired loan. This is as easy as it sounds. There is no catch – we have streamlined a very easy going process for the people who want to expand their business in any front they want to. If you could answer the following three questions with Yes, we can help you with unsecured financing of upto $500,000.
Is your credit score 680?
If it is around this golden number or above, then you are on the right path. But if unfortunately, your score is not higher, you can get someone else to apply for you who does.
Have a business that has generated $15,000 per month in the last six months?
If the answer to this question is yes, then you are game!
Have $40,000+ in IRA?
Do you or someone in your business who
wants to apply have $40,000+ in IRA OR 401K but not with the present employer.
Here are the kinds of loan you can avail if you can get even one Yes
Startup funding: Get funding up to $350,000 in Unsecured Personal and Business funding. This requires at least one guarantor who has a 660+ credit score since it is a personal credit driven product. The approvals are fast, and you get a quick turnaround. For up to 21 months, you can benefit from a 0% interest rate.
Revenue Based Loans and Advances: In case you lack credit history, but your business does generate revenue, we can provide loan by judging the health of your business and the cash flow not just credit score. We have worked with several small businesses which means the capital we provide could be as fast as 48 business hours with some documentation. The loan could be up to $ 1 million, starting from $10,000.
Franchise Funding: With the help of partner banks, our Franchise Funding option can help you with fast in-house approvals with effective documentation and closing process. We have created creative loan structures with terms going up to 25 years.
SBA Loans: With this loan, you can take your business to the next level. SBA loans generally take up to two months, but they could also be as quick as two weeks. But they offer the best interest and high loan amounts.
If you want your money to grow, you also need to spend the money. One of the best ways to grow your business is to take a loan because that way, you are not answerable to anyone.
Use our free tool to get your score calculated in under 60 seconds.
By Joe George Feb 16, 2021
For the past 20 years, Bernard Woods has been helping the less fortunate communities in Garfield, Lawndale, and the rest of the Chicago area. He undertakes end-to-end electrical contract works from residential to commercial and also fixes HVAC issues.
By Adil Hussain Mar 1, 2021
Whether you are fixing your eyes on a small restaurant business or a cafeteria or pizzeria, an effective online marketing plan can be a key ingredient of your booming business. Every excelling business requires a marketing plot comprising two pivotal factors, a comprehensive plan and a well-calculated marketing strategy.