Small businesses have always been the backbone of America’s economy, providing jobs and services needed for stabilizing the marketplace. With the effects of the recession beginning to fade more and more with each passing month, more Americans are now looking to take advantage of these improving conditions in order to open or grow businesses of their own. In 2013 alone, over 5.4 million small business loans were issued for a total borrowing amount of nearly $1 trillion.
Many entrepreneurial Americans apply for capital finance loans for the sake of starting a business, but what about those who already have their own company and want to do more with it? There are government grants for small business owners looking to grow their company. Not sure what may constitute a loan-worthy expansion? Here are two examples where you may be eligible for taking out a new loan:
- Buying inventory: “Product or retail-oriented businesses often require financing to purchase additional inventory, keep their shelves stocked and maintain profitability and reputation,” writes Kari Luckett for Entrepreneur.com. “Due to seasonal shifts in the number of sales and cash flow, businesses may experience a greater demand for a product at certain times of the year. An inventory loan can help bridge that gap.”
- New property or office space: Once you’ve established your company and cemented a successful track record, you may be looking to expand its reach physically. This means buying up new property, new commercial space or new offices. The Small Business Administration (SBA) Community Advantage Loan can be used for financing such property expansions.
If you’re a local Ohio entrepreneur looking to expand your small business, generate jobs and stimulate the local economy, consult with Growth Capital Corp. today! Our experts can walk you through how to get an SBA loan and secure the long-term affordable financing you need.