With savvy, creative financing, a business owner can inject new capital into his or her venture, leaving more cash that can go toward other purposes. This can be useful for planning, as owners have their own retirement plans, later projects and other business expenses to constantly consider.
One of the ways a recent Mashable post suggested owners improve their finances is by creating a hierarchy for certain costs over others. By setting aside a certain amount of cash for the future, owners establish a fund for each step of their business' development.
"By setting aside a certain amount of cash for the future, owners establish a fund for each step of their business' development."
This can also work when considering a specific type of SBA loan or program, since these often come with eligibility criteria. If owners know that a certain expansion or measure will cost more than another, they can look for the program that fits the occasion.
Our blog has covered this topic before by looking at the requirements of different loans, but it's worth examining all the same. For example, the Ohio 166 Regional Loan Program has interest rates that can reach as low as 3 percent for certain distressed communities.
Owners with property in these areas may consider this loan over others to take advantage of the savings, which they could then invest in other things. However, it's worth noting that this particular program also comes with several associated costs, such as a 1.5 percent processing fee. These fees may be more of a pressing concern, meaning that another loan is preferable. The overall goal is to find the right financing for continued success, not just one specific cost.
In any case, Growth Capital will let businesses develop on their own terms by finding the right loans for them. You can sign up for our mailing list on our website or register online here.