Even without a pressing need for increased funds, it could be the right time to consider applying for a greater small business loan. Whether you’re planning for further expansion with additional staff or greater office space to house more inventory, a small business loan can provide the capital you need to take your company to greater heights.
If you find yourself in any of these situations, your company may benefit from a small business loan.
1. Limited Equipment
Regardless of the type of business you operate, the need for new equipment might arise with continued growth of your company. An equipment loan can be considered to help finance vehicles, appliances or other heavy machinery that will retain their value over time. Loan amounts will depend on the value of the equipment, which also serves as collateral for the loan. Quick access to capital and fast approvals are some of the desirable features of equipment financing.
2. Growing Demand
A high demand for your company’s product is an ideal situation for any business owner, but when it starts to outweigh the supply, operations can quickly turn into chaos. A small business loan allows you to cover the cost of inventory and can help you feel secure as you’ll be earning more and be able to make regular loan payments.
3. Plans For Expansion
It may be time for a business loan if you are physically unable to execute the day-to-day operations of your business due to the lack of square footage. Shifting into a bigger or newer location can be costly but necessary if it can lead to substantial growth for your business.
4. Lost Opportunities
Your business is most likely ready for a loan if opportunity arises and you’re unable to take advantage of it in your current financial situation. Without the right type of financing, your business may not be able to keep up with the evolving market and the many other opportunities it might present. If business growth cannot be attained organically, a business loan could help you take that leap.
To find out more about small business financing or to begin the application process, speak with one of our trusted bankers who are committed to helping you find the right products and services to meet your business needs. Contact us, or visit your local Bank of Southern California branch today.