Maybe your experience with traditional bank lenders is that they tend to frown on doling out loans to some people. They even charge higher interest rates on loans they do approve. In some cases, those same lenders require real estate or other assets to secure a business loan.
For some reason, they see some business owners more of a risk than a profitable exchange between money lender and client. You may be skeptical that there’s anyone willing to step up to the plate and help turn your business dreams into reality. Except, lenders do exist that know how to help your business thrive.
And in order for you to know beforehand how much a loan will actually cost you (and if you’ll be able to pay for it, you can use Camino Financial’s business loan calculator.
This Woman Succeeded When the Chips Were Down
Leticia made the most of what she thought was a bad situation. Because she had small children at home, she needed income to support her family. She was also the primary caregiver for her family. She decided to rent space in her community and manage two businesses in one space. She sold beautiful flowers while preparing taxes for the same people who walked through the doors of her flower shop.
Another challenge was that her tax service was seasonal. By diversifying her business model, she could offer tax-related services to existing clients without experiencing business slumps in revenue. That meant hiring additional staff and training those employees. Her logical next step was to get a small business loan. That big step forward caused Leticia’s operating income to increase by 49%. Subsequently, over a period of 15 years, Leticia now has a tax business serving over 2,000 clients.
Reasons to Secure a Small Business Loan Online
Some business owners have lower credit scores and therefore limited credit histories. They also know it’s harder for them to get a small business loan through traditional lenders, so applying online is a better option. In many instances, applicants can prequalify within minutes.
Because collateral is not required for an online loan, there’s less risk so business owners can devote their time and talent to growing a business. Another advantage of submitting an application online is that doing so doesn’t affect your credit score. Once you start securing small business loans and make timely payments, your credit score increases and your business expands.
Tools for Every Toolbox
Carpenters need nails and hammers, electricians pliers, and entrepreneurs need help navigating in the business world without being overlooked. Just like Leticia, you want access to the best options to become a successful business owner.
You’re probably wondering how much money does it require to run your business. To calculate the associated costs for a small business loan, use a business loan calculator.
Input the desired loan amount, payment terms, and interest rate and within minutes you can view the projected monthly cost. Use the business loan calculator to enter different amounts and compare the results before applying for a loan.
Good News! With the Right Lender, Your Business Will Thrive
According to the U.S. Small Business Administration data on the survival rate of new firms, only 50% of new businesses survive after 5 years. That’s very few businesses.
One way to get a small business to grow, thrive and survive is through investment. If a business owner invests in their business, it will have more chances of survival. And what happens when you don’t have enough money to do so? A small business loan could be a great way to do so.
So what are you waiting for? Use a business loan calculator to find the loan that is right for you.