If you’ve been reading our blog, you know now that Brass Financial Group funds loans for small businesses regardless of bad credit, without proof of income, and without the mountain of paperwork required by banks. But what sort of things can a business loan be used for?
One of the most common uses of business loans is equipment. Vital components of your operation can break suddenly, leaving your business unable to operate. For example, if a pizza place’s oven goes out of commission, they may have to temporarily close up shop. In these instances, a business loan is the ideal solution to get up and running again as soon as possible. There are also times where it makes sense to upgrade existing equipment or add something new to expand your offerings. Whatever the reason, a business loan is a great way to fund necessary equipment for your business.
If your business relies on selling products, your inventory is your livelihood. And when it gets low, you may start to run into trouble. A business loan can be used to cover the costs of restocking so you can stay up and running when money gets tight.
Even when cash flow, employers still need to find a way to pay their employees. As long as the business owner has a clear strategy for turning their employee’s salary into profit, a business loan can be used to cover employee wages.
If a business is doing well enough that it’s time to expand, a business loan can be the perfect solution to get the project off the ground. The loan can help to cover necessary new real estate, hiring efforts, additional inventory and equipment—whatever you need to expand your business and start turning a profit.
Something as simple as marketing and advertising can also be funded with a business loan. This can be put towards marketing efforts such as social media outreach, website development, print ads, and even hiring a consultant to run analytics on your current marketing efforts. Advertising tends to be one of the most overlooked uses of business loans, but it can also be one of the most profitable!
Whether for yourself or for your employees, training and education can be another use for a business loan. Whether you’re in retail and want to give your employees more sales training or you own a bar and want to develop a deeper knowledge of wine, using a business loan for education can be a huge investment in your business.
Interested in a business loan for your own business? Fill out our simple loan application and we’ll be touch.