6 Ways to Use a Small Business Loan

1. Everyday operations

If you're a business owner, you know running a business can be costly. There are always new expenses like payroll and rent are always popping up, from payroll to rent, to funding daily operations. A small business loan can help your business cover the unforeseen, as well as stay afloat during its slower seasons.

2. New equipment

Purchasing new equipment and machinery can help your business save on everyday expenses by increasing efficiency, but that initial outlay can also cost your business. A small business loan can help make the necessary purchases affordable.

3. Inventory

Every retail business needs to keep its inventory well-stocked and in high demand to be successful. Sometimes, though, a business will find it challenging to keep up with inventory if the previous stock didn’t sell as well as anticipated or the business is going through an especially slow season. A small business loan can help keep up with inventory during these times.

4. Debt consolidation

Keeping up with monthly payments on outstanding debt while staying on top of other expenses can be difficult for a struggling small business. A small business loan can enable you to refinance or consolidate your debt into lower-interest and fixed monthly payments.

5. Marketing campaigns

Having a fantastic business model is not enough to make it prosperous; people need to know you exist. Without the right kind of marketing, a business can be invisible to the public. But ad space, branding, commercials and more can be expensive. Let a small business loan help you get your hands on the capital you need to run a marketing campaign that drives real results.

6. Expansion and growth

Sometimes, a great opportunity for growth can present itself to a business, but the cost of funding it is prohibitive. A small business loan can help a business secure the funds it needs to grow to its full potential.