Here are 4 of the Best Ways to Use a Small Business Loan

Here are 4 of the Best Ways to Use a Small Business Loan

Working with an online or alternative lender is a great way for small businesses to secure the money they need for a variety of projects. As traditional banks are becoming increasingly stringent, many small companies are in fact utilizing the flexible and fast options offered by alternative lenders. That said, you may be wondering about some of the top projects/needs that businesses have and for which they utilize the money… Keep reading to find out more!

  1. Opening a new location. Expansion projects are important for those small businesses looking to grow. One of the most common requests for funds that we see are those looking to open a new location. Whether constructing a building or retrofitting an existing one to reflect your brand, you're going to need cash. And exhausting the company cash flow is never a good idea.

  2. Hiring new staff. Again, this is all about growth. You may have started out a fledgling company with one or two employees, but now you're realizing a profit and you are also realizing that you need more personnel. A business loan is a great way to procure the money necessary to expand that staff.

  3. Equipment purchasing. Whatever industry you're in, you probably require some type of equipment, whether heavy machinery, manufacturing components, technological equipment. Not to mention, the equipment must be kept in working condition and updated when necessary. This costs money. Money that you may not have on hand. Working with a lender on an equipment loan could be the ideal solution.

  4. Weather the down times. Every business experiences those slower times when the money is going out but not necessarily coming in at the same pace. Here is where a short term loan could be just what you need to get you through until the next round of invoices come in.

First Union would love to discuss your funding needs. We work with a variety of businesses across the country, helping them get working capital for whatever project they have in mind. With products ranging from 5k to 1 million, we have the resources to get you the cash quickly. Call today!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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