Need Help Growing Your Small Business On A Tight Budget?

By: First Union | Date:

business-finance

Need Help Growing Your Small Business On A Tight Budget?

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Starting a business is hard enough, growing from there seems an impossibility for some. You have to hire employees, purchase equipment, go after new projects—and to do all of this you're going to need money. Most small businesses fail because they simply run out of the cash necessary to do what needs to be done to grow and thrive.

So what can you do when you're striving to expand and yet your budget doesn't necessarily accommodate such plans…Here are three things you might consider.

  1. Look for free alternatives. While yes, it might be nice to have the latest software, for instance, you might have to search for free or low costs options instead. And then as you get bigger and start to make more money, this is when you can invest in the higher end software packages. Platforms like MailChimp and HubSpot do have free plan options, and while it may not come with all of the bells and whistles, it works well in the interim.

  2. Get an SBA Microloan. The SBA is in business to help small businesses. That said, they work with lenders and various institutions to help smaller companies in need of funds. A microloan is a great solution in the short term, especially if you're looking for money for a specific project or are just trying to weather a downtime.

  3. Collect on Past Due Accounts. As a smaller company, you simply don't have the luxury of waiting sixty or ninety days to get paid. You need to get your clients to pay faster. You can do this by offering discounts and/or incentives. You might also try and outsource your accounts receivable collections.

At First Union Lending, we would love to help your small business grow. We specialize in funding for those companies who are looking to expand, launch a new product, hire more staff, pretty much any sort of project, we want to be on board! Call today and let's get started!

Let's do this together!

Are you ready for greatness? First Union Lending is here to help you achieve your financial goals.

Let's Do this together!

Are you ready for greatness? First Union Lending is here to help you achieve your financial goals.

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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.

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