There are many possible reasons why your company may need a loan. These can vary depending on your line of business. We’ve outlined a number of potential arenas where an influx of additional capital can help you grow.
There are several questions you should consider when planning on expanding your business.
- What is your growth plan for the next 6 months? 12 months? 18 months?
- Are you planning on hiring new employees?
- Would additional capital help you meet payroll?
- Do you have any equipment or technology that needs to be upgraded?
- If you had unlimited capital, how would you be spending it to improve your business?
Below are a few examples of ways that more money might be spent.
- New Point of Sale (POS) equipment
- Update kitchen equipment
- Food truck, popup, or ghost kitchen
- Increase your inventory
- Fixtures and POS equipment
- Seasonal cash flow challenges
- Debt Consolidation
- Buying out a Partner
- Expand Practice
- Acquire a Practice
- Existing property acquisition
- Room remodels
- Payroll costs
- EMV liability shift/pay at the pump
- Convenience store renovations
- Digital signage
- Car washes