At some point, many businesses find themselves in a situation where they need to seek funding. Maybe they need to get some new equipment, or perhaps they’re experiencing a lapse in cash flow. In any case, they might not always have the capital to cover these costs. Fortunately, there are many options to choose from when shopping for small business loans, but there are even more variables to consider.
It’s no surprise that loans are a popular way for business owners to finance some of their new and growing business’s expenditures, but sometimes, they may not want to provide collateral for those loans. Fortunately, there are a few ways to acquire a loan without collateral. There are some loans you can apply for by only providing a personal guarantee or a UCC lien.
Equipment is essential no matter which industry you’re in. No matter what your business does, whether it’s an auto shop or an advertising agency, you’re going to need it. Maybe a cafe needs a new espresso machine or an insurance company’s regional office needs new computers. In any case, these things allow your business to do what it does best, but sometimes they need to be upgraded.
All businesses need some type of equipment, but often, businesses don’t have enough cash to buy it on the spot. This is where equipment leasing and equipment financing come in to play. Both of these options can get the business owner and the business the things it needs to succeed, but they work in slightly different ways. You, the business owner, have to decide which one will work best for your business’s particular need(s).
Equipment. No matter which industry you’re in and no matter what your business does, you’re going to need it. It may be desk phones, printers, chairs or computers. Maybe it’s heavier equipment, vehicles and specialized tools. In any case, these pieces of equipment are the things that make it possible for your business to function.
Are you starting a new company or expanding your operations? A business loan can provide you with the enough funding in order to make these goals possible. But just how difficult is it to attain a cash advance for your business? This depends on a variety of factors.
In the world of small business lending, there is a line between what is a personal expense and what is a business expense. At the same time, many small business owners operate their company as if it is an extension of their personal life. In most cases, a small business really is an extension of the owner. So, can you use a business line of credit for personal use? Can the line of credit be used to pay expenses that are unrelated to the business? No, you cannot. Let’s talk about why.