The Small Business Administration, or SBA, offers a wide range of guaranteed loan opportunities for small companies that are considering expansion, getting started or simply need funds for any necessity. Here at UnsecuredBizLoan.com, we offer business owners the opportunity to find lenders offering SBA loans up to $35,000 in your local area. While the funds are available through several potential creditors, the business owner is the individual who decides the best use of the SBA loan and some creative ideas can improve the business finances.
Pay Off Credit Cards:
Business credit cards are useful tools a business owner can use to buy necessities like furniture, software or supplies. The problem is that a credit card has a high interest rate when compared to traditional SBA loans and other sources of company financing.
Using an SBA loan to help pay off the business credit cards will make it easier to keep up financially because the interest rate is much lower and the payments remain the same due to the fixed term for the loan. That helps improve the expenditures a business must manage and makes the payments easier to handle as the company is growing.
Business owners who use the SBA loan to pay off credit cards are creatively solving potential financial difficulties that might arise in the future as well as current credit issues. It will not only bring down the monthly costs to pay the credit cards, it will also improve the business credit history.
Used Goods Purchases:
While the temptation to use SBA loans to buy brand new furniture or similar goods might seem high, the fact is that a business can buy used goods and have it reworked for needs like furnishing an office. Though it is not always best to buy used, some items needed by companies can result in high savings by looking in thrift stores or antique stores. The added bonus is that it is possible to make the used items look new with a little creativity and planning. That will not only make the SBA loans go further, it will add an element of creativity to the business workspace.
An SBA loan is a way to help fund businesses. Though it can help, business owners need to use creativity to ensure the money can manage several financial needs. To apply for SBA loans, use the form on the right.