A Business Loan Could Help You Save Your Business
Many entrepreneurs get caught in a vicious circle:
Trying to grow a business but not having enough money to do so > They don’t grow, so they don’t earn extra money > They don’t have extra money to make some investments…
Unfortunately, it happens quite often; so often that businesses stop growing because of the lack of financial resources to invest in marketing, technology or staff. Ensuring the much-needed progress is vital for any kind of business.
As a result, many businesses are erased from the entrepreneurial map. Trust me, you want to be on that map.
It’s a shame that anybody’s dream could get ruined just because of money. That problem, though, that can easily be solved with a business loan. This type of funding represents an excellent way to overcome a temporary business crisis. Besides, a business loan can help you enhance and expand your business.
Now you are probably wondering how you could determine whether a business loan is a right step for you. More importantly, if you’ll be able to pay it back.
If so, a business loan calculator can give you an answer. It is a tool that can assist you in deciding whether you should get a business loan and calculate how much you’ll end up paying.
And I should know, as this calculator helped me with my small marketing agency.
A business loan calculator is like a compass
I run a small marketing agency specialized in community management. My small business generates monthly $5,000 net profits. But, since I’ve been working alone, I never had enough hands, or heads, to dedicate enough time to all my clients, so I had to turn down many of them.
I was overloaded and frustrated, and my business was stagnating.
I realized I had to change something. It occurred to me that if I could hire more people, I would be able to take more clients and increase my revenue. But, I couldn’t really afford to hire anybody.
After doing my research online, I realized my only option was to get a small business loan. At first, I was skeptical and afraid. What would happen if I couldn’t pay my debts?
Then I found a useful tool, a business loan calculator that helped me calculate the cost of a loan. And like a lost traveler with a map he can’t read, the business loan calculator was the compass that told me where to go.
I needed $5,000 to hire another person, so I entered that amount in business loan calculator. opted for 24 monthly payments and a 1.5% interest rate.
All the roads become clear once you have knowledge
Once I clicked the Calculate button, I got all the figures transparently, even the included fees.
Everything was crystal clear, and the best part was that I didn’t have to bother with all the math. I’m lousy with numbers, so this business loan calculator was my life-saver.
My monthly payment was $249.62. It was an acceptable rate given that it didn’t exceed 80% of my monthly net profit.
The next step was to check if I qualified for a small business loan. I sent my online application by filling out the form with basic information about me and my business. After a day, I got a positive response.
Soon I received the loan which allowed me to hire another associate and finally serve more clients. Moreover, this investment resulted in a 49% increase in my business operating income.
Don’t get lost, find your business’ success
Can you relate to my story?
Are you considering getting a business loan, but you aren’t still sure if that’s the right decision?
If so, use a business loan calculator to make sure this investment is a smart move that will pay off in the long run. Maybe today you’re not sure where you can find success, but a business loan can help you get there.