A Business Loan Could Help You Save Your Business

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.