FOLLOW US :
212-300-5196

FIRM NEWS

Whats the news today-

Should I get a business loan to grow my business?

January 11, 2020 Uncategorized

Starting a new business can feel daunting because there’s a lot to consider. Once you get the business going, it will take time, effort and money to grow it. In fact, a common reason why many businesses fail within the first year is because they don’t have the financial resources needed to remain viable. This is when an important question usually arises: Should I get a small business loan to grow my business? While the short answer could be “yes,” there are many considerations. You’ll need to get clear on why you need the money. The information below sheds light on different ways a business loan can support your growth initiatives. Sometimes, if you take too much money, you may need business debt settlement assistance.

Launch a New Product

While there are ways to launch a new product on a budget, it’s often necessary to borrow money if you want to start out with the highest potential for success. For instance, a great launch will include development and execution of a marketing plan, in addition to product development. This requires a sufficient amount of capital, especially given the cost of advertising. It will likely involve website updates, which takes money if you want to get it right.

Improve Cash Flow

If you have been in business for a long period of time and you have not been able to achieve the level of growth expected, you may need to improve your cash flow. Working capital can help you deal with unexpected emergencies that arise, purchase raw materials and ensure your ability to cover operating costs. Sometimes you simply need a quick injection of cash because things are tight. Either way, there are different loan options that can accommodate your needs.

Purchase Equipment

Depending on the nature of your business, there’s a chance that you’ll need to invest in equipment and that requires money. In some instances, buying equipment will increase productivity, which can help you become profitable. This might also include computers and any necessary software. One aspect of business that cannot be ignored is data security and there are software applications that can help you comply with data security regulations. Getting a business loan, and title insurance, is a prudent decision when it’s for the purpose of making a purchase that will advance business objectives and help you comply with the law.

Lease Larger Office Space

If your business requires a brick and mortar location and you need to expand, buying property can be too costly. Instead, it’s often best to lease a larger space. Whether you buy or lease, you’ll need the financial resources to do so. Sometimes leasing requires you to put down a significant deposit and a business loan can help.

In addition to the reasons discussed, sometime a business loan is required to enter new markets. If this is the case, borrowing money might be the best solution to make that happen. The key is to have a clear understanding of why you are getting a loan and how it can help take your business to the next level.

FREE CONSULTATION

Testimonials

Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.

~ David Bruce

Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.

~ Rowlin Garcia

Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.

~ Francis Anim

Spodek Law Group

White Glove Service

We provide superior service, excellent results, at a level superior to other criminal defense law firms. Regardless of where your case is, nationwide, we can help you.

Get In Touch

Schedule Your Consultation

Los Angeles

555 W 5th St 35th floor, Los Angeles, CA 90013

212-300-5196



get directions

Queens

35-37 36th St, 2nd Floor Astoria, NY 11106

212-300-5196



get directions

NYC

85 Broad St 30th Floor, New York, NY 10004

212-300-5196



get directions

Brooklyn

195 Montague St., 14th Floor, Brooklyn, NY 11201

212-300-5196



get directions

Call Us