How Does a Small Business Loan Work?
However healthy your finances may be, when you’re growing or expanding your business you sometimes need to spend money that you don’t yet have, before you can reap the benefits. Whether this means upgrading your equipment, expanding to new premises or hiring new employees, a business short term loan through The Belmont Franklin Group could be just what you need to bridge that gap and set yourself on the path to success. If you want to maximize your sales in peak season, for example, you need to invest in the staffing, resources, inventory and marketing in advance, knowing that the revenue will follow.
A small business loan through The Belmont Franklin Group gives business owners access to short term financing, usually with one specific need in mind, to help you grow your existing business.
You get a lump sum of working capital that you pay back in regular installments, with a fixed fee. As the name suggests, there is a fixed term for paying off the loan (anything from 3 months to 2 years), and repayments can be made on a daily, weekly or monthly basis to suit your cash flow.
The loan amount, fixed fee and repayment schedule will depend on your needs and on the financial shape of your business.
How Do I Qualify?
Generally, you will qualify for a small business loan through The Belmont Franklin Group if you have an established business that is already generating revenue, and a good credit history. Business loans come in many different shapes and sizes, so the specific loan amount, fixed fee, rate and length of the term will depend on your business financials and credit rating.
You can apply for a business loan through The Belmont Franklin Group online and all we need to see is a government-issued ID (like a drivers’ license), a voided check from your business checking account, and the last three statements from your business bank account.
Loans from: $5,000-$500,000
Loan Terms: 3-24 months.
Automatic daily, weekly, or monthly payments.
Small business loans through The Belmont Franklin Group are ideal for bridging a gap or fluctuation in your cash flow, or for a one-off purchase of equipment or resources in order to capitalize on an opportunity or complete a big job. This is a great option when you need some up-front capital to keep your business on track or to take the next step, but you know that you’re going to have the funds in the near future to pay it back; for example, if you’re using the loan to cover payroll for additional staff just before your peak season.
What Are the Perks of Getting a Small Business Loan?
As a small business owner, it can be frustrating when opportunities arise but you don’t have the capital to grab them with both hands, for example if you want to expand, diversify, or take advantage of a great marketing opportunity. Equally, an unexpected outlay can seriously tip the scales of your cash flow and have crippling consequences.
That’s where small business loans through The Belmont Franklin Group can make all the difference:
Quick access to up-front capital, right when you need it
Low-risk, because you’re preparing for an increase in cash flow
Regular, fixed payments over a set time period, so you can plan ahead and budget appropriately – no nasty surprises!
To find out what sort of business short loan you could be eligible for click here to start the process!