The time has finally come, you have decided to turn your idea into a reality. Starting your own business is the best decision you can ever make.
You know this is where you should be, but you feel your business is lacking something.
The only problem? You’re not getting enough clients as you thought you should. You’re trying to start or grow a business with no money to invest in marketing, production, hiring, and technology to boost your sales and the growth of your company.
They are a great way to secure financing and increase the working capital of your company.
Applying for a business loan has never been easier; following these steps will increase the chance of you getting the funds that you need.
- Getting to know your small business and the market.
- Reviewing your options with a small business loan specialist.
- Submitting basic financial records.
- Accepting a final offer and business loan terms.
- Receiving funding.
There are many financing options available to small businesses and here are some inspiring stories from successful entrepreneurs, so you can find the inspiration to take your business to the next level.
Businesses That Thrived Thanks To Small Business Loans
1] From First Baby Steps to Success
José Pérez began his entrepreneurial journey 30 years ago. Today, he is the owner of a prestigious baby clothing line business.
Jose’s business was growing so fast and he wanted to be able to use his resources as efficiently as possible so he borrowed a loan of $20,000 to expand his business. The loan allowed him to expand his business by buying more stock and moving into a bigger shop.
2] The Loyal Customer Turned Owner
After being a loyal customer at his favorite sandwich shop, Oscar López resolved that one day he would run the business, then he purchased the shop.
Oscar applied for a Business loan with only 3 months in operations. He used his business loan to do a makeover to the dining area and buy new equipment for the deli.
Thanks to the business loan he received, Oscar has more clients and is planning to expand Deli 23 throughout San Francisco, California.
“The business had so much potential. I needed to invest capital to ease my employees work, and always with customer service in mind.”
3] Business Loans Transform Lives In Kenia
Each year more and more women follow their dreams and rise to the challenge of starting their own businesses, and Esther, from Kenia, is not the exception
Esther, a budding entrepreneur applied for a business loan to start her business. She used the loan to replenish her stock and pay for other business costs. Now, the income from her business allowed her to pay rent and provide for her family.
4] This Entrepreneur Turned a Hobby Into a Custom Leather Goods Business
At the age of 29, Mónica Giraldo is a great example of successful women in Colombia. She sells handmade leather goods such as leather bags, wallets, and handbags. Mónica owner of “Mogica Pasión Artesanal por el Cuero”, was approved for a business loan.
She used her business loan to buy equipment, raw materials, pay for advertising and hiring a staff. Today, Mónica has a successful business that makes her happy.
If you’re insecure about getting a loan to propel the growth of your business, inform yourself. While the idea of borrowing money from the bank might be scary, the benefits it will bring you are so many that you’ll never regret it.
A loan could be the quickest and most effective solution to make your business grow. While being an entrepreneur means you’re your own boss, it doesn’t mean you have to be alone.
Now that you’re aware of how a business loan can help turn your dreams into reality, it is fairly easy to make a decision.
Have you ever considered getting a small business loan?