Let's Make This Business Loan Work For You

By Matthew Elling
Co-Founder and Consultant at Line of Credit Depot
October 19, 2022

Business owners experience many different types of relationships. Like any relationship some have been very successful where as others have not! There's a famous saying when it comes to relationships in business “You have no friends in business” but I don't believe this to be true at all. Your one true friend in business is called “Business Loan” and they can be one of the greatest things to happen to your company. 

Short Answer:

Your compnay should use these business loans to make your business more and more money. 

Long Answer:

We will breakdown the whole process for you and go into more detail. We will do this by taking you though six easy ways. From reading this, you will know exactly what needs to be done for you to make more money and add loans into your business vocabulary. Now lets get into the long answer.

Apply for a Business Line of Credit at rates as low as 7.5%. How much are you looking for?

Do Your Research And Due Diligence:

First things first it's very important that you do your research. Research is vital when it comes to making important decisions for your business. Due diligence is very important when it comes to Market research. It's important that you know if you are in a good market with potential for future growth and scale. If you're not in a good market then your business loan will become your worst nightmare. Projected ROI is another type of research that needs to be considered. Creating a report concerning the capital and the return you will have on it is extremely important. It’s vital that this needs to be done in order to have a plan that will follow through.

Create a Strategic Plan 

Next in the process is to start a strategic plan around the business loan your business has received. For this you will need to write up a report detailing how you will be spending this money. You will need to make decisions that will positively impact your business. Below we have broken down some ideas between short and long term goals that can be achieved.

Short Term Gains

  • Inventory Flips - Imagine buying triple your inventory. You are saving money with a bigger bulk discount, this increases your profits which means you have the ability to sell more.
  • Purchase Orders - Sometimes these can be quite expensive. These loans will help your business and provide your clients with more orders then they need.
  • Equipment - Using this money to purchase equipment that is needed by the business immediately is a good idea. Its a smart way of coming up with quick revenue as current equipment may be getting old or you need to keep up with customers demands. 

Long Term Gains

  • Ad campaigns - Using Facebook ads can be a good way of utilising the money to invest in your business brand. This is a future goal and will help gradually increase sales for your business. 
  • Physical fliers/sinage - Putting money into creating flyers for your business is extremely beneficial. This will generate traffic that will help increase sales. Also the more people become familiar with your brand the more they put their trust in you. 
  • Events - Hosting events is a great way for your customer to become familiar with your brand and gain a sense of community. 

Find the Right Option 

It's important that you pick the best option for your business. You need to know how much money you can qualify for. This is where bank statements and credit scores come into play. You need these lenders to trust you and your business. Depending on the business some may need longer terms to keep more capital while other businesses will benefit if they can pay it off at a quicker pace.

This is where Line of Credit Depot comes into the picture. We have funding specialists who will be able to provide the best options for your business needs. Our specialist ensure that you have a clear understanding of the loans. They also ensure that they give you the best possible deal for you and then will work with you to get you better ones in the future. 

Communicate with Lenders

Communication is KEY.  Always update your funding specialist from Line of Credit Depot regarding your loan. Keep them in the loop. By being open and honest with your lender it means that they can be the most helpful and keep your business on track.

Make The Payments 

Make sure you make all your payments! It's vital that you remember each one. If you forget or avoid a payment it will cause your business more harm than good. By making each payment it means you increase your credit score. This is a for sure way to create trust with your lenders and be able to borrow more money in the future if it is needed. 

Ultimately, MAKE MORE MONEY! 

From this I hope you can see that the your one true friend can generate a lot more money for your business. This is a game changer for you business if you’re smart with your money. So what's stopping you? Grow your business today!

Before you apply, check to see if you qualify.

No application or obligation.