As you think back on when you started your business, it’s probably one of the best things you’ve ever done. Your life changed for the better and your product or service enriches the lives of your customers.
The success you’ve enjoyed came by working hard and making smart business decisions.
But you’ve probably heard the phrase, “Wishing doesn’t make it so.” And if your business is currently in a slump, it won’t grow simply because you want it to. You’ll need to look for ways to make smart business investments.
A proven way many business owners use to jolt their businesses out of stagnation is to apply for a microloan, like the one offered by Camino Financial. Getting needed funds quickly, perhaps only a few thousand dollars could be the solution you’ve been looking for.
How a Business Owner Used a Microloan to Grow His Business
A local pizzeria specializes in making hand-tossed pizzas using family recipes. Clientele includes regular customers, walk-ins and people who prefer take-out.
The business had been growing by word-of-mouth advertising. Unfortunately, many customers used to leave without placing an order because there were long waiting lines.
There was another problem. Sit-down dining space was limited so customers couldn’t dine with family and friends. For that reason, people choose to meet at larger restaurants with more seating.
All of these problems caused business sales to plateau. If the business owner didn’t make changes immediately, he would continue to lose customers.
It was obvious he needed to borrow money, so he decided to check out information about microloans. Adding more staff, purchasing equipment, and providing additional dining space would solve his dilemma.
The business owner discovered that microloans are available in a broad range of loan amounts, usually ranging from $5,000 to $50,000. He could use the money to purchase equipment, add on to the building, and hire employees.
He applied for a $30,000 microloan. He was relieved that the lender he chose didn’t require collateral. Another huge relief was that his return over investment (ROI) was favorable when he compared his net profit and costs.
The pizzeria owner was approved for the loan and received the funds within 4 business days. The monthly payments were affordable and the 36-month term meant he wouldn’t carry the debt for an extended period.
He wasted no time and hired a local construction company to add dining space, purchase the equipment he needed, and add two staff members.
After a few months, sales increased significantly. The business can now take care of customers in a timely manner whether they order take out or dine in.
Furthermore, the business owner had enough money to pay a designer to create a website enabling people to order in advance. He also advertises his business regularly in a local newspaper and on social media platforms.
All of these positive changes occurred because the business owner took a step forward and used a microloan to provide the finances he needed to grow.
Could Your Business Use a Boost Too?
Getting back in the game enables your business to move confidently toward the next level of growth. Just like the business owner did above, you can purposely use the funds to target where you need money the most.
Microloans provide smaller amounts of capital so your business doesn’t take on huge amounts of debt. They are designed with shorter terms and lower loan amounts making them an attractive funding option.
Why not take a few minutes now to check out a microloan’s features and compare its advantages and disadvantages. Getting one could alleviate any financial concerns you have.