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    Home»Business»The Savviest Methods For Applying A Small Business Loan
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    The Savviest Methods For Applying A Small Business Loan

    Amanda GreeneBy Amanda GreeneNovember 1, 2023Updated:November 1, 2023No Comments3 Mins Read
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    The Savviest Methods For Applying A Small Business Loan
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    There are some fundamentals you should understand before you start researching small business loan. The first step is to determine exactly how you will spend the funds and make sure you can repay them. In the long run, the loan might not even matter if you don’t carefully plan for these things. 2016 saw us provide expanding small businesses with over $795 million through more than 133,000* programs via Square Capital. The typical plan size was approximately $6,000. We surveyed 7,000 vendors who had taken out loans at the start of 2017 to learn more about their funding utilization. We discovered that while 80% of those sellers had previously utilized Square Capital, 20% of them were first-time borrowers. Of those returning borrowers, 34% used their plan for a new purpose and 66% used it to fund the same business purpose.

    What They Invested In Is As Follows:

    Acquiring Stocks

    Acquiring Stocks

    31% of businesses use their loans primarily to buy merchandise. Over 60% of shops used their funds in this manner, making it an even larger percentage. Taking out a loan to purchase inventory is a smart method to trial new products, refresh stock, and prevent seasonal declines.

    Investing In Equipment

    Investing In Equipment

    Small firms may require a loan in order to finance larger purchases. Purchasing capital equipment was the second most common use of this loan. In actuality, this is how 30% of businesses use financing from Square Capital.

    Daily Expenditures

    Daily Expenditures

    Maintaining a business and making sure it functions properly takes time and money. 17% of Square Capital borrowers utilize their loans to assist in paying for the ongoing costs associated with operating a business.

    Repaying Other Debts Rr Refinancing

    Repaying Other Debts Rr Refinancing

    Combining debts can be a wise use of funding for small businesses. It turns out that 9% of people who receive advances from Square Capital use them to settle other debts.

    Promoting

    Promoting

    Gaining new clients and retaining existing ones are essential for a firm to expand. Marketing is a highly effective means of expanding a firm, whether it be through traditional media, events, email marketing, or social media. Six percent of companies made use of their marketing advances.

    Having a plan in place for how you will utilize your small company loan and repay it is vital. Perhaps one of the above-mentioned investments makes more sense for your company, or perhaps new items or a fresh marketing strategy would work better. Whichever it is, make sure to consider the most strategic use of it before applying for or accepting small company finance.

    *Includes a combination of loans and merchant cash advances made through Square Capital between January and December of 2023.

    Read More: Grow Your E-commerce Business With These Killer Tips

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    Amanda Greene

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