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6 Ways to Use a Small Personal Loan for Business
Here at Mutual Security Credit Union, we are proud to offer small personal loans to our entrepreneurial members at affordable interest rates and easy eligibility requirements. Here are six popular ways to use a small personal loan for your business.
1. Everyday operations
Running a business can cost a pretty penny. With responsibilities for covering payroll, to funding daily operations, to paying the rent, there are always new expenses cropping up. A small personal loan can help your company cover the unforeseen, as well as stay afloat during its slower seasons.
2. New equipment
Purchasing new equipment and machinery can help your business save on everyday expenses by increasing efficiency, but that initial outlay can also cost your business. A small personal loan can help make the necessary purchases affordable.
Every retail business needs to keep its inventory well-stocked and in high demand to stay in the game. Sometimes, though, a business will find it challenging to keep up with inventory if the previous stock didn’t sell as well as anticipated or the business is going through an especially slow season. A small personal loan can help keep up with inventory during these times.
4. Debt consolidation
Keeping up with monthly payments on outstanding debt while staying on top of other expenses can be difficult for a struggling small business. A small personal loan can enable a small business to refinance or consolidate their debt into lower-interest and fixed monthly payments.
5. Marketing campaigns
Having a fantastic business model is not enough to make it prosperous; people need to know you exist. Without the right kind of marketing, a business can be invisible to the public; but ad space, branding, commercials and more can be enormously expensive. Let a small personal loan help you get your hands on the capital you need to run a marketfing campaign that drives real results.
6. Expansion and growth
Sometimes, a great opportunity for growth can present itself to a business, but the cost of funding it is prohibitive. A small personal loan can help a business secure the funds it needs to grow to its full potential.
Your Turn: How has your business used a small personal loan? Tell us about it in the comments.