While a loan may not be the first choice for a business, it sometimes is the only way for a business to succeed. There are wide number reasons that a business may need to borrow money. Could be to hire new employees on a short notice, make up for payroll during a slow month, advertising purposes, expansion and growth or more. Whatever the reason may be, every small business will likely need financial help at one point or another.
There can be a few downsides to borrowing money, such as the interest, but all in all the advantages can very advantageous. For starters, it can keep a business from failing. Say an antique shop has a seen a recent slowdown in sales. Perhaps the road construction on its street has deterred the usual passerby from coming into the store. The business owner learns that the construction schedule has been delayed and isn’t planned to be finished for months! He decides to advertise his business harder than usual in hopes to regain customers but hasn’t budgeted for such an unexpected expense. Does he sit around and watch his business fail or does he take out a small business loan?
Taking the loan would be the smart thing to do, but as mentioned earlier, businesses don’t usually like the idea of borrowing a loan right away. They can be reluctant due to the climbing interest rates that banks might offer. Luckily for the antique shop owner, he didn’t take out a loan from a traditional bank. He had already heard about a small business loan by wscapnow.com, the website for Water Street Capital where businesses can apply online. The shop owner mulled it over, comparing the benefits between it and that of a traditional bank.
The shop owner decided that Water Street Capital was the smarter choice. For starters, he was able to get accepted much easier. Although his credit history had a few blemishes, he still passed the approval qualifiers. Despite the slow times his business had been facing, he continued to gross at least $10,000 a month which proved that he was financially stable enough to be able to repay the loan.
The second deciding factor for the business owner was that the process was fast. He already knew that he could apply online, but after taking a look at the website, he learned that he could get the funding he needed in just 3 business days. It would be fast enough to pay for the billboard he wanted before anyone else could.
The third and final benefit that sealed the deal for the shop owner was the way Water Street Capital managed their repayments. Unlike that of the banks, their client need only to pay a small percentage of their sales each month. That meant that if the advertising didn’t work too well, he wouldn’t need to worry about making huge payments each month. He found the branch that was closer to him and got the financing he needed.