Business goes on, even during a pandemic! Your business needs more capacity than ever to be able to move quickly, make sure you’re prepared for all contingencies, and, especially keep everything running smoothly. It can be a great time to consider getting a needed business loan in order to help all of those things happen. How can you best go about getting a business loan, and why is now a great time to get one?
Interest rates are at an all-time low at the moment. According to Brex, there are a lot of different kinds of business loans you can take out. With the low-interest rates, now could be a great time to get one. Steps are being taken to make sure that small businesses are given the chance to get funding during pandemics. This means changing some restrictions and restructuring during this next year. With some banks, interest rates for small business loans can be as low as 2.5%! This historic rate can benefit you more than ever.
Cheap Real Estate
If you are needing a loan in order to access a new space for your expanding business, those are more than readily available right now as well. Unfortunately, some businesses are closing due to the pandemic’s strictures and ongoing economic complications. According to Franchise Gator, because of the greater supply, you may have greater negotiating power with landlords. This can give you the freedom of expanding to fill your space needs, while also not needing to worry over higher mortgages.
Choosing the Type of Loan
You have to make sure that whatever type of loan you choose to keep your business healthy and happy now will not become a burden to you in the future. You can’t foresee every possible outcome, but some things can help you more than others. You don’t want a great deal of pressure on your cash flow, both for your ability to continue production and also for salary purposes. Besides real estate based loans, there are SBA (Small Business Administration) loans, vehicle loans, and business term loans. The Department of Agriculture also has options for small businesses in rural areas to apply for loans.
Your small business relies on you, and your community relies upon your small business. Taking advantage of the good deals which can benefit businesses during this time can help your future prospects for growth. In a few years, you can have a healthy, happy, thriving business, with a team that is secure and grateful for your excellent business management.
If you’re looking to get a business loan, apply for one from us today!