Running a business is not easy, and cash flow is always top of mind. For your business to grow, your company should consider business loans as an option to expand your business.
Here are some of the reasons why lending money for your business is a good thing:
You can borrow more significant sums of money
Usually, personal loans are limited to a smaller amount than business loans. Businesses have equity, assets, and clients, which can show promise in return on investment. When you show the lender you have orders in place or the potential for sales, they will lend you money.
You control your lending
You do not have to sign away a percentage of your business to lenders. Unlike investors, loans are just that, loans. Once you have paid it off, your business is still yours to own and run.
Your lender will not get involved in the running of your business nor restrict you in how quickly you repay the loan.
You can access your funds quickly
Many lenders to companies have funds readily available to you. Companies like Bizcash allow companies to access their funds via a portal, where you can see what you have available and what you still owe. You can transfer funds in and out quickly and repay faster if you choose. You only pay interest on the cash you are using, not the funds available to you.
You get favourable interest rates
Unlike personal loans and credit cards, company interest rates are usually lower. As the risk is perceived to be lower than a personal loan, with security and insurance options, loans can cost far less.
You save on tax
Yes, you can deduct the interest on your company tax. Great news when you can use the cash you borrow to grow your business concern.
Investing in assets ultimately has the opportunity to increase your production and sales, which in turn increases your company turnover. A win-win situation all around.
Your credit rating improves
When you can showcase a good payment history, your business credit score increases. Ultimately, it means you can then loan additional funds at lower interest rates. It can also help you when you are negotiating payment plans with your creditors.
If your business needs access to funds, Bizcash has options available to suit your needs. With business loans, selective invoice discounting, and overdraft facilities available for you.
Get in touch with our team today on 0861 93 93 93 or email us at email@example.com or contact us here.
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