Undoubtedly, Vincent van Gogh expressed how you feel about your business. He said: “I would rather die of passion than of boredom.”
As an entrepreneur, a boring 9 to 5 job was not one of your priorities. You’re probably in love with your business. You like helping people with your products or services, not to mention how you love being your own boss. More than likely, you’re still as passionate about your business as the day you started it.
Even so, your business seems to have stagnated. You know that to jumpstart a sluggish business, you could have a limited-time sale, increase social media exposure or adjust pricing to boost sales. There’s one problem that stares you in the face every day: you need funds to do that.
What’s the solution? Small business loans, because they provide quick access to needed capital, especially ones from online lenders.
Here’s how an entrepreneur, in 5 easy steps, acquired funds quickly.
This Chocolate Lover Makes Gourmet Candy
Daniel started out selling gourmet candy from a mall cart. He then became a confectionary chef and started his own chocolate candy business. At each stage of business growth, he has made smart investments in strategic areas like staff, production, technology, and marketing.
But one day Daniel faced a new challenge. He wanted to get culinary training to become a master chocolatier. This prestigious achievement would help market his business to gain global recognition and allow him to compete in The World Chocolate Masters.
But he needed funds to attend The French Culinary Institute and hire a manager to take over his duties while he was away. He decided that a loan was the quickest solution to achieve his business goals. He followed these 5 steps to get a small business loan:
Fill out an application
A small business loan application takes no longer than 10 minutes to complete.
Daniel filled in his name, email address, and mobile phone number. Other required entries included the business name, loan amount, and a space to explain how he intended to use loan proceeds.
He was glad to find out that his credit score was not affected by submitting the application.
Review your options
After submitting the application, he had to wait 24 hours to know whether or not he qualified for the loan. A loan specialist contacted him to set up an appointment to answer any questions.
The specialist got permission from Daniel to download the last 6 months of activity for his business. By working closely with an adviser, he was able to choose the best funding options for his business.
Submit financial records
To avoid delays, Daniel submitted financial statements, a copy of his business registration and license online. Because his loan was above $50,000, he also sent copies of his most recent personal and business tax returns.
Accept offer and business terms
Before he finalized the loan contract, he reviewed the loan terms to include the loan amount, closing fee, interest he will pay, and the monthly payment. He reviewed the documents electronically without ever leaving his home or business office, which saves him valuable time.
Receive funding
Within four days, the lender made a digital transfer of funds into his banking account. Daniel was ready to move forward with the next phase of business growth. In addition to exclusive training to help him market his business, he got additional funding for working capital.
A Small Business Loan Could Be Your Solution Too
Like Daniel, you probably know what your next steps are to keep your business on track for growth. The only missing piece of the puzzle is funding.
A small business loan could pull your business out of a slump so it stays ahead of the competition. It seems like the most logical way for an entrepreneur to move forward, don’t you think?