If you've ever run a small business, you know the amount of hats you have to wear during the day: you need to be the marketer, salesperson, technical support, accountant, lawyer, receptionist and of course the guy that actually does the work, prepares the orders, designs the website, or writes the content. In short, if you're a small business owner, you will be working harder than you ever did during your 9 to 5 job. And if you're like most of us, you wouldn't have it any other way!
That said, there will come a time when you need that piece of equipment, that computer or that very expensive bit of software and you won't be able to pay for it and still keep the lights on. It is at times like these where an unsecured small business loan is an asset.
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But what if you're of the opinion that an unsecured small business loan is something to be avoided? In that case, consider that when things come up that you need that are more than a couple thousand dollars, you may not be able to get it when you need it most. In short, by not considering the option of an unsecured small business loan, you are in fact doing your business a grave disservice, as you may not be able to grow it as quickly as you would be able to with said piece of software or equipment.
Something else to consider is the fact that an unsecured small business loan is most often flexible when it comes to repayment terms and in some cases you may even be able to prepay as you go, that is pay more than the minimum as outlined in the contract.
Something else you might not have considered when thinking about an unsecured small business loan is the fact that it gives you instant access to the cash you need, without waiting. When you need cash to pay an overdue bill, or you see that software at a discount, being able to have the cash right there makes getting what you need that much easier.
That said, you need to treat your unsecured small business loan like it is only for the business, because it is! It is always tempting, especially if you're the sole proprietor, to use the money you get from your lender for things unrelated to the business. This is a big no-no in that you can very quickly find yourself bereft of the very funds you applied to get. And you'll still not have the equipment you need. Not only that, but you will have to begin repayment as soon as possible.
So the best advice to give would be to only use the funds you get to further grow your business. Simply use them to get more business and you'll be able to pay off the unsecured small business loan faster and be in profit quicker. So if an unsecured small business loan is in your future just remember to treat it like the business tool it is.
