As a small business owner, growing your company is always on your mind. You’re always looking for another way to take your sales, revenue, and profit to the next level. 

A small business loan may be just what you need. While it requires you to take on debt, it also gives you access to the cash required for expansion. 

If you’re on the fence regarding how to best use a small business loan, here are some ideas to take into consideration:

1. To Purchase Equipment, Supplies, or Inventory

Depending on your industry, you may need equipment, supplies, and/or inventory to ensure a smooth experience for both employees and customers. If you find yourself in need but don’t have enough cash on hand, a small business loan is a solution to consider.

2. To Relocate or Renovate Your Office Space

There may come a point when you realize that your company has outgrown its current office (or will in the future). Relocating to a new location or renovating your office space can set you back financially. Even if you know you’ll win out in the long run, it doesn’t change the fact that you have important decisions to make in the here and now. Using a loan to relocate or renovate is a common choice. 

3. To Pay Contractors or Freelancers

Are you working with a contractor or freelancer to redesign your website? To add unique content to your website? For marketing and/or advertising related projects?

A small business loan gives you the spending power you need to take full advantage of your help. 

4. To Consolidate Debt

Even if you’re comfortable with your current debt load, it never hurts to look for ways to save. And with debt consolidation that’s exactly what you’re able to do.

Use the proceeds of a small business loan to consolidate other forms of debt. With your liabilities under one roof, you’ll save on interest and reduce the amount of time it takes to manage your finances. 

5. To Pay for Everyday Expenses

From rent to repairs to payroll, there are everyday expenses to manage as a business owner. The funds from a small business loan give you what you need to best handle anything that comes your way. 

Summary

These are just five of the many ways to use a small business loan to grow your company. If another idea comes to mind, consider if it makes sense to go down this path. You may find that it’s perfect for you, your business, and your finances.

Do you have any experience using a small business loan to grow your company? Were you happy with the way things worked out?