Some business owners use personal loans to fund their companies but using dedicated small business loans and financing allow you to keep your personal finances separate from your business endeavors. We’ve helped many Texas businesses grow, create new jobs, and stimulate economic growth in their local communities with the best small business financing options for their needs.
Boost Your Cash Flow
Cash flow is often one of the top challenges for growing businesses. Get small business financing to free up cash for immediate reinvestment in your company. You’ll have more flexibility in financial decisions and be able to prioritize expansion rather than worrying about day-to-day expenses.
Buy New Equipment
Buying equipment for a growing company can add up quickly, especially if you’re looking for the most advanced models. It’s important to find the most powerful tools in order to provide the best possible service to your clients. Never underestimate the value of good equipment. We can work with you to find the best small business finance option for the items you need.
Refurbish Your Premises
Renovating your company’s facilities can be a significant expense, especially if you’re still in the early stages of growth. You need a clean and modern work environment to succeed and attract talent, so think of this as an investment in the business. Get small business term loans or another type of small business financing to cover some or all of the costs involved in renovations.
Hire Extra Staff
Hiring the top talent puts your business ahead of the competition, but it can be hard for growing companies to put together enough money to bring on more staff. If you need to add someone to your team but don’t have the cash to do it, an option like a small business loan with competitive interest rates could be the way to get funding.
It’s impossible to predict when a variety of one-off costs will come up for your business, and you don’t want to miss out on an opportunity just because you don’t have cash on hand. A small business loan or line of credit can help allow you to take advantage of any opportunities that come your way.
Grow Your Business
Every small business owner wants to grow their company, but you sometimes need an initial investment in order to achieve any worthwhile returns. Get funds that allow you to invest in your company without giving up equity or becoming responsible to shareholders. In addition to the costs above, you can get enough funding that can help you grow by paying for many other important additions.
Which type of financing should I take out?
Business owners can look for small business loans with shorter or longer terms based on their financial needs. The best one for you depends on a few factors. You should consider how you’ll use the money, how much you need, and how much you’ll pay in interest with each option.
If you’re not sure what kind of financing option you want (loan, line of credit, or anything else), consider talking to us about your situation. We will be able to talk you through your choices, helping you find the best small business loans for you and your business.
By applying for a small business loan through Viking Advisory Group, you’ll receive the dual benefit of an accountant and a dedicated loan specialist. We’re here to guide you through the entire funding process. We will walk you through your options and work with you to find the best funding option(s) for your business.
Learn More About Your Options for Small Business Loans & Financing
Business Lines of Credit
A line of credit is a flexible form of short-term financing. You have a set amount of available credit which you can access as you need. With a business line of credit, you do not make any payments or pay any interest until you actually use the funds. A line of credit is ideal for unexpected expenses so that you don’t have to rely on cash flow when emergencies arise. For instance, having to replace a major piece of equipment or offsetting a seasonal decline in revenue. A line of credit could be in the range of $5,000 to $500,000 or more. With a line of credit, you’ll only pay interest on the funds you draw. However, there may be other fees attached to lines of credit like monthly maintenance fees, draw fees, and late payment fees.
Small Business Term Loans
Term loans are one of the most popular types of small business loans. If you’ve ever taken out a mortgage or financed a vehicle purchase, then you’re probably familiar with the mechanics of a term loan. Term loans are delivered via a lump-sum of capital from a lender and paid off in fixed installments according to a schedule until you pay back the principal plus any applicable interest (and any fees). Repayment periods can vary from short term (12 months or less) to medium term (1 -3 years) to long term (3+ years). Term loans are typically secured by a lien on your business assets and may require a personal guarantee, which means your personal assets may be liable if your business defaults on the loan. One of the perks of a term loan is that the interest rate, which could be either fixed or variable, tends to be competitive and lower than other types of small business financing. This is especially true when you consider that you may be repaying the loan over a number of years. Business owners have flexibility with regards to how they can use the funds. For instance, one could use a small business term loan to expand to a new location, replenish inventory, or hire new employees.
Small Business Administration Loans
The 7(a) is the SBA’s most widely used loan program. While the loan is partially guaranteed by the Small Business Administration, the financing is delivered through an approved SBA lender. This way, you can borrow anywhere between $20,000 and $5 million for as long as a 10-year term. The SBA’s 7(a) loan program is attractive to many small business owners for its below-market interest rate. Payments are made monthly, and you won’t face any fees for early repayment. Your business should have an operating history of at least three years to qualify. Use the proceeds for working capital, refinancing debt, making major purchases, and more.