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The idea of a small business loan is always enticing. Whether to relieve pain felt from a recent cash crunch or to expand your booming business, more working capital is what every business owner wants. No matter the need, the question you should ask after deciding that yes, you do a want a loan, is whether or not your business can even afford it.
If you are seeking capital because your cash flow is lumpy, you have to keep in mind that this loan is going to cut even further into that cash flow. Not only will you immediately have to start paying it back, but it could come at a hefty price.
Or, if you are looking for a business loan to take your business to the next level–say, open a new location, up your marketing spend, or something similar–the same still applies. Just because your cash flow is healthy now, doesn’t mean it will be after you take on this loan. By the time you start making payments, you might find the loan hits you harder than you thought it would.
To reiterate, it’s not just about if you want a loan or a need a loan. It’s about whether or not your business can afford it. This can be a tough question to answer, as finding out the true cost of a loan and predicting cash flow is never easy. So, we created a tool to help you. With our “Loan Affordability” tool you’ll be able to take an offer from any lender and decide if it’s a smart financial move for your business.
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