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Many of the businesses that come to Fundera for a small business loan are operating under the assumption that taking on this financing will help them increase revenues (whether by putting it into new marketing campaigns, buying a piece of equipment to up their output, and so on). It does take money to make money, so often a small business loan is what many businesses need to get to the next level. However, loans always come at a cost, and can often be expensive.
That being the case, if you are considering a loan, you need to sit down and see how the cost of this loan will affect your financials. If it is expensive, it could cut into your profitability. Calculate how much revenue you need to add to your business each year to ensure, even while paying off the loan, your business at minimum breaks even or even better, remains or becomes profitable. The best way to do this is with our loan performance analysis spreadsheet. This free tool will allow you to put in your loan and revenue details and easily calculate what revenue growth you need to see (if any) to verify this loan is a wise investment. Ready to get started?