Small business owners need working capital to deal with ups and downs of cash flow, pay for operating expenses, and invest in growth – but they usually don’t need the same large amounts of capital that big companies require. Instead, many small businesses can get by with smaller “micro loans” in amounts of $50,000 or less. Even a small amount of money is often enough to make a big difference for a small business.
Here are a few ways that small business owners can use micro loans to help their businesses succeed:
Pay for Marketing Costs
Getting a micro loan is often a good source of funds to help pay for new marketing expenses – whether it’s a new marketing campaign, a revamped website, Pay Per Click ads, sponsored posts on social media, or more. If you want to try some new marketing techniques, it’s often good to have a fresh influx of cash to help pay for your marketing work – after all, “you have to spend money to make money.” Ideally, your marketing will pay for itself!
Buy New Equipment
Do you need to buy new business equipment? Whether it’s new machinery, new office furniture, a company car, or new business laptops or mobile devices, your business will be more productive if you have the latest equipment to help you do your work. Depending on your needs, getting a micro loan can often give you the necessary funds to buy (or lease) new business equipment.
