Using Alternative Financing to Expand Your Business
How are you planning on growing your business? Regardless of your industry, you may need a competitive form of financing to thrive. Even the best business practices sometimes need financing to grow quickly and successfully. Find out how to maximize business growth with alternative financing today.
A construction loan can be a lucrative way to improve your business with an alternative financing structure. Construction loans are short-term alternatives to traditional mortgages. These loans are designed for new builds or extensive remodeling projects. If you’ve purchased an excellent piece of property and need to build an office building, restaurant or hotel, choose a construction loan to finance the construction of it before you can apply for a commercial mortgage.
Similarly, a bridge loan offers an excellent opportunity for business growth. A bridge loan is designed to be a short-term financing alternative for almost any business expense. A common use for bridge loans is for remodeling your property. Extreme renovations can be financed in order to increase the value of your commercial real estate. Once the renovations are complete, you’ll likely be eligible for refinancing at a lower interest rate than the bridge loan.
Sudden investment opportunities can also be claimed with a bridge loan. Whether you have a client that needs an extensive order or you find a great deal on a new piece of equipment, a bridge loan provides the cash you need for quick business expansion. Once you’ve expanded, you should be able to quickly pay off your loan.
Finally, an SBA 504 loan is available for small business owners who need a way to finance growth. SBA 504 loans are designed for a variety of commercial expenses that otherwise couldn’t be covered by a traditional bank loan. Whether you don’t have the credit available or financial history for a standard bank loan, SBA 504 loans have more flexible requirements with small business owners in mind.
There are a number of ways you can utilize these alternative loan options to grow your business. If you’ve been denied a bank loan or can’t wait for a lengthy application to be processed, don’t give up on your small business expansion. With the right form of financing, you can take advantage of any financial situation and leverage your current assets to obtain dramatic business growth. Propel your business forward today with the best loan for your situation from a trusted financial provider.