Small Business Loans | UpCurve


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Line of Credit

A line of credit offers a business many advantages over traditional loans. Loans typically carry higher interest rates than lines of credit, and because lines of credit have variable rates, your rate could be improved if you exhibit smart credit management. Credit lines are ideal for short-term purposes such as payroll expenses and marketing; it is wise to use your line of credit for revenue generating initiatives as much as possible. Traditional business loans usually have closing costs of 2–7%, whereas a line of credit usually has no or very low closing costs. Also, a business loan can only be used once, while a line of credit can be used multiple times, offering you greater flexibility. A cash advance can also be good alternative to a line of credit.

Increasing Your Business' ROI

By managing your financial resources well, you can increase your business' return on investment (ROI). ROI is a method of determining profitability by dividing a business' revenues by its total costs to achieve those revenues, sometimes for specific initiatives or investments. For example, if it costs $3,000 to buy a new pizza oven, but the efficiency and size of the oven allows you to sell twice as many pizzas at $12,000 per year net profit, the simple first-year view of ROI on the pizza oven investment is 400% or 4x. To increase your business' ROI, look closely at your costs. Examine your annual operating budget along with your annual revenue. Check if there are any parts of your business that are costing more money than they are making.

You may be able to improve your business' ROI by using efficient communication methods with customers such as email, or by increasing your marketing, especially online. Typically, these are low-cost ways to drive more traffic to your business and allow you to increase your return.

Smart Loans Have Long-Term Benefits

With a small business loan or advance, you have quick access to funds. Small business loans and advances are used for many purposes including hiring staff, upgrading or repairing equipment, expanding your business, or for marketing expenses. Another way to use a small business loan or advance is to increase your inventory. Often, a company can receive a substantial discount on inventory by buying it in bulk, assuming you have storage space that is less costly than the savings gained. In addition, a lack of available inventory causes businesses to lose sales and accounts. Funds from a small business loan or advance can also be used for increased employee training to make sections of your company more efficient.

Contact us today to apply for small business financing.