Taking a corporate loan can feel frustrating. Of course, there is a lot to think about when taking out a loan for your company.
- Is it the right time for an investment?
- Do I dare to take this step in my company’s growth journey?
- Will I be able to pay back?
There are many questions and at least as many answers. It is only useful and a sign of health to ask many questions and analyze the state of the company and your finances. As is well known, there are many holes to put money into to solve their problems, such as paying taxes and fees, supplier invoices and other things needed to keep you afloat. Something you often forget is that there are an incredible number of opportunities and good opportunities for growth. You might need to invest a little extra in inventory before the high season, turn up the marketing a bit or build that really nice outdoor dining area to attract guests during the summer?
We believe in transparency and transparency. If you are open with the status of the company and what you are going to use the loan for, then we can more easily determine what loan amount and maturity you should have.
Think about this when you take out a loan for your business
1. What do I need the loan for?
Should it fill that famous black hole of spending or is it for an investment in your growth? The more we have our feet around the need, the better decision we can make. Decisions that ultimately serve to benefit you and your business.
2. Do I really need to borrow the full amount?
Many people see a price tag or a sum and apply for the full amount. But just because something costs USD 100,000 does not mean that you have to borrow the full amount. You may have equity of $ 30,000? Then we can match it and pay out USD 70,000 for you to reduce the amortization, the monthly fee and not unnecessarily burden your finances. At SwingCredit, we want you to borrow responsibly.
3. What does it look like in 3, 6, 9 or 12 months?
Depending on what maturity you have chosen or just what period of time in your mind you intend to keep the loan, you should have a repayment plan. If you have taken the loan for six months, you should also be able to repay the entire amount until then. In the end, being late with their payments only affects yourself in the form of any unnecessary reminder fees and, at worst, collection claims. Be realistic and don’t invest in high risk projects or things. Want to see your own UC score or company credit report? With the help of credit reporting companies such as UC or Creditsafe, you can find out your own credit rating and look up suppliers and customers.
Now let’s say you have taken out a corporate loan with us or elsewhere. Should problems arise in the form of unexpected expenses or lost revenue – contact you! It is much easier to change a repayment plan if the lender has information on their feet. So do not put your head in the sand but contact you if you have difficulty sticking to the payment plan.
SwingCredit are positive
We are basically positive about most things. We love you small businesses and the impact and impact you have on our society. 4 out of 5 jobs are created by you and you get the community going. We are entrepreneurs ourselves and understand what challenges you have and that sometimes a temporary addition of liquidity may be needed to cope with low or high seasons, invest in equipment, inventories, staff, marketing or to pay taxes and fees.