You finally took a leap of faith and opened your own business. Congratulations! We know how challenging it could be, especially if you are still working overseas, but in Balikbayad, we believe that you can do it. That is why we are here because we want to offer a loan facility specifically for OFWs like you to help you grow your business.
We know how much negativity surrounding loans, but believe it or not, borrowing money can be helpful for your business – as long as you use it the right way.
Here’s how you can use loan to boost your small business:
Additional Working Capital
You will never run out of ideas on how to promote and grow your business, but at the end of the day, what you need is money to make those dreams realize. There is also a constant need to replenish your inventory or introduce new products, but do you have sufficient cash to cover for it? Apparently, you are on tight budget and using your emergency fund to keep your business afloat is something you don’t want to do.
In that case, loans can help. It helps your business stay afloat to make sure you are still up and running.
Additional Supplies in Inventory
In line with working capital, you always need to have products to sell to keep the business going. If you’re always out of stock, how do you expect customers to keep coming back at you?
Apparently, cash can be an issue, which is why applying for a loan can be helpful for your business. Through additional working capital, you can add more supplies or products in your inventory and eventually convert it into sales.
Set Up a Website
The digital world can do so much for business. Decades ago, you have to rely on word of mouth and old-school advertising such as flyers and ads to introduce your business to the world. At present, you can do that with just several clicks. If you want to boost your business, then setting up a website can be your solution. After all, Forbes reported that consumers rely heavily on the Internet to learn more about a particular seller.
Setting up and maintaining a website can be costly. You have to purchase your own domain name and set up a shopping cart to make transactions easier and more convenient. You might even hire a website designer to make the website more appealing to customers. This is why loans can be helpful because the money you could borrow can help you finance these expenses.
Purchase Equipment
This will depend on the kind of business you are running. Let’s say you opened your own mini grocery or restaurant. You will need certain equipment to keep your business running. Apparently, the cost that comes with equipment purchase can be too much for your pocket.
This is where loans come in. It could help you buy the equipment your business needs to make it even more thriving.
Pay for Unexpected Expenses
Life is uncertain. Business is likewise uncertain. There might be unforeseen events such as leak issues, short in cash to pay for the rental, calamity that affected your products, and the list goes on. You might want to use your savings and emergency fund to cover for these unexpected costs, but one of the cardinal rules in business is to NEVER mix personal and business funds.
This is how loans can help. It could be your lifesaver in instances like this while minimizing the risk of going out of business.
Build Your Credit Score
Lenders, especially big banks, look closely into your credit standing. They need to know whether you can pay the loan on a given time. If you want to enjoy perks such as lower interest rate or lesser documents to be submitted, they need to see that you are a good borrower in your Credit Report.
What you can do is to apply for a loan with private lenders like Balikbayad to help you build your credit score. Don’t worry. We make loan processing and repayment convenient for you because at the end of the day, all we want is to help you and build a good financial relationship with you.
Are you ready to apply for a loan? Submit your loan application now and let Balikbayad help you in making your entrepreneurial dreams happen.