What Is a Business Expansion Loan?
A business expansion loan is any borrowed funding that is used to help a business grow. This growth or expansion might take several forms, such as opening a new location, launching a new product or hiring more staff.
How Do I Finance a Business Expansion?
If your company is in good enough shape that expansion seems like your next step, you probably have quite a few potential options at your disposal:
These can come from sources including banks, credit unions and online lenders. The interest rate, loan amount and repayment period you qualify for will depend on the particulars of your business.
If you feel that your company has high potential growth and are confident that you can demonstrate this, finding investors can give you significant funding and the experience of individuals who know about your market and have a stake in seeing you succeed. Downsides include giving up equity and control in your own company.
If you already have a dedicated customer base, appealing directly to them can be a great way to raise funds for expansion. For instance, crowdfunding a new product and marketing it to current users will ensure that the demand is there before you fully commit to your new venture. A successful campaign can also attract media attention, potentially expanding your customer base even further.
Business Funding From The Business Backer
There are three products available through The Business Backer that can be used to cover business financing needs.
From Application to Funding in 3 Easy Steps
One of our experienced Funding Advisors will call you shortly.
Receive a decision.
Your Funding Advisor will help determine the best financing option after you submit 3 months of business bank statements.
Receive your funds.
Sign your contract and receive funds as soon as next business day, if approved.‡