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Balancing your everyday operating costs while investing in expenses to grow your business doesn’t have to feel like juggling hot plates. While a small business loan may seem daunting, it’s often the best way to boost your bottom line. Here are a few reasons you may consider a loan: 

  • Expansion – Is business booming out your front door? If you need a bigger space or need to hire more employees or fresh talent to keep up, a loan can help you cover the cost of expanding without wiping out your operating budget. 
  • Equipment – Is your equipment wearing out while your business is finally ramping up? A loan can make purchasing or updating outdated technology or equipment a reality. 
  • Inventory – You already know you have to invest in high-quality products to be able to meet customer demand. A loan can help you keep up with ever-changing trends. 
  • Working capital – Cash flow for basic operational needs can be a challenge for restaurant owners. A loan can provide a safety net to keep business afloat during off-peak seasons when profits may suffer. 

If you think a loan may be right for you, the next step should be evaluating the right loan partner. Small business owners face multiple hurdles securing loans. In fact, only about one in five business that apply for a loan from a big bank are approved. However, that doesn’t mean you should take the first offer that comes along.

It’s important to find a reputable lender with transparent terms and rates. Be sure they’ve worked with businesses the size of yours before, don’t be afraid to ask for referrals, and most importantly, be sure the lender is invested in your success. 

Here are a few loan pricing pitfalls to avoid: 

  • Analyze your project to be sure your profits will exceed the total cost of the loan. 
  • Be sure the true cost of the offer and repayment terms aren’t hidden. Many lenders may even modify the terms of the loan midstream. 
  • Time is money. Look for quick approvals and faster funding, but be sure not to trade it for higher financing costs. 
  • Watch out for quick money with hefty fees. 

Join WVHTA

WVHTA’s members represent many of the attractions, restaurants, hotels, suppliers, service providers and employers that contribute $3.9 billion dollars to West Virginia’s economy annually.  WVHTA represents these members to state government and is their connection to similar organizations nationwide. Through the association’s work, members come together to maintain a strong, united voice dedicated to promoting and supporting hospitality and travel in West Virginia

Become a member today!

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West Virginia Hospitality & Travel Association | 3422 Pennsylvania Ave. | Charleston, WV 25302 | 304-342-6511 | website by brickswithoutstraw