Many think fast and furious is the right way to grow a company business, but it’s often not the smartest mentality when it comes to business loans.
Small-business owners and entrepreneurs need money for a variety of reasons, but many are unrealistic about how much money they really need. The point of a loan should be to help your business get to the next level, not the next ten levels. It’s also not a substitute for generating income or a permanent crutch — people that see it as such are likely in much more trouble than they realize when contacting a loan broker.
Before getting too deep into the process or too excited about the prospect of a huge business loan or SBA loan, take a step back and ask yourself these questions:
Will you make enough income from the loan to be able to comfortably pay the loan back over time?
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