Spearheading a small business can be very rewarding, but also very demanding when it comes to both effort and resources. You have to be prepared to spend a good deal of capital when it comes to taking care of a small business, especially one that happens to be flourishing. This is actually one reason why some smaller businesses, even those who are seeing a good amount of success, still end up taking a loan. To put it into perspective, imagine a situation where a small business sees enough success that they need to relocate to a bigger space to take full advantage of all the opportunities.
Unfortunately, not many businesses have the capital to make such a move, even when they’re successful. This leads to the question of being able to effectively and efficiently gain funding for your business – and the short answer is through QuickBooks capital. While many in the industry would likely tell you that a loan should only be used as a last resort, it tends to have a negative stigma overall. The truth of the matter is, when used correctly, a loan is an efficient means to an end.
Why even apply for a loan to begin with?
For some small businesses, it might not be necessary to get a loan, even if it feels like the business is on shaky ground. As a matter of fact, it isn’t recommended for these businesses to go for a loan just yet. If you aren’t sure about what you can do with the loan, then you shouldn’t be applying for it. For those who aren’t quite sure about when loans become efficient and cost-effective, it’s normally when there’s an opportunity to take advantage of. For example, if your business wishes to take advantage of a certain seasonal product that has predictably seen success time and time again. The aforementioned expansion of your business is another very good reason for debt financing.
Similarly, you can use it for upgrades to your business that you know will pay dividends. For those who have a plan of attack, taking on loans is just another possible and effective option to use. However, you shouldn’t be applying for just any loan. This is why any small business looking to take advantage of certain opportunities with debt financing needs to look into QuickBooks capital.
What makes QuickBooks capital different from the rest?
To put it simply, one of the best reasons to use QuickBooks capital is because of its ability to help finance your soft business without affecting your personal credit score. By using a soft pull on your credit history while at the same time properly supplementing it with the data QuickBooks has on hand, it’s able to provide a variety of different credit offerings you wouldn’t normally see anywhere else.
Its main goal is to provide alternative ways to financing without making it too difficult for the small businesses applying for it. Unfortunately, too many other similar businesses tend to fall prey to the allure of loans, only to realise that they’re unable to keep up with costs, something that the QuickBooks platform does its best to help you avoid.
Are there any prerequisites?
For all of the advantages that this platform has to offer when it comes to debt financing, what it asks for in return is completely reasonable. Remember that applying for a loan is most effective when a small business is starting to see success, which reflects the prerequisites that QuickBooks capital asks for.
- Has your business been up and running for a certain amount of time? Two years minimum is the prerequisite to apply.
- Has your business been earning a certain amount of revenue? If your business earned at least forty five thousand dollars in the past year, then it’s eligible.
- Approval for a loan in QuickBooks depends on your debt history as well. If you happen to have any late payments or other similar issues, this could adversely affect your chances.
- There are certain industries prohibited for lending, and QuickBooks is no exception. If you’re interested, consider checking the prohibited industries list of QuickBooks capital to check if your particular industry is eligible.
- Personal credit history matters. If yours happens to have a number of blemishes and problems, then it’s unlikely that you’ll be eligible.
From the amount of prerequisites that QuickBooks requires, it’s clear that they’re looking to finance small businesses that have suffered a kind of stagnation thanks to a lack of funding. More often than not they’re looking to help businesses which seem unable to help themselves without the right kind of financing. Provided that you run a legitimate business that has seen a small to moderate amount of success, you’ll be eligible to apply for QuickBooks capital.
Applying for a loan doesn’t mean you’ve failed
As a matter of fact, it’s completely understandable. Some companies, especially the ones that see a certain amount of success, often find themselves stagnating due to an inability to move forward. These companies are popular in their own right but they don’t have enough financing to upgrade, which leads to their revenue slowing down and suffering. A loan is sometimes all that company needs to get back on their feet, but it still matters what kind of loan you’re getting.
When it comes to applying for debt financing, it’s all about being allowed to explore your options. After all, it can be easy to make mistakes which could lead to more problems down the line if they have to do with loans. QuickBooks capital can ensure that your business is able to stay afloat, but you still have to put in the hard work necessary to get the job done. For a small business to succeed, it requires capital and hard work in equal measure. You can use QuickBooks capital to help you in the former while you work on the latter.