They absolutely love what they do, enjoy owning a company and being the boss in charge. Then, business owners recognize their company hasn’t realized its full potential because growth has been on hold for quite a while. Even if they commit to expanding the business, there’s no extra cash to invest.
Does this scenario sound familiar?
At some point, all entrepreneurs contemplate getting a business loan.
Did you know that small business loans give businesses a needed boost?
This monetary solution, when used correctly, provides funds to improve any business’ financial trajectory and future. Here’s how a husband and wife used a small business loan to keep their business on track for growth.
The Davis Family Builds a Legacy with a Small Business Loan
Running a miniature golf course has been more fun than work for the Davis family.
When the couple’s children were young, it always was a place to play while Mom and Dad worked. The parents could attend to business and care for their children while providing a steady stream of income.
The Davis’s started the business to build a sustainable livelihood for their children upon reaching adulthood and to provide a place for all the neighborhood’s families to have fun.
Now, the business just seems tired. Miniature buildings and course ways need more than just a regular facelift, some structures need to be repaired. Courses need refurbishing and redesigning because customers seem to have become bored with the course layouts.
In addition to these concerns, the Davis’ want to reach a wider market to include not only kids and their parents, but young adults and amateur golfers that want to practice and improve their putting. To bring in new customers and revive the business, they plan to build a go-kart race track.
Even though the couple doesn’t want to borrow money, they realize allowing their business to stagnate is a mistake. After meeting with a contractor, they decide to borrow $100,000 to make needed improvements and additions.
They’re an established business but need the money quickly, so they apply for a small business loan with an online lender, like Camino Financial. A loan expert helps them understand how the loan works and answers all the questions they have.
The Darvis’ can have working capital in as little as 4-10 days and repay the loan within 24-60 months. Loan requirements are less stringent than a traditional bank and the application process is quick and easy.
After applying and getting approved for the loan, The Davis’ shut down part of the golf course while repairs are being made. They hire a marketing specialist to advertise the upcoming opening of the Go-Kart track and the newly redesigned courses.
Furthermore, the specialist coordinates an advertising campaign focusing on the business’ 10-year history as a recreational outlet for singles, families, and sports enthusiasts.
Davis’ made the right decision to expand their business.
Combining miniature golf and go-kart racing was the next logical step. People wait in line and are excited to maneuver through the go-kart racing course or practice their golf skills. Families and individuals can rent both courses for birthdays, anniversaries, tournaments, and other events.
The couple made strategic investments by getting a small business loan. The legacy they envisioned for their children is now closer than ever.
Getting a Business Loan Helps Your Business Spring to Life
One of the hardest decisions for any entrepreneur is whether to accrue debt to grow their businesses.
When they commit to business expansion, there’s always an “Aha!” moment followed by the question: Why did I wait so long?
Maybe you relate to problems faced by the Davis family and their concerns about their next steps. If so, follow their lead and find out how a small business loan could be the financial solution you’ve been yearning for.