What are Unsecured Business Loans?
Unsecured business loans offer a unique opportunity for corporations and partnership enterprises. This type of loan has several advantages over a secured business loan and can help both new and established companies get the funding they need quickly with fewer stipulations and requirements than a secured loan. These advantages include:
- No business plan is required
- No equity or collateral is required
- Does not go on credit bureau report
What Can Unsecured Business Loans be Used For?
Unsecured business loans are the lifeblood of what helps to create businesses of all sizes, but they aren’t exclusively for startup costs or expansion to new locations. Business loans can be used for a wide range of important elements that help make your business a success and turn great ideas into fully realized plans. If you’re unsure if a loan is what your business needs, consider these important uses of business lending:
- Upgraded Technology: The latest technology can help you connect with customers, ship items faster, and streamline a wide range of business functions to help you save time and money now and into the future. Moreover, adopting new technology as it is introduced will make it easier for your company to adapt versus attempting to implement a massive change later.
- New Equipment: Similar to the benefits of upgraded tech, using business loans for new equipment can often give you a healthy return on investment. New equipment means fewer breakdowns and less downtime for your staff plus a greater production yield.
- Recruiting and Training Talent: Growing your business also means growing your workforce. With business loans, you can afford to hire quality, talented staff members and offer additional training to your existing workforce.
- Expansion: Expansion of your business can mean acquiring new property, buying out a competitor, buying additional inventory or investing in offering your product or services to new regions.
- Marketing: Even the best products often need more than just word of mouth. Business loans can give you the funds to buy ad space, run promotions, increase your social media presence and conduct market research.
How to Qualify for Business Loans
When applying for a loan, you can make the process easier and faster by knowing what you need ahead of time. While there are lending options for nearly every individual and business type, candidates are most likely to qualify when they have built up their credit scores, have a well thought out business plan and have all necessary legal documentation on hand.
Are you ready to apply for business loans to grow your company? Mortgage Solutions Group is here to address your questions and concerns, including helping businesses who have struggled to get funding from other lenders. For fast, professional service, contact Mortgage Solutions Group at 1-888-233-6164 for professional advice from our brokers.