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Borrow Proactively, Not Reactively
Working Capital or Long-Term Loan?
The first step is to identify your potential reasons for borrowing. Does business slow down at certain times of year, or go up and down in waves? If you’re concerned about cushioning your cash flow during down times or simply need money to fund day-to-day expenses, a working capital loan or revolving line of credit may be a good choice. If you put it in place now, funding will be available whenever you need it.
If you have a goal in mind that requires a lump sum of cash, consider a long-term loan instead. These types of loans are used for financing large projects that are paid off over set terms, typically for the purchase of equipment, property or business expansion. You may use a long-term loan for building or expanding your website, buying a new building, acquiring another company or any other project that moves your business forward.
Preparation Pays Off
By setting up a borrowing plan in advance, you can improve your overall business plan, borrow at the most advantageous terms and even enhance your company’s overall value. Even if you don’t need funds now, you can have peace of mind knowing you won’t have to jump through hoops down the road to get them.
A business development officer at Revere Bank will be happy to discuss your business plans and borrowing needs. Contact us today for an appointment.
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