Trends are everywhere. It might feel like there are aspects of our lives which are unaffected by market changes but there are actually countless places where we see trends without realising it. This applies even to areas of our lives like the business loans we might take out to help our company. Here are some of the 2019 business loan trends you should know about.
Head to a Specialist
Long gone are the days of researching multiple different vendors to see who has the best deal for you. There are now plenty of websites which will allow you to make just one application only to get connected with potential lenders. Applying for business loans from Become to get matched in this way. It is an easy and convenient way for you to find out exactly what loan options are out there. You might even find a lender who can offer you something you had not considered before.
Bank Loans Offer More Than SBA Loans
If you need quite a bit of capital, you might be better off heading to the bank over the Small Business Association. The amount of work it takes to administer a loan is uniform for a bank whether it is for $50,000 or $1,000,000. However, the small loans tend to not be as profitable for these banks so it might be a little more difficult for you to secure funding. You should not let that put you off, however. It is still entirely possible for a small business to secure a loan from the bank.
Your Industry Might Affect Your Business
There has been a lot happening in the world recently and that might affect your industry. For example, Brexit is going to have a much wider impact beyond the UK and Europe. If you have a business which deals in some of these sectors, you might find it a lot harder than you expected to secure a loan. Once again, it will not be completely impossible. However, you will have to give the bank considerable proof that the business will succeed so they feel comfortable giving you the loan you need.
Watch Out for Scams
As financial restrictions change, many scammers are appearing out of the woodwork to take advantage of businesses in need. It has been reported that 67% of small businesses think that there has been a greater rise in scams in the past few years. If you feel like you are being offered a deal for a loan which is too good to be true, it might just be. You need to do your research thoroughly to make sure that the company which appears to be offering you money is completely legitimate.
Paying attention to financial trends can give you some fantastic insight into the industry your business is in. It can also teach you some things about running a business which are difficult to learn elsewhere. Take your time and make sure you research properly when applying for a loan. Looking at the trends is a great place for you to start.
This is an article provided by our partners’ network. It does not reflect the views or opinions of our editorial team and management.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!