BLOG

6 Ways to Use a Small Business Loan

June 17, 2022

Here at Ohio Catholic FCU, we are proud to offer small business loans to our entrepreneurial members at affordable interest rates and easy eligibility requirements. Here are six popular ways to use a small business loan. 

     1. Everyday operations

Running a business can cost a pretty penny. With responsibilities for covering payroll, to funding daily operations, to paying the rent, there are always new expenses cropping up. A small business loan can help your company cover the unforeseen, as well as stay afloat during its slower seasons.

     2. New equipment

Purchasing new equipment and machinery can help your business save on everyday expenses by increasing efficiency, but that initial outlay can also cost your business. A small business loan can help make the necessary purchases affordable.

     3. Inventory

Every retail business needs to keep its inventory well-stocked and in high demand to stay in the game. Sometimes, though, a business will find it challenging to keep up with inventory if the previous stock didn’t sell as well as anticipated or the business is going through an especially slow season. A small business loan can help keep up with inventory during these times.

     4. Debt consolidation

Keeping up with monthly payments on outstanding debt while staying on top of other expenses can be difficult for a struggling small business. A small business loan can enable a small business to refinance or consolidate their debt into lower-interest and fixed monthly payments.

     5. Marketing campaigns

Having a fantastic business model is not enough to make it prosperous; people need to know you exist. Without the right kind of marketing, a business can be invisible to the public; but ad space, branding, commercials and more can be enormously expensive. Let a small business loan help you get your hands on the capital you need to run a marketing campaign that drives real results.

     6. Expansion and growth

Sometimes, a great opportunity for growth can present itself to a business, but the cost of funding it is prohibitive. A small business loan can help a business secure the funds it needs to grow to its full potential.

MORE POSTS

Newsletter July 2024
Read the newsletter below or download it here. Read the latest news from Ohio Catholic! Ohio Catholic FCU […]
Keeping Your Money Safe from the Latest Phishing Scam
What is a pig-butchering scam? In a pig-butchering scam, a fraudster creates a fake online persona, usually accompanied […]
Video Chat comes to Online Banking on both Mobile and Desktop!
Ohio Catholic is always bringing you new ways to enjoy convenient, secure banking. Now, you can video chat […]
Ohio Catholic Federal Credit Union OCFCU Savings ClickSwitch Woman Tablet Finance Mobile

Say Hello to ClickSWITCH

It’s simple to move over your direct deposits and recurring payments.

ONLINE BANKING

ONLINE BANKING

ONLINE BANKING