In our industry, we have the pleasure of giving our customers access to the working capital their business needs. We don’t always know, though, what they end up using that cash for. Because business loans, by nature, are considered “opportunity money,” they can often be used for numerous things – marketing, inventory, payroll, or even paying off business taxes.
That uncertainty wasn’t enough for us. We asked some of our business customers: “If you were to get a working capital loan today, what would you use the money towards?” Here are some of their answers:
- Buy more vehicles and stock them to expand the company
- Help to improve cash flow and continue expanding
- For acquisitions of new businesses
- Replace broken equipment or purchase more equipment to enhance business operations
- Hire more employees to help with business marketing and SEO
- Expand the business into other cities
- Buy what’s needed to kick off busy seasons
- Increase inventory to quicken the sales process
Overwhelmingly, we saw that business owners needed some extra cash to help in the expansion of their business – and, to us, that’s what working capital is all about… growth.
We want to continue learning and understanding our customers, so tell us: If you were to get a business loan right now, how would you use it? Thank you for helping us gather more insight into our customer base – we can’t wait to read your responses.