MANILA, Philippines – Starting a business is hard. But growing it is just as challenging yet rewarding.
It could mean having to cut down on some expenses or holding off on other plans. This might seem counterintuitive to expanding but this will give you the springboard you need to jumpstart your business expansion.
However, there are other ways to do this without shortchanging your current operations. You can either look for investors or reach out to your friends and family.
But for those who want to get there as soon as possible, applying for a loan can help you do that.
In a survey conducted by TheNerve, most of the respondents who applied for a loan did so to either start or expand their business. And a whopping 81% of the respondents said that the loan helped them fulfill their goals.
If you’re worried about applying for a loan because of the terms that come with it, take it from 49.79% of the respondents who said that they were satisfied with the terms of their loan, and 60.1% of the respondents who said that they will be getting a loan again in the future.
57.1% of the respondents even said they would recommend applying for a loan to other people. It’s understandable, loans are there to help us fulfill our needs.
To some, it might seem daunting but by choosing the right place to get it and talking to a trusted expert about the terms that’s most suitable for you, loans could only work to your advantage.
As with anything, if you’re responsible about where and how you use your loan, there’s nothing you should fear. And if you’re a business owner, it might just be one of the smartest decisions you can make.
Learn more about it in the infographic below:
BDO SME Loan can be your reliable financing partner for business growth. Avail of financing options with your specific business need in mind—whether it's managing your cash flow more efficiently or acquiring property and equipment for higher productivity.