It is an exciting time when your business is growing and you see the opportunities to take it to the next level. As your business continues on its path of success, you may find that you need growth capital support to meet the increasing demand for your products or services. Often times those growth capital needs may be for new equipment to increase your manufacturing capacity, or expanding your work space with the purchase of a new office or facility. However, often times those needs fall into the wide category that you may classify as general permanent working capital.
Some examples of specific working capital uses may be:
- R&D for new product development
- Sample costs
- Hiring & training of new employees
- Marketing expenses – Website development, social media marketing, general advertising
- Upgrade of systems – software / hardware
- Expanded Inventory
The team at VelocitySBA is the best equipped lender to help provide you with the growth capital financing your business needs. Get started by completing our simple prequalification request form. Or if you would like to learn more about our financing solutions, please contact us to start the conversation.
*Pro Tip: Spend some time considering what your business specifically intends to use the working capital for and prepare to clearly communicate that information. If your needs include a combination of various intended uses, then break that down in detail. For example:
- R&D Expenses for new product development: $50,000
- Hire & Training of additional staff: $50,000
- Development of new website & social media marketing expense: $30,000
- Upgraded software & small hardware: $50,000