Ways to Use Business Funding

  • January 16, 2020
  • By Sarah Solomon

Before applying for funds, it is smart to have a strategic plan of how you will use them.  Otherwise, you may waste the opportunity to make the funds work for your business. The application process with REIL for business funding is quick and simple.  Some companies have received funding in as little as 24 hours! Therefore, know what you will do with the money prior to applying. REIL works hard to get you your funds as quick as possible. REIL also has some advice to help you consider how to use your small business funds below:

Purchase Inventory 

Most businesses rely on a significant amount of inventory to run their business. In fact, one of the most common reasons business owners seek out funding is to purchase more inventory. It doesn’t matter whether your business is just getting started or experiencing high demand. Inventory, and a safe amount of it, is always necessary.  Using your business funding to purchase more inventory enables your company to stay on top of demand as well as satisfy all your customers at the time being. Typically, the industries that use their business funding on inventory are construction businesses, restaurants, and any retail store. 

Hiring Employees 

Additional staff is important to have whether you are just starting out or are in the midst of your busy season.  It is definitely a considerable investment. In fact, employees are the first interaction your customers have with your business.  Instead of simply hiring anyone, use business funding to enable your business to hire the right candidates. Market, send out ads, and don’t stop until you receive the employees you are looking for! 

New Equipment 

Unfortunately, equipment does not last forever and tends to break or needs to be replaced every now and then.  Is your company prepared for this? Does your business rely on the transportation of products from trucks? Small business funding can help your company get the funds you need to upgrade, replace, or even purchase more/new equipment.  What are you waiting for! If you are in the industry of transportation or telecommunications, seek out business funding for this purpose. 

REIL Advice 

While there are many other ways to use your business funds, inventory, hiring staff, and the purchase of new equipment is the most common.  Be smart and have a plan prior to seeking business financing. REIL will get you your funds in a timely manner, so be sure to know how you are going to use the funds.  Speak with a REIL representative today if you are interested in applying for business funding.  

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