Why More Businesses Should Consider Commercial Loans
Small businesses are the backbone of the economy. They make up 99 percent of companies in the U.S. and create the majority of new private-sector jobs. However, without adequate funds, small businesses will stagnate (or close) and brilliant new ideas will never make it into the market. That is where securing commercial loans can help.
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Traditionally, a business takes out new loans for any number of reasons, but here are the most common:
- Hire great staff. When it comes to running a successful business, the quality of your employees can make all the difference. However, between payroll, healthcare and other benefits, bringing in new talent is expensive. Commercial loans can help pay for expensive onboarding and other worker expenses.
- Updating your business. It takes a lot of money to keep your small business modern and current with the times. Commercial loans allow you to buy the equipment and make the necessary improvements you need now to maintain a competitive edge in today's marketplace.
- Expand a successful business. Finding the best venue for your company to expand to can be a long process, so if the perfect new location opens up, you need to jump on it. A loan can help cover all of the additional expenses associated with the expansion.
Many business owners choose to forego commercial loans because they find dealing with traditional banks to be a hassle. Luckily, if you want to skip the big bank headaches and find an easy alternative, a credit union like CCCU is a great option. Credit unions are non-profit financial institutions, so every member is also a part owner. Usually, this company structure allows credit unions to offer better borrowing terms and return profits back to the members.
Clark County Credit Union offers low rates and friendly service on a wide variety of commercial loans. Whether you are looking for a new construction loan or need an unsecured revolving line of credit for short-term expenses, CCCU can help. Contact us at 702-228-2228, and a commercial lending expert will help walk you through the entire process.