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Are you ready to grow your profitable business, but need capital to make it happen? Using SBA loans for business growth: marketing, hiring, and more could be your next financial move!
Small Business Administration (SBA) loans are not just for buying commercial property or large machinery. They are also a powerful tool for expanding revenue in strategic ways.
At Business Funding Group LLC (BFG), we have all the expertise necessary to easily break down exactly how SBA loan funds could help you scale. We can also help you apply!
What Can SBA Loans Do for Your Business?
SBA 7(a) loans are one of the most flexible forms of business financing available for all types of business growth strategies, from marketing to hiring and beyond. They are partially backed by the U.S. federal government, which makes them lower risk for lenders and more accessible for borrowers who want to use them to grow.
You can use SBA 7(a) funds for:
- Inventory and supplies
- Marketing and advertising
- Hiring and payroll
- Mergers and acquisitions
- Debt refinancing
- Working capital
- Technology upgrades
Notably, these loans are not available to just anyone. The important factors for eligibility are a demonstrated ability to repay the loan, a good credit score, and a good credit history. Only for-profit businesses that operate in the United States may apply.
We could assist you in reviewing the eligibility requirements and determining the most suitable option for you. At BFG, we only charge a fee if your loan closes successfully, so there is no risk in giving us a call!
Growing Your Business Through Strategic Marketing
Growing your business with SBA loan funds does not necessarily require adding more employees—it can start with your marketing strategy. That can look different based on your specific business, but it could include:
- Launching targeted Google and Facebook ad campaigns
- Investing in SEO to drive organic traffic
- Working with a marketing agency or bringing on an internal team
- Paying for branding upgrades, such as a website redesign
Strategic marketing is not frivolous or based on vanity. Rather, it is ROI-driven. For instance, a small law firm used $50,000 of its SBA loan to fund a six-month pay-per-click campaign. The firm’s average case value was $8,000. During the six-month period, the firm landed 12 new clients, resulting in $96,000 in revenue from a $50,000 investment.
Consider also an e-commerce brand that spent $30,000 on influencer marketing to increase reach and sales. The campaign reached over one million targeted users on social media, causing a spike in sales as well as social following. The brand saw a fourfold increase in its return on sales within two months.
These results come from planning, budgeting, and access to the necessary capital.
Hiring the Right Team
Leveraging SBA loans to expand your business operations often means hiring new talent, not just focusing on marketing. Strategic hiring fuels growth as it ensures that you have a solid team in place, leading to smooth operations and overall success.
For example, a company could hire a business development representative for $60,000 per year, which could potentially generate $150,000 or more in new business. Building an internal team also reduces a company’s reliance on contractors and improves long-term ROI.
Tech Upgrades for Improving Efficiency
Some businesses use SBA loan funds to improve systems and operations instead of overtly growing their business through marketing or hiring. This could include:
- Upgrading to better case management or CRM software
- Automating key workflows
- Moving to a more robust e-commerce platform
- Improving cybersecurity or data backup infrastructure
These tech improvements may not directly earn money, but they save it by cutting labor costs, reducing errors, and creating a smoother customer experience. For example, using SBA funds to switch to an automated billing platform could save a significant amount of time on administrative tasks that are better spent on business development.
Call BFG To Help You With SBA Financing for Marketing, Hiring, and Other Business Growth Strategies
Using SBA loans for business growth: marketing, hiring, and more is both possible and practical. If your business is profitable and you are ready to take it to the next level, we could help you secure the funding you need.
We could handle the paperwork, strategy, and lender matching, so you can focus on what you do best. Contact us today or fill out our online application to see how an SBA loan could work for you.