Small business owners need working capital to deal with ups and downs of cash flow, pay for operating expenses, and invest in growth – but they usually don’t need the same large amounts of capital that big companies require. Instead, many small businesses can get by with smaller “micro loans” in amounts of $50,000 or less. Even a small amount of money is often enough to make a big difference for a small business.
Here are a few ways that small business owners can use micro loans to help their businesses succeed:
Pay for Marketing Costs
Getting a micro loan is often a good source of funds to help pay for new marketing expenses – whether it’s a new marketing campaign, a revamped website, Pay Per Click ads, sponsored posts on social media, or more. If you want to try some new marketing techniques, it’s often good to have a fresh influx of cash to help pay for your marketing work – after all, “you have to spend money to make money.” Ideally, your marketing will pay for itself!