6 Reasons to Apply for a Manufacturing Loan | Fora Financial Blog
6 Reasons to Apply for a Manufacturing Loan
October 07, 2016

6 Reasons to Apply for a Manufacturing Loan

Did you know that today is National Manufacturing Day? As a small business owner in the manufacturing industry, it is likely that you can think of various ways to improve your business.

Investing in your business’s future is pivotal, which is why you should consider pursuing manufacturing loans. In this post, we’ll offer suggestions on how you can use financing for your manufacturing business, so that you can get inspired!

How to Invest in Your Business in Honor of National Manufacturing Day

1. Purchase Equipment

If you’re a professional in the manufacturing business, chances are you know the importance of having efficient equipment. Without functional pieces of equipment, it can be difficult to take on manufacturing business opportunities. By using working capital from a lender, you can purchase new equipment, fix existing tools or consider leasing the items that you need.

2. Update Inventory

Is your inventory in major need of a refresh, but you don’t have finances on-hand to make these improvements? If so, that’s where manufacturing loans can come in handy. Don’t limit yourself with lackluster inventory; by utilizing additional working capital, you can purchase inventory that will make your business attractive to new customers.

3. Hire Employees

Without a roster of talented, capable employees, your manufacturing business may struggle. As a business owner, you should make it a priority to recruit individuals who will benefit your company. If you could use additional employees, but are lacking in funds to pay them, consider manufacturing loans. The more help you have, the more customers you’ll be able to serve!

4. Increase Marketing Efforts

In order to gain new customers, you’ll need to be strategic in how you approach business marketing, so that you don’t waste your time or finances. Consider creating targeted Facebook ads, so that you can reach potential customers in your geographic area, or re-design the signage at your business’s location to better reflect your brand. To save time, you can create evergreen content that you use for your website, flyers and other marketing materials. Regardless, having extra cash on-hand will help you afford these promotions.

5. Cash Flow

Manufacturing businesses often need to have large sums of cash available to complete big projects. If they do not have enough cash, they could potentially have to turn manufacturing business opportunities away. For instance, one of our previous customers, Bobo Engineering, utilized their working capital for this very reason! After receiving a small business loan from us, they were able to take on larger scale jobs. Ensure that you’re able to take on bigger projects by applying for a small business loan. With this financing, you can take on more work, and ultimately see a boost in your business’s revenue!

6. Expand or Open a New Location

It’s important to try and find ways to develop your small business. One of those ways could be to open an additional location, or expand your current space. If your current location isn’t large enough to handle the business that you’re generating, it may be time to expand!

Now that we’ve given you six examples of ways that you can utilize a manufacturing loan, what are you waiting for? In honor of National Manufacturing Day, consider applying for working capital from a lender. Even if your business is successful, it can still be difficult to responsibly pay for additional enhancements. Apply for a manufacturing loan, and watch your business grow!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].