The best thing that can happen for a business is when it outgrows its current boundaries. For some businesses, it’s less about out-growing but expanding the current operations to grow the business. Many traditional banks and financial institutions see smaller businesses as a risk and won’t provide the funds necessary to improve or expand. If a bank does decide to consider a business, the loan application is a confusing and lengthy process with little guarantee of successfully securing the funding needed to improve or expand a current business.
Quick funding options for improvements and expansions in New York are hard to find.
Excelsior Growth Fund (EGF) provides loan programs for local New York businesses with a quick and simple process that allows the businesses to improve what they already have or expand into something better. When considering an improvement or expansion, a business owner needs to make careful considerations before they seek funding.
How do I know when I should improve or expand?
Businesses need to thoroughly analyze the area in which he or she wants to expand to and ask questions such as:
- Is this expansion easily accessible to customers and will it draw new customers?
- If competitors are near, will this new expansion allow the business to be more competitive?
- Will this new expansion provide for future business growth or will the company have to move again if any significant growth occurs in the future?
- Is the new location in a reasonably safe location?
- Is the building structurally sound?
- Do you, as the business owner, know the current zoning regulations?
- Will this expansion provide for the long term goals you have for your business?
- If you are simply looking to improve your current business, take a close look at your financial situation to see how much you will need in order to improve. Before you seek a loan ask:
- Are these improvements wanted or are they really needed?
- Will these improvements result in a more efficient working environment?
- Are these improvements short term or will they meet long term needs and goals?
Whatever the decision, make sure to factor in and anticipate any possible costs like future renovations and decorating and be prepared for property and sales taxes as well. Also, be aware of any government economic incentives that the business may qualify for as these may help offset the cost of expanding or improving the company.
EGF is here to meet your small business’ improvement and expansion needs.
For more information about other uses for our loans, explore our alternative options.