Technology Retailers: Why You Should Think About Getting a Business Loan

by | Jan 7, 2022 | Business Finance | 0 comments

Retails business loans can certainly be a significant help to small companies—especially now, especially during the financial climate with which we are currently dealing. A business loan could be just the economic boost you need this time of year for technology retailers. The rush of the holiday season is over, and now you have to figure out how to keep customers coming through the doors—or coming to your site.

Getting a retail business loan is not as difficult as many entrepreneurs think. Alternative and online lenders have made the process incredibly easy, not to mention fast. Some customers will receive the funds they need within a couple of days. And versus traditional banks, alternative lenders tend to take a big picture approach to retail business loans; meaning, they are not fixated on just your credit score.

Why Technology Retailers Are Great Candidates for Business Loans

Online lenders regularly approve loans for a variety of business types. Technology retailers make desirable candidates as they provide products/services in very high demand. Especially since the pandemic hit and people have been turning increasingly to online ways of working and shopping, tech retailers have noticed a significant increase in business.

To keep up with demand and the consequent pace of business, many technology retailers have had to expand, hire more personnel and increase their product offerings. This is where retail business loans provide the necessary means for making it all happen.

What Can You Do with a Loan for Your Tech Retail Business?

So what might you do with a business loan? How can you best allocate the funds to get the most value out of your loan? Below are a few ways technology retailers have dynamically put business loans to work for them.

1) Expand your facility

If you have a brick-and-mortar business, now may be a great time to expand that facility. In some cases, you might decide to add to the existing building. You could also look into moving to a new larger building. Whichever option you choose, getting a business loan to help with the expenses of such an expansion makes sense.

2) Hire more staff

This is a great time to get some new faces on board. As noted, for many tech sellers, the business has only picked up in the last couple of years thanks to a shift to a remote mentality. Odds are, you may need more people to help you keep pace with demand. And with a retail business loan, you have more cash on hand to offer a lovely package and thus recruit better talent.

3) Upgrade your own tech

Is it time to upgrade the software and systems you use every day to keep the store running? If so, then you might look into getting an equipment loan. After all, a technology-based company should have the latest tech behind the scenes (not just in terms of what they sell). With an equipment loan, the software/tech itself serves as security on loan, making it easier to qualify for this loan type.

4) Launch a new marketing initiative

Are your marketing efforts where they need to be, or is it time to step up your game? As noted, with the rush of the holiday season behind us, it is time to start focusing on what will bring in new customers during the early part of the new year. A professional marketing campaign done right can result in significant returns on your investment. You might even think about hiring an experienced marketer to help with the initiative.

5) Invest in SEO

Speaking of marketing the right way, SEO is key to getting found online and thus gaining more leads. Using a professional SEO expert in this capacity could result in measurable gains as far as boosting your position in the search rankings. While many entrepreneurs opt to handle SEO themselves, there is a lot to learn here and numerous strategies that some people aren’t aware of.

First Union Lending Can Help

If your technology retail company requires additional working capital, we have the resources to help. With loan programs ranging from 5k to one million, we have the money on hand right now to fund your business. We offer short-term loans, lines of credit, and SBA loans, among other such products. And we look beyond just credit scores; we take a more comprehensive picture approach to business lending. Call today, and let’s get started together!