Business Expansion funding
You are excited and ready to grow your business. You see increasing demand for your product or service; you see an opportunity to expand your offerings to your existing customers; you want to serve a broader demographic; or you want to add a new location and replicate the success you’ve had with your current business. Whatever the reason, times are exciting and we at XPRS are excited for you!
But with excitement comes a bit of a daunting feeling. You need additional staff and support; you might need to expand your current store or office; you are thinking of potential renovations to your store; you might need to purchase new material to make new products. There are so many moving parts that the last thing on your mind is to spend weeks filling out applications for a small business loan. In fact, most traditional banks require a long list of documents—a well laid out business plan, your resume, at least 2 years of financial statements, 2-3 years of tax returns, credit reports, and a host of legal documents (copy of your lease, third party contracts, and articles of incorporation among others).
Many of the documents required by traditional small business lenders do not accurately reflect the health of your current business and even less so reflect the expansion opportunity. There are many reasons why an expansion could make sense. For example, as you grow your business, your cost per unit should fall. Your fixed costs are spread over a greater number of units sold, and you have greater negotiating leverage over your vendors. The success of your expansion plan could even have a multiplying effect: more customers mean greater chances of referrals, and an expanded product line could motivate customers in one visit to buy multiple products, an idea known as “cross-selling.”
Another consideration for a business expansion is whether your current offerings are available in a neighbouring location. Even if your product is offered, many small business owners are surprised to find that their offering is much more enticing than that of a competitor. The reason can be as subtle and as simple as the combination of product, price, and service. In certain cases, it may make more sense to acquire the competitor, both from a “time to market” perspective, as well as having the option to bring in-house your competitor’s customer relationships, employees, and technology (for more details on small business acquisitions, please see our “Small Business Acquisition Financing” discussion here).
If you have been thoughtful about your expansion plans, have objectively determined the profitability of your expansion, and have consistent cash flow from your existing business, our XPRS Business Expansion Funding could make sense. Our application process is simple and fast, and we offer competitive rates. Our small business funding is structured so that you can make manageable weekly payments from your existing business to fund your expansion opportunity. Meanwhile, we offer short-term funding, typically 6 to 12 months, so that you can pay it off and reap even greater rewards quickly!
If you are ready to move forward and join the many businesses that have grown with us, click here.