You don’t have to be a rich individual to travel while simultaneously running a business from wherever you happen to have an internet connection. Additionally, you don’t have to be a Wall Street bank in order to source funding through government loans.
Those looking at getting a small business loan through the government may find a few ways to; according to SmallBusinessLoans.co, “…the federal Patriot Express program and the Veterans Advantage program offered small business loans to veterans.” If you’re not a veteran, there are other programs you may qualify for.
It all depends on who you are, what your heritage is, what your finances are, and the kind of business you’re looking to obtain funding for. If your products or services have an integral or innovative enough quality, you’re likely to get approval for the finances you need.
Collateral And Cosigners
Otherwise, you have collateral options as well as cosigners. If you don’t have enough business or personal capital to be approved by government agencies for a loan, it’s possible that having available collateral will make it so that you can obtain your approval. Collateral basically refers to additional assets.
Your house could be collateral, your car could be collateral, or even—if these are requisite to the value of the loan—the products and services of your business could be collateral. It all depends, and you’ll have to have a professional help you determine what things are worth what collateral.
If you can’t source collateral, it’s possible for you to get a cosigner on your loan who can increase the amount you’re approved for while simultaneously decreasing interest.
Now once you get the loan you need either from a loan agency or a government operation approved to give entrepreneurs and other industrious individual financial assistance, it’s time to consolidate operations such that they’re the most cost-effective.
One of the best ways to be cost-effective is to cut unnecessary expense. One place where you likely spend much more than you have to is in the realm of infrastructure. As an example, if you’re paying for an internal server, you could be spending unnecessarily—cloud computing solutions are much more cost-effective.
Then you’ve got BYOD, or Bring Your Own Device solutions. BYOD means employees operate within your business from their own computer. They can be remote, and with remote employees who can clock in from wherever they happen to be, you don’t really need an office.
If you have to meet with someone, you can go to a coffee shop or a restaurant. When you don’t have to pay rent, maintenance, or property expenses like tax, you can cut out thousands of dollars from your regular budget.
If you’ve got a business that benefits from travel, you can actually fund it through the savings you are able to keep by not spending too much money on infrastructure or technology. Additionally, get your business model approved by the government, and you can go globe-trotting on their bill.
Don’t Forget To Repay The Loan!
The only thing you need to keep in mind is that you will have to repay the loan, and there will likely be interest involved even if your credit is exceptional. To pay that interest off, you’ll need to be careful that you pay against the principle in amounts that are higher than the additional interest. Here’s a handy interest calculator to help you plan.
As long as whatever business you work in actually yields some net profit after expenses at the end of every month, getting a loan from the government is kind of like getting a cash advance, and if you pay it off in time, will also end up being very good for your credit.