Can you use a business loan for anything?
Yes, you can use your business loan for absolutely anything.
The most common reasons why businesses take out financing are to:
- Upgrade or purchase new equipment
- Renovate space
- Add to inventory
- Invest into marketing
- Expand the business, open a new location or do something that will generate additional revenue
The typical rule of thumb is to make sure that you’re investing into something that will help you make more money and generate more revenue, and in doing so you will be able to repay the loan properly and sustain your business growth over the long term.
