Sunday, March 19, 2017

Can I Apply for a Second Business Loan?


Let’s say you own a ski shop that sells 200 skis per year. Next year you expect to sell 300. That’s a 50% increase! How are you going to cover the purchase of those extra skis? Who is going to sell/fit all those skis to your customers?

Many business owners opt to work with a business lender to finance growth rather than giving up some ownership of their company to an investor. But what would happen if, in our ski shop example, the owner already had a business loan he or she was working to pay back?

While it’s possible to take on multiple business loans or financing from multiple providers, it presents a few obstacles. Here’s a few scenarios you might want to know about before you get yourself into them.

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