I remember the day like it was yesterday. This is the story of my dream of running a small business which I have cherished for several years, and it is almost failing. We have recently won a big contract that would open the doors for us and take us to a whole new level. However, there was a condition. To meet the demand of the order we required a lot of initial capital to invest in raw materials and also to increase the production rate. Traditional loans are not feasible for the company. They were slow, inflexible, and gave an impression of being useful for businesses that didn’t require immediate results and certainly not for me. It was then that I was introduced to the concept of Personal Loans.

The Discovery

A friend of mine, being an entrepreneur himself, advised me to consider the option of taking a personal loan. This made me raise eyebrows at one point. I had long assumed that loans are pretty much the same – expensive, time-consuming, and containing conditions that are stifling. But the more I read the more my curiosity grew.

Personalized loans, as the name indicates, are all tailored to the specific borrower’s needs. Personalized loans thus seem different from traditional loans which are packaged with standard terms and conditions.  The one thing my brain said was ‘too good to be true’ but the other half of my brain said that I had to give everything a chance now.

The Application

I contacted the nearest lender operating with personalized loans, and the process was quite uncomplicated to me. Instead of me just being another application number, I was treated as a person with my own business and my own set of problems. The lender took time to analyze my business model, finances, plans, and goals. They did not only request my credit score but also about my business prospects, what the loan would be used for, and my intended goals.

After going through my account balances and the loan requirements, I was given the right loan package from the lender. The terms were much more flexible than I had ever seen them before. We reviewed the method of repayment to fit my cash flow which was very helpful to me. Don’t have to stress about having to make a large payment in the middle of a low sales period. That was possible thanks to the desire to provide me with everything I needed for the business to grow rather than just survive.

The Impact

When I had the personalized loan in my hand I was able to source for the required stock and increase production. The money was spent immediately which helped me change the new order by the tight deadlines. It is important for any business person to have this kind of support financially, I am now sure that whatever I am going to do, I shall be in a position to deliver quality to my client.

The benefits of having a personalized loan was noticeable as the months rolled by. We were able to complete the orders due to having the necessary funds and it led to happy clients. The company’s revenues increased too and with the relatively lenient repayment schedules, I never felt much of a burden paying my dues. I was able to transact most of the time to fulfill both business and personal expenditures without putting much pressure on the financial capacity of the company.

One of the added benefits of this kind of loan designed for me was that it helped establish business credit. Additionally, like other business expenses, the interest costs on the loan are tax-deductible. Every timely payment enhanced our credit standing, which provided more opportunities in the future. This created a cycle for their loan business that started with that single, personalized loan to me.

The Lesson

In retrospect, I can state that personalized loans were a true lifesaver for my business. It offered the kind of nature and assistance I required during one of the most sensitive periods. But even more than that, they taught me one of the most important lessons I have learned in my life: the importance of having the right financial partner who knows that every business is unique.

If you’re an entrepreneur facing similar challenges, don’t be afraid to explore personalized loans. They are not only an additional type of financing; they are loans specially designed to help your business. Whether you are planning on an expansion, purchasing stock, or even improving cash flow then a tailored loan might just be the key to taking your business to the next level.

The Future

Today my business is doing very well, and it is also a sign of no longer being afraid of taking on more challenges. There is assurance when one has financial help in the right place and it does provide one with the morale boost that is needed. We need to get into new locations, create more positions, and grow day by day – all because of the loan created for me and my company.

Personalized loans are not only for businesses in distress but for any business owner who wants to be sure that they have the correct financial cards on their side. It’s a quality that fits well with other qualities such as flexibility, versatility, and, above all, individuality. If you’re tired of being boxed in by traditional loans, it might be time to explore the world of personalized lending. It was the best decision I ever made for my business, and it could be the best decision for yours too.However, the best personalized loans come from your own bank. You can use dividend-paying whole life insurance to fund your own bank, ensuring that when you need funds, they’re right at your fingertips. 

 

Book a call with our advisor at Capital King and discover how personalized loans can fuel your business growth!