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Home Sponsored News

How can Borrowing Money Help Develop Small Businesses

Guest User by Guest User
May 10, 2019
in Sponsored News
4 min read
How can Borrowing Money Help Develop Small Businesses 1
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Borrowing has become a huge fright for many people following the financial crisis of 2008. However, there are ways to borrow successfully and boost your small business. In fact, the National Small Business Association has released research, which reveals that 69% of all small business owners in the US turned to loans, credit cards or crowdfunding for additional financing.

What are the benefits of small business loans?

While many small business owners believe that taking a loan will be the end of their enterprise, this is not generally the truth. Credit products, designed for small businesses, offer tremendous flexibility, which intends to help business owners with repaying their loans. Emerging platforms like AssetStream also introduce innovative approaches to small business loans like micro-financing based on blockchain, which can help boost the credit history of enterprises.

Funding, acquired through business loans, can help you improve numerous segments of your enterprise. You will be able to boost the morale of your employees by increasing salaries or focus on expanding your team by hiring new members. You will also get the chance to renew your equipment and material base, or at least complete repairs when necessary.

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Additional funding will also allow you to focus more on the marketing and promotion of your services so that you can reach a wider customer base. All of these segments of business organization are important for the growth of an enterprise, which is why a small business loan can help you develop.

What is the main use case of the AssetStream platform

The main use of this upcoming platform is connecting lenders and borrowers to achieve their

respective goals. It’s like a Grab or Uber or a Lyft- whereby connecting passengers and drivers. To be a borrower, one needs to comply with the requirements (such as Registered Capital Business & Financial statements) stated by the platform. Since it will initially cater to businesses, a borrower needs to have an existing business.

The borrower should pass a stringent KYC, due diligence procedure and a credit review process. Lenders, on the other hand, will lend money through AssetStream’s own version of token – AST Token which can be purchased via Fiat or Crypto during the token sale. This token will be presented by the borrower to AssetStream’s local agency partners in exchange for fiat (borrower’s loan amount).

What is the Process of applying for a Loan?

Here is the step-by-step guide:

  • Go to a website, AssetStream.co, and register for an account.
  • Verify your email and upload basic documents and requirements for a business loan.
  • Upload the project video and project document.
  • Key in loan terms (rate, tenure and amount).
  • Find a local agency to participate in the loan.
  • Once you find the agency, you need to have a minimum amount of votes (based on the amount of money you want to borrow).
  • If you don’t have the minimum amount of votes, the project will move to the fundraising phase.

If matched, you will receive a LOAN CERTIFICATE which you will present to the local agency that participates in your project. Once the softcap is reached, you can present the LOAN CERTIFICATE and withdraw the first part of the loan in the local currency in the local agency. If the softcap is not reached, the project will be declined.

If you do not have enough community votes and cannot reach your softcap before the start date of your project, the project is canceled/rejected and the best advice is to adjust the interest rate and/or loan amount.

Take a small business loan to grow

Funding is one of the main aspects of business growth, regardless of the size and history of the enterprise. This is why many companies turn to business credits, in order to make the transition from a small enterprise to medium or even larger operation.

While you may still go through tight spots, once your business activities pick up, profits will eventually come in and the loan can be repaid quickly.

Loans are the most accessible way to fund the expansion of your business and you should not be afraid to use them. With the right amount of consideration and planning, you will be safe from falling behind with payments, while using the additional funds to enhance your business and help it grow.

Disclaimer: This is a guest article. The views, opinions and positions expressed within it are those of the author alone and do not represent those of Cryptopolitan. The accuracy, completeness and validity of any statements made within this article are not guaranteed. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.

Guest User

Guest User

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