You’ve decided to open an online store and want to obtain a loan. But before you begin, it’s important to assess your business’s potential. You need to establish a realistic estimate of your costs and revenues. Then, compare those figures with your projected revenue. If the figures are similar, you can determine whether you need a loan. A good indicator is EBITDA (earnings before interest, taxes, depreciation and amortization). This can help you determine the amount of loan you need. If you’ve got a small business, you may want to look at net operating income (NOI) as an alternative.
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If you haven’t secured a traditional business loan, you can choose a specialized e-commerce lender. This type of lender offers a wider variety of specialized financial solutions and integrations with popular e-commerce platforms. These lenders will provide you with a line of credit, working capital advance. In addition, these lenders will not view your data or store first-party. In some cases, they’ll even provide your business with non-restricted funds.
If you’re not interested in a traditional bank loan, you can apply for an e-commerce loan from a credit union. E-commerce loans can help you cover one-time expenses like buying inventory, paying staff salaries, renting office space and investing in marketing. While a traditional bank loan can be difficult to qualify for, e-commerce loans can be much more flexible. A term business loan can be obtained for a one-time expense, such as overhauling a website or hiring marketing personnel. However, some e-commerce loans may have stricter criteria. Be sure to read the fine print before deciding on a loan.
