Money For Lunch – The Real Cost of a Small Business Loan

The Real Cost of a Small Business Loan

August 7, 2018 12:15 PM0 commentsViews: 10

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You’re running a small business … this could be something like a busy, drop-a-coin laundry service with thirty units of washers and dryers or it could be a bakeshop turning out daily a good volume of great-tasting bread loaves, cakes and pastries everybody in the neighborhood just can’t seem to get enough of. From the look of things, in either business, sales and revenues are steadily coming in and may, in fact, be on the verge of growing robustly if either operation was expanded with more washing and drying machines or if a bigger oven was installed or another bakeshop-outlet in a nearby community was put up. In short, it’s clear the potential for growth is there. So… what’s holding you up? Lack of, or inadequate funding? Considering a small business loan but worried about costs?

The Small Business Loan Calculator 

It doesn’t matter what the nature of your business is, but if something needs to be done that involves investing in a business loan, it will help to check out the small business loan calculator to see how the costs are going to look like. This small business loan calculator is an ingenious, practical tool that will calculate how much you’ll need to pay in interest monthly or annually, and the loan’s total cost. This should be a big help in making your decision.

Here’s how it works:

You’ll simply have to fill in the blank spaces:

  • Enter your desired loan amount.
  • Select your preferred number of payments (choose from a set of 24-60 monthly payments).
  • Click the monthly interest rate of either 1% or 2.1%. Note that for most borrowers either of this is the usual going rate but may vary depending on your credit standing. The higher the credit standing, the lower the interest rate. Use either as a working figure.
  • Click “Calculate”.

The results will give you a clear picture of how much your monthly payment would be and how much the total cost of the loan would be at the end of your loan’s term.

Should you feel the figures may not be viable given your particular finance situation, click “Reset Calculator” and run a new set of data entries. You can reset this till you find the numbers you will be most comfortable with.

Knowing the investment you will need to put into a small business loan will help clear your mind in making a sound decision. It certainly will be one that’ll boost your medium term profitability. So, do it today. Try the small business loan calculator courtesy of Camino Financial. It definitely can show you the way to your business’ further growth.

 

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