Etsy Seller Handbook: 4 Ways to Finance Your Business’s Growth
June 7, 2016
By Taylor Combs
In its Seller Handbook, our friends at Etsy have published a guide to creatively financing your business. RSF’s very own Lynne Hoey, underwriting manager, was interviewed for the piece.
Photo: Kathryn Hilderbrand, left, offers manufacturing services to other creative makers via her business Good Clothing Company.
2. Planning for Small-Business Loans
If you’re considering taking out a business loan to help fund larger investments such as the purchase of equipment or a large manufacturing run, first decide if a loan is right for the unique needs of your business. “Is it a short-term need, like funding inventory before it’s sold, or a long-term need like renting a space?” asks Lynne Hoey, underwriting manager for RSF Social Finance, a non-profit financial services organization that funds businesses with a social or environmental impact. Lynne recommends thinking about long-term investments in terms of the length of time they’ll be benefiting your business. For example, if you purchase a piece of equipment that you expect to last for five years, you’ll be able to use the cash generated over those five years to pay off your loan.
Continue reading on Etsy’s Seller Handbook.