Representative example: Merve needs to train staff
Merve has owned her childcare centre for five years now and has decided to switch to a more advanced and hands-on educational program. While she’s purchased the program itself, as well as the necessary books and supplies, she still needs to train her four staff members. Training will take place over the course of six months and will be done online three days a week for two hours after work. This means Merve will not only need to pay for the training for each staff member, but she will also need to pay her staff for six more hours of work a week for a total of six months. She has already budgeted wages into her costs, but isn’t able to outright pay for the training course for each staff member – which costs $5,500.00 each.
Merve needs a loan for $22,000.00 to train her four staff members. She heads online to compare small business loan lenders and is able to get approved for a $22,000.00 loan with a competitive APR and a long loan term of 3 years. She knows this business move will pay off and attract more customers, which will help her better manage her costs.
|Cost of training for four staff members||$22,000.00|
|Loan type||Term loan|
|Interest rate (APR)||8.00%|
|Loan term||3 years|
|Additional fees||Origination fee of 3.00% ($660.00)|
|Total loan cost||$25,478.40|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.