{"id":24170,"date":"2019-12-03T07:00:00","date_gmt":"2019-12-03T12:00:00","guid":{"rendered":"https:\/\/www.hostgator.com\/blog\/?p=24170"},"modified":"2026-03-17T12:46:21","modified_gmt":"2026-03-17T17:46:21","slug":"how-to-use-a-business-loan-to-finance-your-side-hustle","status":"publish","type":"post","link":"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/","title":{"rendered":"How to Use a Business Loan to Finance Your Side Hustle"},"content":{"rendered":"\n<p>The nice thing about <a href=\"https:\/\/www.hostgator.com\/blog\/what-is-side-hustle\/\">a side hustle<\/a> is that you can put as much or\nas little effort into it as you\u2019d like. It can be a robust source of extra\nincome for you, or a fun hobby that generates a little spending money. <\/p>\n\n\n\n<p>Let\u2019s say that your side hustle starts to pick\nup steam, and you\u2019re starting to see it as a legitimate small business play.\nMaybe it\u2019s time to put more money behind your side hustle operations-to pay for\nmore marketing, improved material quality, or whatever else you need to bring\nyour side hustle to the next level. Where can you get the funding? <\/p>\n\n\n\n<p>It\u2019s tempting to use your personal savings-few\noptions are more convenient than going to the ATM-but if you\u2019re not prepared to\nmake that kind of investment in a side hustle, what are your alternatives? <\/p>\n\n\n\n<p>If donations or loans from your personal network aren\u2019t an option, it\u2019s time to explore how you can use business loan products to finance your side hustle. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-lay-the-groundwork-for-a-side-hustle-loan\"><strong>How to lay the\ngroundwork for a side hustle loan<\/strong><\/h2>\n\n\n\n<p>Getting a <a href=\"https:\/\/www.dotdotloans.co.uk\/\">loan<\/a> for your side hustle is going to be difficult if you don\u2019t prepare first. You\u2019ll need to treat your side hustle as a legitimate business first-otherwise, why would a business loan lender treat it any differently?<\/p>\n\n\n\n<p>Here\u2019s a quick business loan requirements\nchecklist:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Write up a business plan<\/strong>: For some lenders,<br>this is a requirement. Regardless, it\u2019s still good to have a written document<br>outlining where your business stands and where you want it to go-especially<br>with an influx of new funding.&nbsp; <\/li>\n\n\n\n<li><strong>Separate your business and personal finances<\/strong>:<br>If you\u2019re using your personal credit card and\/or bank accounts to run your side<br>hustle, you\u2019re asking for a paperwork headache. You\u2019ll also fail to build<br>crucial business credit. <\/li>\n\n\n\n<li><strong>Prepare financial documents<\/strong>: Get ready to<br>bring any documents that show how you and your business are doing-bank<br>statements, balance sheets, tax returns, A\/R and A\/P aging-to the table.<\/li>\n\n\n\n<li><strong>Provide collateral<\/strong>: There are few unsecured<br>business loans out there. Be prepared to offer personal collateral to secure<br>the loan. <\/li>\n\n\n\n<li><strong>Improve your credit scores<\/strong>: Lenders often look<br>at both your business and personal credit scores, so clean up your credit (or<br>learn about what goes into building it) before you apply. <\/li>\n<\/ul>\n\n\n\n<p>Different lenders, whether they\u2019re traditional banks or online lenders, will have <a href=\"https:\/\/www.fundera.com\/business-loans\/guides\/business-loan-requirements\">different loan requirements<\/a> and expectations. Getting the above things in order, however, is a good place to start for any loan. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-your-side-hustle-loan-options\"><strong>Your side hustle loan\noptions<\/strong><\/h2>\n\n\n\n<p>The longer you\u2019ve been 'in business'\u009d with your\nside hustle and the better you\u2019ve done, the better your loan options will be. <\/p>\n\n\n\n<p>For example, most traditional bank loans won\u2019t\nbe available to any small business unless that business has been in operation\nfor at least a few years. Online lenders more readily deal with newer\nbusinesses, but charge higher interest rates over shorter repayment periods as\na result. You\u2019ll have to crunch the numbers to see <a href=\"https:\/\/www.fundera.com\/business-loans\/guides\/types-of-business-loans\">which kind of business loan<\/a> makes sense for\nyou. <\/p>\n\n\n\n<p>That said, here\u2019s a general roundup of the\nbest side hustle loan options that you might qualify for: <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sba-microloans\"><strong>SBA Microloans<\/strong><\/h3>\n\n\n\n<p>The Small Business Administration\u2019s loan\nprogram is the crown jewel of the small business financing world. While most\nSBA loans are for well-established businesses, the Microloan program (which\ndelivers loans <a href=\"https:\/\/www.sba.gov\/loans-grants\/see-what-sba-offers\/sba-loan-programs\/microloan-program\">ranging from $500-$50,000<\/a> for new businesses)\nis a great first step for turning a side hustle into a bigger business. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-online-short-term-loans-or-lines-of-credit\"><strong>Online short-term loans or lines of credit<\/strong><\/h3>\n\n\n\n<p>A variety of online lenders have entered the\nlending space, and are willing to grant short-term loans or revolving lines of\ncredit to eligible businesses. For a major investment, a short-term loan could\nwork well for a side hustle; a line of credit is best if you see yourself with\nongoing costs you\u2019ll need to cover, such as taking advantage of seasonal\ndiscounts to boost your inventory. <\/p>\n\n\n\n<p>Many lenders have time-in-business\nrequirements: for some, it\u2019s as little as three months, but more often it\u2019s at\nleast 12 months. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-equipment-financing\"><strong>Equipment financing<\/strong><\/h3>\n\n\n\n<p>If your side hustle needs help purchasing a new piece of major equipment, such as a vehicle or piece of kitchen equipment, equipment financiers can extend the exact amount you\u2019ll need to cover the expense, which you\u2019ll repay plus interest. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-inventory-financing\"><strong>Inventory financing<\/strong><\/h3>\n\n\n\n<p>Similar to equipment financing, inventory\nfinancing is when you use a loan to cover the exact amount you\u2019ll need for a\nbig inventory purchase. If you need the money to get a great deal now on\ninventory, this options works well. <\/p>\n\n\n\n<p>You won\u2019t need additional collateral for\ninventory or equipment financing, as the inventory or equipment itself secures\nthe loan. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-personal-loans\"><strong>Personal loans<\/strong><\/h3>\n\n\n\n<p>It\u2019s worth mentioning that you can absolutely\nuse a personal loan to finance a side hustle. Personal loans may be easier to\nqualify for than business loans (especially if you are just getting your side\nhustle off the ground), and often come with lower interest rates and no\ncollateral requirements. <\/p>\n\n\n\n<p>The total amount you can borrow with a\npersonal loan is lower than with a business loan (many personal loans max out\nat around $30,000), and you won\u2019t build business credit. But for your purposes,\nfor now, that might work fine. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-credit-cards\"><strong>Business credit cards<\/strong><\/h3>\n\n\n\n<p>Business credit cards are also an excellent\nfinancing tool for side hustlers. Some elite cards come with a 0% introductory\nAPR, or other benefits that you can use to reinvest in your business. When\nfinancing larger purchases that you might not have the cash on hand for right\naway, a credit card is a good choice that helps you build business credit as\nwell. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-you-can-use-your-loan\"><strong>How you can use your loan<\/strong><\/h2>\n\n\n\n<p>Every business loan and every lender can have\ndifferent restrictions or requirements around loans. <\/p>\n\n\n\n<p>For example, you can\u2019t use SBA loans to pay\noff existing debt or to purchase real estate. You are allowed to use them for\nworking capital needs or the purchase of inventory, equipment, and other\nassets. Some forms of financing will be for specific use cases, such as the\nequipment or inventory financing. <\/p>\n\n\n\n<p>Some credit cards, on the other hand, allow you to perform balance transfers\u2014which is helpful if your new card has a low or 0% interest rate for a certain amount of time, helping you manage what would otherwise be ballooning business debt.<\/p>\n\n\n\n<p>If you\u2019re looking for a loan that can help you build out your side hustle in every way possible\u2014perhaps you have an eye on investing in <a href=\"https:\/\/binary-studio.com\/fintech-app-development\/\">fintech app development<\/a> to improve your service delivery, spending on marketing to gain more leads, or even hiring an employee or two-then consider a personal loan, a microloan, or even crowdfunding via a platform like <a href=\"https:\/\/www.kickstarter.com\/\">Kickstarter<\/a>. You\u2019ll have more latitude. Just remember, you need to make a business case for your loan-a real reason for taking out the loan, with an expected return on investment-or you\u2019ll struggle to repay it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-bottom-line-on-side-hustle-loans\"><strong>The bottom line on\nside hustle loans<\/strong><\/h2>\n\n\n\n<p>Financing a side hustle isn\u2019t unlike financing\nany other small business endeavor. Maybe your ambitions for a side hustle are a\nlittle less grand; but if you\u2019re taking out money to finance its growth, that\u2019s\nstill a serious investment. Take this process seriously, and you\u2019re much more\nlikely to see success-and to set yourself up to make this a full-time gig, if\nthat\u2019s what you\u2019re building towards.&nbsp; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The nice thing about a side hustle is that you can put as much or as little effort into it&#8230;<\/p>\n","protected":false},"author":201,"featured_media":24171,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[98],"tags":[138],"class_list":["post-24170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-small-business","tag-side-hustle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.2 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Use a Business Loan to Finance Your Side Hustle - HostGator<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Use a Business Loan to Finance Your Side Hustle\" \/>\n<meta property=\"og:description\" content=\"The nice thing about a side hustle is that you can put as much or as little effort into it...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/\" \/>\n<meta property=\"og:site_name\" content=\"HostGator\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/HostGator\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-03T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-17T17:46:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hostgator.com\/blog\/wp-content\/uploads\/2019\/11\/How-to-Use-a-Business-Loan-to-Finance-Your-Side-Hustle.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1153\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Eric Goldschein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@HostGator\" \/>\n<meta name=\"twitter:site\" content=\"@HostGator\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eric Goldschein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/\"},\"author\":{\"name\":\"Eric Goldschein\",\"@id\":\"https:\/\/www.hostgator.com\/blog\/#\/schema\/person\/6198be1d0f5121dfefc9d9b465b14bce\"},\"headline\":\"How to Use a Business Loan to Finance Your Side Hustle\",\"datePublished\":\"2019-12-03T12:00:00+00:00\",\"dateModified\":\"2026-03-17T17:46:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/\"},\"wordCount\":1269,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.hostgator.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.hostgator.com\/blog\/how-to-use-a-business-loan-to-finance-your-side-hustle\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.hostgator.com\/blog\/wp-content\/uploads\/2019\/11\/How-to-Use-a-Business-Loan-to-Finance-Your-Side-Hustle.png\",\"keywords\":[\"Side Hustle\"],\"articleSection\":[\"Startup &amp; 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