You’ve done what you thought was impossible. You secured yet another small business loan for a business that appears to all onlookers like it’s going to fail. Your bad credit is piling up, your equipment lease payment is so late that you’re sure they’re going to come repo the machinery and you know that this is probably the last loan you’re going to be able to get.

So make use of it!

Follow this five-step plan for making the most of these final small business loans so that you can turn your business around:

1. Consolidate your loans.
2. Analyze your income and expenses. Work out a plan on paper to make a profit.
3. Create a budget which includes both a savings plan and a debt repayment plan based on your anticipated profit.
4. Use money from the loan to improve business efficiency and advertise to get new clients.
5. Stick to it. Even when it’s tough, you need to meet those goals that you lay out.

If you have gotten lucky enough to get what might be the last in a line of small business loans, you don’t want to blow it. Make sure that you’re organized with your finances and focused in how you spend the money from this new loan.

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