Expanding the workforce is widely regarded as a positive achievement for small businesses. The addition of employees signifies the company’s success and growth trajectory. Moreover, new hires can alleviate the workload on existing staff, allowing everyone to focus on tasks that align with their strengths, ultimately fostering overall company development.

In 2024, more than half (57%) of small business owners say that they expect to add jobs this year^[1]. While this is a promising sign, there are things that business owners should keep in mind before determining when to add employees, as well as how many they might be able to hire.

Small business owners do everything in their power to pay their employees fairly. That’s probably one of the reasons why up to one-quarter of small business founders in a 2022 survey said that they didn’t pay themselves as they did their employees^[2]. Now, a new Department of Labor proposal stands to make it even more difficult for small business owners to fit salary into their business budgets. If passed, the proposed rule would “restore and extend overtime protections to 3.6 million salaried workers^[3].” While it’s only right that employees get paid properly for their work, the fact remains that if passed, small business owners will need to find a way to fit this increase in salary into their budget. One option is a small business loan. BankUnited’s SBA 7(A) Loan, for example, allows business owners to secure up to $5 million in funding for hiring, business expansion, or other business needs.

As businesses expand and add employees, it may require that more space be needed to house the added staff. This is important to keep in mind, as 50% of small businesses said that they had plans to grow or expand their business in 2024^[4]. Of course, expansion — whether through a rental property or acquiring your own space — takes money. Finding the right loan is essential to help small business owners meet their expansion goals without overextending themselves in other areas and falling into the red. An SBA 504 Loan with BankUnited, for example, provides up to $10 million in funding for purchase, construction or renovation of owner-occupied commercial real estate, all with long-term, fixed-rate financing, competitive interest rates and low down payment options.

The right employees can make or break a business. But paying those employees can also have a huge impact on a business’ bottom line. For example, 45% of small business employers say that they searched for new talent in 2023, while 60% of those employers said that it was also hard to keep up with salary expectations^[5]. This is just one more area where a small business loan can help owners free up cash in some other areas to cover the salaries that attract the right employees for the job. Using an SBA Express Loan from BankUnited may be a great way to cover equipment purchases or get some additional working capital to help float the business while you build up the essentials, like finding the right employees and expanding your space.

Small business owners have a lot on their minds. While 40% of small business owners say they consider 2024 to be a “make or break” year, half still said they’re expanding marketing efforts to bring in new customers, while 43% are exploring new technologies to help with efficiency and productivity^[6]. Every decision a small business owner makes — whether seemingly large or small — can have a big impact on their bottom line. Luckily, the right small business loan can help owners stay afloat while they continue to focus on their growth. BankUnited is here to help in any way we can. Consider browsing our small business products and services to see what we offer, give us a call or stop by a branch today to speak with a Business Banking specialist.