Category: Business Financing
14 Questions You Should Ask Before You Get a Small Business Loan
Small businesses have more financing options today than ever before, yet navigating the maze of loan types and lenders can make it challenging to choose the right loan and the right lender for your business. The days when the bank was the one-stop-shop for small business loans are over. Meaning, business owners need to be…
Should I Use a Personal Loan for My Business?
There are times when many business owners might be tempted to use a personal loan to pay for business expenses. For example, when a business is still in the idea stage, or otherwise very young (under a year old), it can be difficult to access financing via a traditional small business loan, which is why…
Cook, Serve, Grow: Financing Growth for a Foodservice Business
Is your restaurant, catering or grocery business thriving in the New Year? Are you considering plans for growth? The costs associated with growth can be expensive. And, accessing capital to fuel growth is a challenge for many small business owners. Fortunately, if you need to buy equipment, increase your staff, or expand your location, there…
Does a Business Line of Credit Make Sense for My Business?
Every small business owner sometimes faces situations where they need quick access to capital to address immediate needs—sometimes those needs involve solving a near-term challenge, but often they are to take advantage of opportunities. Establishing a business line of credit is one way many business owners prepare for those immediate cash needs. A business line…
Online Business Loans in 2015
Small business owners continued to turn to online small business lenders in 2015. Here are five reasons: Many traditional lenders (like banks) are still reluctant to offer financing to the smallest small businesses The application and approval process is more streamlined for the borrower with online lenders Online lenders are now considered more main stream…
Looking for the Right Short-Term Small Business Loan?
There are a lot of options for small business owners looking for financing these days. And, more small business owners than ever are looking online—with online lenders providing an estimated $7.9 billion in small business loans last year. According to Morgan Stanley, that’s up 68 percent from 2014. Traditional financing at the local bank is…
Does a Grant Make Sense for Your Business?
Access to capital is a big concern for many small business owners. Whether it’s to open a brand new company or to expand an established business, a grant can be a potential source for this much-needed funding. Nevertheless, there are differences between applying for a grant compared to applying for a loan; and in the…
Are You a Savvy Borrower?
A love of accounting is probably not the primary reason most entrepreneurs decide to start a business, but I think most of us would agree that at least a basic understanding of good accounting and bookkeeping practices are an important part of running a business. Likewise, mastering the ins and outs of financing is important…
What You Need to Know About Personal Guarantees
If you’ve ever applied for a small business loan, you might have been asked to provide a personal guarantee. A personal guarantee reduces a lender’s risk associated with a small business loan because it gives lenders the right to pursue your personal assets if your business defaults on its business loan. It’s important you understand…
Borrowing Through the Small Business Lifecycle
There’s no question there’s a difference in the financing options available to a startup, a growing company with two or three years under its belt, and an established business that has been around for ten or more years. Considering the small business lifecycle as we talk about small business financing will help point you in…
5 Clues to Help You Know if You May Qualify for an SBA Loan
Fiscal year 2015 was a good year for SBA lenders. While the SBA is not a direct lender, they guaranteed 63,000 loans totaling $23.6 billion—that’s 22 percent more loans and 23 percent more loan dollars than the previous year. The current SBA Administrator, Maria Contreras-Sweet is working hard to help as many small business owners…
5 Financing Tips for Women Business Owners
Women-owned businesses are the fastest growing segment of entrepreneurs in the United States and account for roughly 40 percent of the small businesses in our country. Unfortunately, “In 2014 the [House] Subcommittee on Small Business and Entrepreneurism published a report that said only 4% of the total dollar amount of business loans go to women-owned…
Financing Options for a Startup
With no history, no track record, and no revenue, borrowing capital for a startup can sometimes feel like searching for the Holy Grail. Nevertheless, there are options, but they might not be where you expect—here are three of the most popular: Friends and Family Borrowing from friends or family continues to be a very successful…
How to Use Financing for Your Medical Business
Like any small company, clinics and other medically oriented small businesses will encounter various times when funding is needed, to solve cash flow gaps or invest in equipment. Have you encountered any of the following scenarios in your business? Cash Flow Woes Keeping a positive cash flow is a challenge for most small business owners;…
What is an Unsecured Small Business Loan?
An unsecured loan is a loan that requires no collateral and is based solely upon the creditworthiness of the borrower. In reality, very few unsecured true business loans exist today, especially those for larger loan amounts. While a bank may offer an unsecured consumer loan or line of credit to a particularly credit worthy borrower,…