According to US Bank’s Jessie Hagen, 82% of business failures are due to poor cash flow management skills. Failure to understand and manage cash flow effectively can lead to poor personal and business credit scores. Small business lenders look at both your personal and business credit histories which means personal credit affects small business borrowing. […]
Lenders Look at Personal and Business Credit Scores, Both Read More »
Have you built a relationship where your business banks? Do they have a small business relationship manager? If so, the best place to get a loan is from the bank where you regularly do business. Ideally, you meet with your business banker monthly or quarterly to go over your financial reports. If you treat your
Financial technology (Fintech) and the internet have enabled the creation of online loan marketplaces. Marketplace lending is made possible by technology platforms that use scoring algorithms to determine the borrowers’ ability to repay. Online loan platforms were first created by non-bank owners who act as brokers, collecting a fee to match borrowers with lenders and
Online Loan Marketplaces: Benefits, Challenges, and Enormous Growth Read More »
You have an idea for an exciting new business. You’ve done your research and you’ve written a business plan. Now it’s time to answer the big question – how to finance a business. Let’s take a look at your options and the things you’ll need to consider in your quest for business funding. Small Business
Small and big banks, institutional and alternative lenders, and credit unions have been approving more small business loans in the past couple of years. However, your credit score will greatly determine the terms on which you will be getting the loan, this according to a new report by Fundera. This can mean getting up to
Better Credit Gets Your Business Up to 20 Times the Loan Money Read More »
What lenders offering small business loans want is no mystery. Do your research and know the lender’s qualifications and requirements prior to applying. Compare different lenders and loan types. Look at the minimum criteria required as each lender will have different practices Even when applying for a small business loan, a personal guarantee and collateral
If we told you a new law now requires lenders to tell small business loan applicants the annualized rate they’d pay for financing, you might be surprised that it wasn’t already standard practice. That new law came from a bill known as CA SB 1235 which received overwhelming bipartisan support. Aimed at adding transparency in
First Small Business Truth-in-Lending Act Passed in California Read More »
With a score of 69.7, the MetLife & U.S. Chamber of Commerce Small Business Index (SBI) for Q3 of 2018 achieved the highest level in the history of the survey. MetLife and U.S. Chamber of Commerce: Q3 2018 Small Business Index The high level of optimism in the economy is in part also responsible for
Two Thirds of Small Businesses Applying for Credit Today Get the Full Amount Read More »
It can be incredibly difficult for entrepreneurs to secure small business startup loans. An unproven business model and an entrepreneur with little to no experience in their new role represent huge risks to lenders. In fact, some do not offer startup loans at all. However, funding can be incredibly important for businesses at every stage
When your business needs money for capital investment, employees, marketing and more, what options do you have. Free business grants can be one of the most sought-after ways for small businesses to secure the finance they desperately need. And, unlike business loans, they don’t accrue interest and the money doesn’t have to be paid back.
