Archive: July 2017

Signing up for a business credit card can be very fiscally beneficial to your growing company. Before submitting that application, however, you  should become familiar with five of the most frequently asked questions about business credit cards. 1. Can a startup business qualify for a business credit card? Yes, startup companies are eligible for credit cards as soon as they are officially established. In order to qualify, credit card lenders will use the owner’s personal credit score and income. 2. […]

Acquiring venture capital can be a huge boost for a fledgling business or one ready to move on to the next level. Venture capital is notoriously difficult to obtain however and entrepreneurs are always eager for tips on wooing VCs. A recent study headed by Stanford finance professor Ilya A. Strebulaev got to the bottom of what matters most to venture capitalists when it comes to investing in a new company. The study call “How Do Venture Capitalists Make Decisions?” surveyed 885 venture capital […]

Small businesses provide the majority of new job creation for our nation and yet pulling together the funding to become a successful, job-generating company can be very challenging. Small business loans are among the most desirable forms of financing a growing firm, but only about 20 percent to 25 percent of small business loan applications are approved on average. If your company is looking to secure some working capital from a traditional lender, here are five ways to put your best foot forward. 1. […]

The major credit reporting agencies are being forced this summer to change some of their data collection policies, a move likely to buoy personal credit scores and give small business owners access to more business funding. Because of a 2015 settlement with the New York Attorney General, the three major credit bureaus – Experian, Equifax and TransUnion – are altering some of their policies that will affect the credit scores of millions of Americans. Before the settlement, the big three agencies […]

For businesses that have gotten into financial tax trouble, the Internal Revenue Service has a program that can aid business owners in cleaning out their debts and getting back to running their companies. Started in 2013, the IRS Fresh Start program  helps businesses deal with tax liens, make easier payments and even settle their tax debts for less than they owe. Tax liens are government claims on your profits or property due to failure to pay the required taxes. All types of liens will hurt […]

Making a mistake with your business credit can cost you in your credit score for months to years. While the formulas for business credit agencies are not as transparent or consistent as those for personal credit scores, there are still several big no-no’s that will stay on your record the longest. Here are the 3 biggest business credit mistakes you can make: 1. Liens A lien is a legal claim against your company’s property or assets. It is usually the result of vendor or business loan repayment […]

Writing paper checks is just a routine part of every small business, right? It doesn’t have to be and in today’s high-tech world, it may actually be one of the worst ways to make business payments. There are plenty of obvious and hidden costs associated with check-writing. Many business owners do not even think to examine these costs as they are not aware of any other way to make and track payments. However, researchers have found that each written check can cost a company between $3 and $5, […]

Many new businesses go under not because people don’t like their product or service, but because they have problems managing their cash flow. The large amount of working capital they started the month with disappears and no one seems to know where or why. If your company is struggling with keeping positive cash flow, here is the prescription to cure your financial woes. Track Every Cent With so many transactions occurring every month, a tracking system is essential to figuring out what is happening […]

Trying to navigate the small business loan process can be confusing and exhausting. If your company is looking to find some business funding through a bank or other traditional lender, it helps to be aware of the kinds of paperwork that will be required of you. Here are the six most important pieces of data you should prepare before applying for a small business loan: 1. Personal Credit Score Even though you might not expect a bank to pull your personal credit score when you are applying for […]

When you are looking for business funding for a commercial mortgage, it is important to know the loan terms that will be required of you. One of the most important to understand is whether your commercial real estate loan is designated as recourse or non-recourse. Recourse Commercial Mortgages A recourse loan requires that the borrower is personally liable for the balance of the loan. That means that if the loan goes into default, the lender can seize and liquidate not only the collateral associated […]