Tag: small business loan

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. […]

Finding enough cash to get your small new business started or keep it running can be one of the biggest challenges you face as an entrepreneur. Here is a list of 8 different sources of business funding that can save your company’s future: 1. Friends and Family Before you groan at the idea of hitting up your loved ones for cash, you should know that friends and relatives are one of the most common sources for startups. No one knows you or believes in you more than this crowd. And they may be […]

Adding new, updated equipment is often the best way to keeping your small business at the forefront of competition while simultaneously increasing your profits. New equipment can be very expensive though, requiring your company to seek business loan funding. While securing small business financing can be tricky, doing a little research can help you put together the right loan package for your firm. The first step is to determine your loan needs. How much money do you need to borrow? How quickly […]

Every small business will need an infusion of cash at some point. When the need arises, a business loan with a traditional lender generally has the best interest rates and loan terms. It also requires more from borrowers though, including some form of collateral. The bank will examine your business credit as well as your revenue and your company’s financial history. If the lender determines you have enough income to repay the loan, the bank will also ask you to provide collateral – a secondary […]

You’ve hit a wall in your business growth. You need more working capital. A small business loan can be the safest and cheapest way to obtain the funding your company desperately needs. The requirements can be stringent and the application process can be extensive. Here are 5 ways to be prepared for small business loan success. 1. Prepare to Explain the Reasons for Your Loan In order for a lender to approve your loan proposal they will need to see a convincing reason for the funds. If you are […]

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. […]

Starting and growing a small business requires plenty of capital. And yet, without a strong or long business history most lenders are hesitant to loan money to new companies. The result: many fledgling small businesses turn to their credit cards to finance their operations. In fact, the U.S. Small Business Administration reported that 65 percent of small business owners rely on credit cards regularly to provide working capital. The problem with maxing out personal or business credit card to finance […]

Many young and growing businesses need business loans to take their companies to the next level. However, these fledgling firms may not have the collateral traditionally usually employed to secure a standard small business loan. Or they may be unwilling to pledge those assets. In this situation, an unsecured loan may be the right choice. Although no business collateral is required, often a personal guarantee is. Here is what you need to know about this clause before signing: A personal guarantee […]

Small business in the U.S. are responsible for the creation of two-thirds of the new jobs added to the economy each year. And yet, for these small businesses to continue hiring and growing, finding the business funding can be a challenge. Many big banks and lenders have no interest in making business loans under $250,000 – the cost of underwriting small loans is barely worth the profits on them. In these situations, microloans can be the best solution. A microloan, according to the Small Business […]

When starting a brand-new business, coming up with all the necessary financing can be a challenge. Most banks will not consider startups for small business loans and without a business credit history it can be difficult to get funding from alternative lenders as well. One option for procuring working capital that startup entrepreneurs can consider is bootstrapping by consulting as a side job. Startups often require money for equipment, retail space, employee salaries, or inventory. Taking on a […]