Category: Business Financing
Small Business Loans and Bad Credit?
While it’s true, a good personal credit score is an important metric small business lenders use to evaluate a business owners credit worthiness, a less-than-perfect credit score doesn’t rule out a loan provided other metrics look good. Before you start looking for loan, make sure you have a handle on these four things: 1. What…
Webinar Recap: An Insider’s View to Securing Capital to Grow Your Business
Last week we teamed up with our small business education partner SCORE to provide an insider’s view into the new world of business lending in a live webinar. Ty Kiisel, contributing editor at OnDeck, spoke to nearly 300 live listeners to demystify the new landscape of small business lenders. He covered the five major types…
When You Need to Get a Business Loan Fast
There are times when a small business owner doesn’t have the luxury of weeks or months to find a small business loan for his or her business. Sometimes an opportunity to purchase inventory at a discount, launch a marketing campaign, or even deal with a crisis happens so quickly they need access to capital right…
Getting a Small Business Loan—What You Need to Know
At OnDeck (learn more about our business loans here) we’ve delivered over $2 billion to businesses since we started making small business loans in 2007. After talking to all of those business owners—and countless others—many tell us they wish that had known how to better prepare for the search for a loan. With that in…
OnDeck is Expanding in Canada: Welcome to Our Canadian Neighbors
Since 2007 we’ve delivered over $2 billion to businesses all across the United States in more than 700 industries and have been lending in Canada since 2014. Today we’re announcing that OnDeck will now be offering loans up to $150,000 (CAD) to the approximately 1.1 million small businesses in Canada. Small business is the lifeblood…
Put Friends and Family Business Loans in Writing
According to the Pepperdine Graziadio School of Business Management’s most recent Private Capital Access Index for Q1 of 2015, small business financing success rates for loans from friends or family remain very high for business owners seeking financing. 68 percent of the business owners surveyed who sought funding from a friend or family member found…
Is a Business Debit Card a Good Idea?
San Francisco startup, Bento’s co-founders Farhan Ahmad and Sean Anderson, think their new prepaid MasterCard (that acts like a debit card) is just the ticket for startups whose employees purchase equipment, supplies, services, or company travel. The card is designed to help small business owners put limits on employee cards and manage their spending. The…
Where Do Startups Really Get the Money to Start?
If you’ve put your faith in what I call the “Myth of the Shark Tank,” you might be surprised at where most start-ups get the cash they need to start. “During an event in Austin on Monday, the Kauffman Foundation outlined research dispelling some of the most common myths that distort America’s idea of the…
3 Likely Reasons Your Business Loan Application Got Rejected
While the economy is improving and many small business owners feel optimistic about the future, it can still be a challenge to access the financing they need to fuel growth or fund working capital. Not all lenders look at the same criteria when evaluating whether or not they’ll approve a small business loan, but here…
Small Business Lending: Are You Ready for a Loan?
I have a consultant friend who helps struggling Main Street businesses get back on their feet. Yesterday he and I were talking about the current state of small business in general and all the changes that have impacted how small business owners find the capital they need to keep their business thriving. As you might…
5 Common Startup Financing Mistakes
Financing a startup is a challenge. In fact, unless you have exceptional credit and some cash in the bank it can be almost impossible. Writing for SmallBusinessTrends.com, Tom Gazaway identifies five common mistakes that make it even a harder—yet are pretty easy to overcome with a little bit of planning and forethought. Gazaway suggests you…
Small Business Lending: Does Your Business Qualify for an SBA Loan?
Although the SBA (Small Business Administration) is not a bank and doesn’t actually make small business loans, they do offer a guarantee to the traditional lenders, like banks and credit unions, which do. The SBA might not be the biggest source of funds available to small business owners, but they are an important source—making funds…
Ask These 4 Questions to Find the Right Loan for Your Small Business
When most people think of a small business loan, they think of a term loan at the bank—but there are dozens of other options available to small business owners today. Finding the right loan isn’t as simple as going into the bank anymore. Asking yourself the following four questions will help you find the right…
Enter the Loan Process Educated About Small Business Financing
The time to investigate small business financing is before you need it. The last few years have seen big changes in the world of small business financing. Because of those changes, most small business owners don’t know what they don’t know—it’s changed that fast. Although I believe anything that gives greater access to capital has…
7 Awesome Facts about Veteran Small Business Owners
In honor of Veteran’s Day, OnDeck is celebrating veterans small business owners all month long. Here are seven awesome facts about veteran small business owners: 1. Extremely Motivated According to the SBA, veterans are roughly 45% more likely to form their own business compared to people who haven’t served any time in the military. 2.…