Category: Business Financing
If Bernanke Can’t Refinance, Are Credit Standards Too Tight?
We all know getting a small business loan can be tricky given the current state of the economy and lending standards, but it looks like Main Street isn’t alone. One doesn’t have to look any farther than former Federal Reserve Chairman Ben Bernanke to see the impact of more stringent regulation. The former Fed leader…
This Motivated Senator Wants to Fix the Small Business Loan Gender Gap
Recent studies have shown that woman business owners have a much tougher time obtaining small business financing than their male counterparts…and one motivated Senator is on the job and fighting for change. Maria Cantwell is the chairwoman of the Senate Committee on Small Business and Entrepreneurship, and she’s made closing this particular “gender gap” a…
1 Essential Tip for Becoming a Better Borrower
We’ve often spoken about the factors that can help you and your business look more attractive to lenders – like having a strong business credit profile. While important, there’s one major factor lenders look at that requires greater attention: cash flow. James Good, of the Small Business Payments Company, explained to Forbes recently that small…
3 Essential Documents Your Business Needs at the Ready
One of the most important – albeit less thrilling – responsibilities business owners need to pay attention to is their paperwork. Although essential when it comes time to pay your taxes in the spring, having your key documents organized and ready is crucial for when you want to access financing. According to The U.S. Small…
3 Insanely Easy Ways to Improve Your Business Credit Score
We’ve detailed numerous ways business owners can boost their credit scores – including “5-3-2 Rule” and credit blunders to avoid. But what you’re looking for some easier fixes? Don’t fret – here are three easy ways to give your score a boost. But what you’re looking for some easier fixes? 1. Break your payments up…
Business Financing Through Unconventional Methods
For those small business owners that think a small business loan is out of their reach – prepare to be inspired. Jake Fitzsimmons, opened a hamburger bar in Colorado in 2010. He thought the odds of obtaining a loan were so low that he often asked himself, “why even bother [applying]?” However, because he had…
How the Gender Gap Affects Small Business Loan Approvals
If you’re looking to get a small business loan, there are many factors that come into play. Your credit history, your business’ cash flow and numerous other things will be looked at by lenders. However, there’s another factor that seems to be coming into play: gender. According to recent reports, female small business owners are…
The 3 Fastest Growing Small Business Industries
Across the country, there are a number of industries that are beginning to bustle with activity as more small businesses get in on the action. And if you’re looking for a tip on what these growing industries may be, then Inc. Magazine has you covered. The news outlet recently specified some of the fastest growing…
How to Meet the SBA’s loan criteria
To be eligible for a loan from a U.S. Small Business Administration-approved lender, you need to meet a lot of standardized criteria – all of them listed on the SBA’s website. However, you’ll need to do more than just meet the bare minimums, no matter what lender you’re applying to. Listed below are four tips…
How many business credit cards is too many?
Business credit cards are commonly used as a source of small business financing. According to the U.S. Small Business Administration, 65% of small businesses use credit cards to fund their budgets, at least partially. There are many questions that all small business owners know they have to answer when they take out a credit card…
You know you’re a west coast business owner when….
It seems that West Coast business owners live in a different country than most others – one with year-round sunshine and organic products aplenty. If you want to see whether you could fit in that box – or if you’re a West Coast business owner yourself – then check out the maxims listed below. 1.…
What’s the difference between secured and unsecured loans?
As a small business owner, it’s important to understand the distinction between “secured” and “unsecured” when searching for financing. Secured business loans A secured business loans means that you need to offer collateral alongside your repayment. By offering collateral, business owners afford lenders a way of knowing that they can collect on the balance of…
When is it the right time to turn to a bank?
Last week, we covered an appearance that OnDeck CEO Noah Breslow made on MSNBC, discussing how business owners can prepare before they apply for a loan. This week, we detail another set of tips he offered to small business owners: when is the right time to turn to a bank for a small business loan.…
Personal Credit Vs. Business Credit
As a business owner, it’s important to understand the difference between your personal credit score and your business credit score. Personal credit is what you build by showing trustworthiness when it comes to paying your bills on time and in full, from credit cards to automobile loans to home loans. Doing so increases your credit…
Thinking about applying for a direct loan? Read this first.
While applying for a direct loan is faster and requires less paperwork than applying for a traditional loan, it’s important to still be prepared. Noah Breslow, CEO of OnDeck, sat down with MSNBC to discuss a few best practices for small businesses looking to start the application process with a direct lender. 1. Presentation matters…