Day: January 28, 2021

The Two-Track Jobs Recovery

Job losses in 2020 were far higher in states that loved lockdowns.

How to Create a LinkedIn Newsletter (and Why They Matter)

Launched in 2003, LinkedIn has become the most popular social network for professionals.

With over 700 million users globally, it is now one of the biggest social media platforms.

That’s why every brand should be using LinkedIn to grow their brand. 

One way to do that is by creating a LinkedIn newsletter.

What Is a LinkedIn Newsletter?

What exactly is a LinkedIn newsletter?

Example of LinkedIn newsletter invite

It’s a series of articles you publish regularly. Just like your typical email newsletter, your LinkedIn newsletter should concentrate on the same topic. Of course, it must be a topic relevant to your audience’s needs.

The ability to create a LinkedIn newsletter is rolling out in stages, but everyone on LinkedIn can subscribe to a newsletter. 

When they do, they get in-app and email notifications that you’ve just published a newsletter.

So what’s the difference between an article and a LinkedIn newsletter? 

The main difference is when you publish an article, it goes into your timeline. Your connections only discover it by scrolling through their feed. 

When you publish a newsletter, your subscribers get notified, which increases the chances of people seeing and consuming your content.

5 Reasons to Create a LinkedIn Newsletter

Is all the hype over LinkedIn newsletters worth it?

If you have the opportunity to publish a newsletter on LinkedIn, you should grab it by the horns.

Here are five reasons why you should create a LinkedIn newsletter:

1. LinkedIn Newsletters Expand Your Audience

Like most social media algorithms, LinkedIn rewards content that people interact with the most.

If you create a killer newsletter that drives engagement, LinkedIn will show it to more people. 

Remember how you see articles from second- or third-tier connections in your feed because one of your connections interacted with it?

It’s the same with newsletters. 

The more people engage with yours, the more people it will reach. As a result, you’ll reach a wider audience and build more meaningful connections.

2. LinkedIn Newsletters Create Engagement

Like all other social media networks, some of your LinkedIn connections are irrelevant and won’t engage with your content. 

A newsletter helps refine your contact list. This is because when you invite people to sign up for your newsletter, only those who resonate with your topic sign up. That can improve your engagement. 

Your engagement will also improve across your other LinkedIn assets as well. Once your newsletter subscribers discover the great content you create, they’ll want to check out your articles and posts as well.

3. LinkedIn Newsletters Help Boost Brand Awareness

Another reason to regularly publish a LinkedIn newsletter is to help boost your brand awareness. If you build your connections properly, most of your connections should be people you can do business with.

Unfortunately, many of these people will forget you after connecting.

A newsletter helps get your brand in front of the right people. It is a great way to remind them about your brand and helps showcase the solutions you provide.

4. LinkedIn Newsletters Help Build Authority

An essential ingredient to successfully growing a business is trust. 

Trust is built by establishing yourself as an authority in your industry.

That’s where a LinkedIn newsletter comes in. 

It’s the perfect tool to establish yourself as an authority in your niche. By creating valuable content, your audience will view you as a trusted source of information — especially when they need the products or services you provide.

5. LinkedIn Newsletters Help Generate Leads

Lead generation is the heart of online businesses. After all, without a steady stream of leads, your business won’t go anywhere. 

A LinkedIn newsletter can help. It can be an invaluable tool in your inbound marketing strategy.

A well-planned LinkedIn newsletter can generate leads for your business by showcasing your expertise. LinkedIn is 277% more effective at lead generation than Facebook and Twitter. With a newsletter as part of your LinkedIn strategy, that number might just go up. 

How to Create a LinkedIn Newsletter in 3 Simple Steps

Now you know what a LinkedIn newsletter is and how publishing one can benefit your brand.

Before you get started, there are a few things you must remember:

  • The ability to publish a LinkedIn newsletter is by invite only.
  • You can only create and maintain one newsletter at a time. If you delete your newsletter, you might not be able to create another. 
  • LinkedIn only allows you to send out one newsletter every 24 hours.

Let’s quickly dive into how you can create your LinkedIn newsletter. To publish your article, you must:

  1. On your homepage, click on “Write an article” and select “Write newsletter” in the publishing tool.
  2. Add the headline and description of your newsletter.
  3. Write your newsletter content.
linkedin newsletter example description

Once finished, you can then click “Done.” Your subscribers will then get a notification that your latest newsletter is out.

It’s that simple! 

7 Tips for Creating a Great Newsletter on LinkedIn

Creating a newsletter on LinkedIn is simple enough.

However, creating a newsletter your audience loves and engages with is a whole different ballgame. Here are seven tips for creating a great newsletter on LinkedIn:

1. Pick the Right Name

A good name is one that describes what your newsletter is about and who is your target audience. It must also be easy to remember.

linkedin newsletter name description

The example above shows the newsletter targets B2B content marketing practitioners. It’s also clear that the newsletter discusses B2B content creation and marketing practices proven to work.

If you can, choose an intriguing title that elicits curiosity and drives subscribers. 

Finally, your newsletter’s name should reflect your brand and the problems you solve. This will help you attract the right kind of audience and generate leads for your business.

Take your time to name your newsletter. After all, it is an extension of your brand.

2. Craft a Compelling Description

After subscribing, one of the first things people will see on your newsletter page is your description.

Your LinkedIn newsletter description is your chance to hook your readers and get them excited about every issue you publish. 

linkedin newsletter noah notes example

For it to be effective, your description should: 

  • Sound Exclusive:  People love being in exclusive clubs. Leverage that by letting them know that subscribing to your newsletter makes them part of an exclusive club that receives exclusive content.
  • Be Descriptive: It is a description, after all, so it should clearly explain what your newsletter is all about. Your description helps set expectations of what your audience should anticipate in terms of content.
  • Be Short: You don’t have many characters for your description, so choose your words carefully and use as few as possible.

Use your description to pitch your newsletter to your target audience. Done well, it will get them excited to be part of your “exclusive” list.

3. Use High-Quality Images 

To give your readers the best possible experience, make sure to incorporate high-quality images. Three places to use images in your LinkedIn newsletter are:

  • Logo: Your LinkedIn newsletter logo is a crucial asset in helping you drive brand awareness. Make sure it’s crisp and clear. 
  • Cover photo: This is the featured image displayed at the top of your newsletter. Use one that’s not only clear but augments your message as well.
  • Within your content: Images help ensure that your message hits home. More than that, they help make your content memorable. 

Treat your LinkedIn newsletter as you would the regular email newsletter you send your email subscribers. Make it look good by using images, and you’ll definitely enjoy good engagement rates.

4. Create Valuable Content

Let’s face it. Information is everywhere, and information overload is a real problem.

To stand out, you need to create unique and valuable content for your LinkedIn newsletter.  

To create valuable content, make sure you: 

  • Understand your audience. It’s essential to clearly define your target audience before you start writing. Use the same buyer persona or customer profiles you use for your marketing campaigns.
  • Address their main pain points. Never publish a newsletter just for the sake of it. Make sure each publication solves a problem for your target audience or helps them achieve something.

Like all your other digital assets, invest time and resources in making the content you publish in your LinkedIn newsletter top-notch. That’s the only way it can help grow your business.

5.  Establish an Optimal Publishing Cadence   

Establishing an optimal cadence is vital if you’re to keep your subscribers engaged.

What’s the right cadence?

From observing many newsletters, it seems the common consensus is once a week or every two weeks.

Tips for Creating a LinkedIn Newsletter - Establish an Optimal Publishing Cadence

In all honesty, people are tired of getting notifications for content they don’t find useful. Preempt that by letting them know how often you’ll be publishing your newsletter.

6. Craft Catchy Headlines

Just like a regular email newsletter must have a well-crafted subject line, so too, your LinkedIn newsletter must have a compelling headline.

This is important as the headline plays a huge role in your subscribers’ notifications.

For B2B marketers, who are the above example’s target audience, nothing is more important than lead generation. That’s why the headline, “B2B Marketers, We Need to Talk About Lead Generation,” works so well for the intended audience.

To craft LinkedIn newsletter headlines that work:

Use Keywords 

Use a keyword research tool like Ubersuggest to find keywords your target audience uses in their search queries and incorporate them in your headline. It will help pique your subscribers’ interest. It will also show them that you know them well and are interested in serving them.

Inspire Urgency

“We need to talk.” 

I’m sure every time you hear those words, you drop everything you’re doing and listen.

You may not necessarily have to use those exact words in your headline. However, try as much as possible to use words that inspire urgency. It will increase the likelihood of your subscribers responding to the notification immediately (before they forget). 

Hit a Soft Spot

Highlight a pain point you’ll address or a benefit your subscribers will get from reading your newsletter. Remember, people want to know how they’ll benefit before they commit, even something as simple as spending five minutes reading your newsletter.

Your headline should hook your readers and elicit that all-important click that will lead them to your newsletter content.

7. Always Include a Call-to-Action

To encourage engagement, always end your LinkedIn newsletter with a call-to-action (CTA).

This could be a CTA asking your subscribers to:

  • Comment
  • Share
  • Read a LinkedIn article or blog post

Whatever you do, always give your readers a way to engage with your content. Remember, engagement is a metric the LinkedIn algorithm values highly.

Conclusion

LinkedIn has always been a powerful marketing tool.

LinkedIn newsletters are another powerful tool in your marketing toolbox. 

If you have access, don’t take this feature for granted. Publish a newsletter that will help you achieve your marketing goals.

Have you leveraged LinkedIn newsletters? How has your audience responded to your content? 

The post How to Create a LinkedIn Newsletter (and Why They Matter) appeared first on Neil Patel.

Top 10 Scottish Rugby Podcasts You Must Follow in 2021

Top 10 Scottish Rugby Podcasts Contents [show] ⋅About this list & ranking Scottish Rugby Podcasts The Scottish Rugby Podcast The Official Scottish Rugby Podcast The Thistle Scottish Rugby Podcast Dragon Thistle Rugby Tackling Scottish Rugby Podcast BBC Radio Scotland Rugby Podcast The Official Scotland Rugby League Podcast Submit Blog Do you want more traffic, leads, and sales? […]

The post Top 10 Scottish Rugby Podcasts You Must Follow in 2021 appeared first on Feedspot Blog.

Top 20 Console Gaming Podcasts You Must Follow in 2020

Top 20 Console Gaming Podcasts Contents [show] ⋅About this list & ranking Console Gaming Podcasts Geeks Respawn Podcast The ECHO Cast | A The Division 2 Podcast Obsolete Gaming Player One Podcast Calling All Platforms Tech and Gaming News Video Game Outsiders Nintendo Switch Craft | A Nintendo Podcast The Veteran Gamers 4Player Podcast Genesis Gems Retro […]

The post Top 20 Console Gaming Podcasts You Must Follow in 2020 appeared first on Feedspot Blog.

SBA Lending

Can SBA Lending Help Your Business?

While not every business will qualify, SBA lending can benefit many companies. Is yours one of them?

What Does the Small Business Administration Do?

The SBA is a government agency with one real mission, to fund small businesses and otherwise help them succeed, while supporting the overall economy of the United States. This independent agency was created in 1953, “to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation”.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, SBA loan eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See https://www.sba.gov/document/support–table-size-standards.

More Requirements

General eligibility also includes being a for-profit business. Also, the business must be officially registered and operating legally, doing business in the US. This means the business must be physically located and operating in the US or its territories. The owner much have vested equity. This means the owner must have invested their own time or money in the business, and exhausting other funding options. In short, the business must not be able to get funds from any other financial lender.

SBA Lending May Include More Coronavirus Funding Options

This information does change, depending on what Congress passes and the president signs into law. Many of these options have their own eligibility periods and funding. Even if one doesn’t currently have funds, others could. It pays to check all available options.

SBA Lending Credit Suite

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA Lending Includes Economic Injury Disaster Loans

An EIDL loan provides economic relief to small businesses and non-profit organizations currently experiencing a temporary loss of revenue.  Small business owners and non-profit organizations in all US states, Washington DC, and territories are eligible to apply. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, like continuation to health care benefits, rent and utilities, and fixed debt payments.

Agricultural businesses with 500 or fewer employees are now eligible for EIDL loans. The 500 or fewer employees is a general requirement for most types of businesses, unless a larger business is still considered small under the SBA’s own standards. Principals with 50% or more of an ownership interest must be up to date on child support payments. The business cannot derive more than 1/3 of its gross annual revenue from legal gambling activities.

SBA Lending Can Come in the Form of SBA Express Bridge Loans

An SBA Express bridge loan enables small businesses which currently have a business relationship with an SBA Express lender, to access up to $25,000 quickly. These can be term loans or they can be used to bridge the gap while applying for an EIDL loan. This loan will be paid in whole or in part from the proceeds from the EIDL loan.

SBA Debt Relief

The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status, as well as new 7(a), 504, and microloans disbursed before 9/27/20. This relief is not available for Paycheck Protection Program loans or EIDL loans. Borrowers do not need to apply for this assistance.

The SBA will automatically provide this relief as follows: for loans not on deferment, SBA will start making payments with the next payment due on the loan. They will make six monthly payments. For loans currently on deferment, SBA will start making payments with the next payment due after the deferment period has ended. In this case, they will also make six monthly payments. For loans made after 3/27/20 and fully disbursed before 9/27/20, SBA will start making payments with the first payment due on the loan. Again, they will make six monthly payments.

SBA lenders have been instructed to not collect loan payments from borrowers. If a borrower’s payment was collected after 3/27/20, lenders were told to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after the SBA’s payment.

More SBA Debt Relief

This is for current SBA Serviced Disaster (Home and Business) Loans. If your disaster loan was in ‘regular servicing’ status on 3/1/20, the SBA is providing automatic deferments through 12/31/20. But automatic deferral has some specifics.

Interest continues to accrue on the loan. 1201 monthly payment notices will continue to be mailed out. They will show the loan is deferred and no payment is due. The deferment will not cancel any established Preauthorized Debit (PAD) or recurring payments on a loan. Borrowers with an established PAD through Pay.Gov or an online bill pay service are responsible for canceling these recurring payments. But borrowers that had the SBA establish a PAD through Pay.gov must contact their SBA servicing office to cancel it.

Borrowers preferring to continue making regular payments during the deferment period may continue to do so during the deferment period. The SBA will apply those payments normally as if there was no deferment. After this automatic deferment period, borrowers must resume making regular principal and interest payments. Borrowers that cancelled recurring payments will need to reestablish the recurring payment.

SBA’s Lender Match

The SBA has a lender matching tool whereby you can connect with SBA-approved CDFIs and small lenders. CDFIs are community development financial institutions. They are private financial institutions with a 100% dedication to delivering responsible, affordable lending. This is to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.

Lender Match is only for SBA-guaranteed loans. Do not use it for EIDL loans. You can get a match within 2 days. This can save time as you will receive contact information only for lenders expressing an interest in providing your business with a loan.

SBA Lending Includes Traditional SBA Loans

The SBA still provides three types of loans which predate the COVID-19 pandemic. They are 7(a), 504, and microloans.

SBA 7(a) Loans

This is the SBA’s main program for providing financial assistance to small businesses. Terms and conditions, like the guaranty percentage and loan amount, may vary by type of loan.

A standard 7(a) loan can be for up to $5 million. The maximum SBA guarantee is 85% for loans up to $150,000 and 75% for loans greater than $150,000. The interest rate varies but cannot exceed the SBA maximum. Turnaround is 5 – 10 business days.

Lenders do not have to take collateral for loans up to $25,000. For loans over $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not fully secure the loan, the lender may include trading assets. This is done by using 10% of current book value for the calculation. Plus the lender must take available equity in the personal real estate (residential and investment) of the principals as collateral. See sba.gov/partners/lenders/7a-loan-program/types-7a-loans.

SBA Lending Credit Suite

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA CAPLines

This is a program under 7(a). It helps small businesses meet short-term and cyclical working-capital needs. There are four types of CAPLines: seasonal, contract, builders, and working.

Seasonal CAPLines

With the Seasonal CAPLines program, borrowers must use the loan proceeds solely to finance the seasonal increases of accounts receivable and inventory — or in some cases associated increased labor costs. It can be revolving or non-revolving. With the Contract CAPLines program, the line finances the direct labor and material cost associated with performing assignable contracts. It can be revolving or non-revolving.

Builders CAPLines

With the Builders CAPLines program, the line can finance direct labor and material costs for a small general contractor or builder constructing or renovating commercial or residential buildings. The building project serves as the collateral. It can be revolving or non-revolving.

Working CAPLines

So this program is an asset-based revolving line of credit. It is for businesses unable to meet credit standards associated with long-term credit.

This program provides financing for cyclical growth, recurring and/or short-term needs. Repayment comes from converting short-term assets into cash, which is paid to the lender. Businesses continually draw from this line of credit, based on existing assets. And they repay as their cash cycle dictates. This line generally for businesses that provide credit to other businesses.

SBA Lending Includes SBA Express

This program is also under 7(a). It features an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours. Get up to $350,000. The maximum SBA loan guarantee is 50%. Lenders do not have to take collateral for loans up to $25,000. They may use their existing collateral policy for loans over $25,000 up to $350,000.

SBA Lending Credit Suite

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA 504 Loans

Also called the Certified Development Company Loan program. CDCs are nonprofit corporations promoting economic development within their communities via 504 loans. The SBA authorizes CDCs to provide financing to small businesses with the help of third-party lenders (often banks). Loans are generally at a $5 million cap. But certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan. So these can be for up to $5.5 million each.

A low down payment (often 10%) conserves your working capital. So you can get 10, 20 or 25 year terms. Use for long-term, fixed assets for expansion or modernization. This is often real estate or large equipment. Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible. See sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf.

SBA Lending Includes SBA Microloans

So this program provides loans up to $50,000. The idea behind these loans is to help small businesses and specific not-for-profit childcare centers start up and expand. So the average microloan is about $13,000. Often, intermediaries require some type of collateral and the personal guarantee of the business owner. See sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program%20.

Alternatives to SBA Loans

Of course there are alternatives to SBA loans. Not eligible? Or do you need more? There are plenty of alternatives to SBA loans out there. But it will depend on your business’s age and revenue, and your FICO score. But there are options out there for you. Credit Suite can help you navigate the choices.

SBA Lending: Takeaways

The Small Business Administration has various eligibility requirements, and a number of different types of loans. The SBA has stepped up during the COVID-19 pandemic. But they also have more traditional loans with different funding sources. Always check the fine print with any loan you apply for. And don’t forget that Credit Suite can help you choose your best funding option.

The post SBA Lending appeared first on Credit Suite.

Reddit's WallStreetBets Forum Briefly Goes Dark

A message on the forum’s landing page initially said WallStreetBets had been taken private by its moderators because off technical difficulties on an “unprecedented scale as a result of the newfound interest in WSB.”

The post Reddit’s WallStreetBets Forum Briefly Goes Dark first appeared on Online Web Store Site.

3 Inbound Marketing Trends to Master in 2021

Inbound marketing isn’t easy. There are tons of strategies for driving more traffic. You can write more blog posts and e-books, leverage better keywords, and create a social media publishing schedule. To top it all off, inbound marketing trends shift almost as fast as SEO tactics. This means it’s harder and harder to stay on …

The post 3 Inbound Marketing Trends to Master in 2021 first appeared on Online Web Store Site.

SBA Lending

Can SBA Lending Help Your Business?

While not every business will qualify, SBA lending can benefit many companies. Is yours one of them?

What Does the Small Business Administration Do?

The SBA is a government agency with one real mission, to fund small businesses and otherwise help them succeed, while supporting the overall economy of the United States. This independent agency was created in 1953, “to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation”.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, SBA loan eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See https://www.sba.gov/document/support–table-size-standards.

More Requirements

General eligibility also includes being a for-profit business. Also, the business must be officially registered and operating legally, doing business in the US. This means the business must be physically located and operating in the US or its territories. The owner much have vested equity. This means the owner must have invested their own time or money in the business, and exhausting other funding options. In short, the business must not be able to get funds from any other financial lender.

SBA Lending May Include More Coronavirus Funding Options

This information does change, depending on what Congress passes and the president signs into law. Many of these options have their own eligibility periods and funding. Even if one doesn’t currently have funds, others could. It pays to check all available options.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA Lending Includes Economic Injury Disaster Loans

An EIDL loan provides economic relief to small businesses and non-profit organizations currently experiencing a temporary loss of revenue.  Small business owners and non-profit organizations in all US states, Washington DC, and territories are eligible to apply. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, like continuation to health care benefits, rent and utilities, and fixed debt payments.

Agricultural businesses with 500 or fewer employees are now eligible for EIDL loans. The 500 or fewer employees is a general requirement for most types of businesses, unless a larger business is still considered small under the SBA’s own standards. Principals with 50% or more of an ownership interest must be up to date on child support payments. The business cannot derive more than 1/3 of its gross annual revenue from legal gambling activities.

SBA Lending Can Come in the Form of SBA Express Bridge Loans

An SBA Express bridge loan enables small businesses which currently have a business relationship with an SBA Express lender, to access up to $25,000 quickly. These can be term loans or they can be used to bridge the gap while applying for an EIDL loan. This loan will be paid in whole or in part from the proceeds from the EIDL loan.

SBA Debt Relief

The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status, as well as new 7(a), 504, and microloans disbursed before 9/27/20. This relief is not available for Paycheck Protection Program loans or EIDL loans. Borrowers do not need to apply for this assistance.

The SBA will automatically provide this relief as follows: for loans not on deferment, SBA will start making payments with the next payment due on the loan. They will make six monthly payments. For loans currently on deferment, SBA will start making payments with the next payment due after the deferment period has ended. In this case, they will also make six monthly payments. For loans made after 3/27/20 and fully disbursed before 9/27/20, SBA will start making payments with the first payment due on the loan. Again, they will make six monthly payments.

SBA lenders have been instructed to not collect loan payments from borrowers. If a borrower’s payment was collected after 3/27/20, lenders were told to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after the SBA’s payment.

More SBA Debt Relief

This is for current SBA Serviced Disaster (Home and Business) Loans. If your disaster loan was in ‘regular servicing’ status on 3/1/20, the SBA is providing automatic deferments through 12/31/20. But automatic deferral has some specifics.

Interest continues to accrue on the loan. 1201 monthly payment notices will continue to be mailed out. They will show the loan is deferred and no payment is due. The deferment will not cancel any established Preauthorized Debit (PAD) or recurring payments on a loan. Borrowers with an established PAD through Pay.Gov or an online bill pay service are responsible for canceling these recurring payments. But borrowers that had the SBA establish a PAD through Pay.gov must contact their SBA servicing office to cancel it.

Borrowers preferring to continue making regular payments during the deferment period may continue to do so during the deferment period. The SBA will apply those payments normally as if there was no deferment. After this automatic deferment period, borrowers must resume making regular principal and interest payments. Borrowers that cancelled recurring payments will need to reestablish the recurring payment.

SBA’s Lender Match

The SBA has a lender matching tool whereby you can connect with SBA-approved CDFIs and small lenders. CDFIs are community development financial institutions. They are private financial institutions with a 100% dedication to delivering responsible, affordable lending. This is to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.

Lender Match is only for SBA-guaranteed loans. Do not use it for EIDL loans. You can get a match within 2 days. This can save time as you will receive contact information only for lenders expressing an interest in providing your business with a loan.

SBA Lending Includes Traditional SBA Loans

The SBA still provides three types of loans which predate the COVID-19 pandemic. They are 7(a), 504, and microloans.

SBA 7(a) Loans

This is the SBA’s main program for providing financial assistance to small businesses. Terms and conditions, like the guaranty percentage and loan amount, may vary by type of loan.

A standard 7(a) loan can be for up to $5 million. The maximum SBA guarantee is 85% for loans up to $150,000 and 75% for loans greater than $150,000. The interest rate varies but cannot exceed the SBA maximum. Turnaround is 5 – 10 business days.

Lenders do not have to take collateral for loans up to $25,000. For loans over $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not fully secure the loan, the lender may include trading assets. This is done by using 10% of current book value for the calculation. Plus the lender must take available equity in the personal real estate (residential and investment) of the principals as collateral. See sba.gov/partners/lenders/7a-loan-program/types-7a-loans.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA CAPLines

This is a program under 7(a). It helps small businesses meet short-term and cyclical working-capital needs. There are four types of CAPLines: seasonal, contract, builders, and working.

Seasonal CAPLines

With the Seasonal CAPLines program, borrowers must use the loan proceeds solely to finance the seasonal increases of accounts receivable and inventory — or in some cases associated increased labor costs. It can be revolving or non-revolving. With the Contract CAPLines program, the line finances the direct labor and material cost associated with performing assignable contracts. It can be revolving or non-revolving.

Builders CAPLines

With the Builders CAPLines program, the line can finance direct labor and material costs for a small general contractor or builder constructing or renovating commercial or residential buildings. The building project serves as the collateral. It can be revolving or non-revolving.

Working CAPLines

So this program is an asset-based revolving line of credit. It is for businesses unable to meet credit standards associated with long-term credit.

This program provides financing for cyclical growth, recurring and/or short-term needs. Repayment comes from converting short-term assets into cash, which is paid to the lender. Businesses continually draw from this line of credit, based on existing assets. And they repay as their cash cycle dictates. This line generally for businesses that provide credit to other businesses.

SBA Lending Includes SBA Express

This program is also under 7(a). It features an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours. Get up to $350,000. The maximum SBA loan guarantee is 50%. Lenders do not have to take collateral for loans up to $25,000. They may use their existing collateral policy for loans over $25,000 up to $350,000.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

SBA 504 Loans

Also called the Certified Development Company Loan program. CDCs are nonprofit corporations promoting economic development within their communities via 504 loans. The SBA authorizes CDCs to provide financing to small businesses with the help of third-party lenders (often banks). Loans are generally at a $5 million cap. But certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan. So these can be for up to $5.5 million each.

A low down payment (often 10%) conserves your working capital. So you can get 10, 20 or 25 year terms. Use for long-term, fixed assets for expansion or modernization. This is often real estate or large equipment. Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible. See sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf.

SBA Lending Includes SBA Microloans

So this program provides loans up to $50,000. The idea behind these loans is to help small businesses and specific not-for-profit childcare centers start up and expand. So the average microloan is about $13,000. Often, intermediaries require some type of collateral and the personal guarantee of the business owner. See sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program%20.

Alternatives to SBA Loans

Of course there are alternatives to SBA loans. Not eligible? Or do you need more? There are plenty of alternatives to SBA loans out there. But it will depend on your business’s age and revenue, and your FICO score. But there are options out there for you. Credit Suite can help you navigate the choices.

SBA Lending: Takeaways

The Small Business Administration has various eligibility requirements, and a number of different types of loans. The SBA has stepped up during the COVID-19 pandemic. But they also have more traditional loans with different funding sources. Always check the fine print with any loan you apply for. And don’t forget that Credit Suite can help you choose your best funding option.

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When it Comes to Business Credit Score, Experian is Only One Option

Experian is one of three major credit reporting agencies.  Equifax and Dun & Bradstreet round out the bunch.  It’s easy to see why your business credit score with Experian is important when you consider they keep files of 99.9%  of American companies.

What You Need to Know About Your Experian Business Credit Score

Your business credit score is important regardless of which credit reporting agency it comes from.  It’s also important that you understand what your business credit score is saying to lenders.  Beyond that, you cannot truly function well as a business if you don’t understand what makes up your score.  In light of that, here is what you need to know as relates to your business credit score, Experian especially. 

Business Credit Score Experian: Getting Started

According to Experian, all their information comes from third parties. Businesses cannot add any information to their company credit profile. 

However, you need to have your business set up properly. Failing to do so means those third parties will not recognize your company as a business. It is vital to establish your business as a separate entity from yourself.  If you don’t, your business transactions will get mixed up with personal transactions.  Not only that, but they may show up on your personal credit report.  That is not a good thing. 

Keep your business protected with our professional business credit monitoring

Here is what you need to start separating your business from yourself. 

Business Credit Score Experian: What you Need to Know About Intelliscore

With Experian, the main business credit score and report is the Intelliscore Plus.  It contains the following.

Business Information

First, there is the standard business identifying information.  That is your business name and address.  In addition, ownership data is included. Important personnel and the type of company you have will also be there. Furthermore, time in business, number of employees, and the amount of yearly sales are all on this report. 

Payment Information 

Then, you can see delinquent payments. This includes how many days late they are. Lenders can also see an overall trend.  For example, the lowest and highest balance for the past six months.  Current balance is also shown. By showing the credit limit available to your business, the report gives an idea of the credit utilization rate for your company.

The number of tradelines your business has is here as well. Also, you will see how many times a company has checked your credit and any UCC filings. 

There is a comparison of businesses doing worse than yours too.  In addition, the number of bankruptcies, liens, and judgments are in this section.  

Summary of Credit

The credit summary shows the Experian business credit score.  Also, it links to information on what goes into the score and tips on the best ways to improve it.

Payment Summary

After that, you see the payment summary. There are visuals for trends by the month and quarter.  

Next, there are bar charts showing payment trends for the past 6 months.  This is as reported from the tradelines.  

Trade Payment Information

Then, there is a section about how your business has done with its payments. This is broken down by type of account.

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Inquiries

Next up are inquiries. These are companies that have pulled your small business’s credit. The list includes the names of companies making inquiries and the month the inquiry was made.

Collection Filings

For the next section, any collection filings are on the report by date.  It includes collection agency name, status, amounts, and the close date, if appropriate.

Collections Summary

This is self-explanatory. It is a summary of collections, and it is just below the collection filings portion.

Commercial Banking, Insurance, Leasing

In this section, Experian lists all the information it has on your business relationships.  For example, this includes relationships with insurance, commercial banking, and leasing companies.  Specifically, how much credit was extended?  When did the loan start? It also includes any remaining balance.

Judgment Filings

Next is the report on legal information.  It includes the court where a judgment was filed, the date, and how much it was for.

Tax Lien Filings

Tax lien filing information is similar to judgment filings.  The only difference is there is a listing for a filing location instead of court. 

UCC Filings

You guessed it.  Here you will find information related to UCC filings: 

  • Date
  • filing number
  •  jurisdiction 
  • name of the secured party 
  • activity on the filing.

UCC Filings Summary

Under that, is the UCC filings summary.  It is broken down by filing period and type of filing.  

Owner Profile

There is also an entrepreneur profile for smaller companies.  The purpose of this is to show relationships between you and your business. It automatically links the credit history of business owners to their business credit report. 

That means, it is much easier for your creditors to access your personal credit. They may use it in determining your creditworthiness as a whole.  So, even when you do the work to establish separate business credit, your personal credit can still be taken in to account.

Business Credit Score Experian: Intelliscore

The Intelliscore is a credit-risk evaluation.  It’s based on statistics. The goal is to help businesses, investors, and potential lenders make decisions about creditworthiness.

It’s similar to how lenders use your personal credit score. Before they decide to lend you money, they check your credit score.  The Intelliscore Plus can provide an idea of the credit risk associated with a specific business. 

Intelliscore Plus Credit Score Range

Your business credit score with Experian ranges from 1 to 100.  A higher score indicates a lower risk. In contrast, the lower your score, the higher risk. 

How Is A Business Credit Score Experian Calculated?

One reason Intelliscore is so good at calculated risk is that they identify key factors that show how likely a business is to pay their debt.

There are over 800 of these factors.  However, they can all fit into the following general categories.

Payment History 

Of course, this is how well you are making payments. The information includes the number of times your accounts have been late.  It also shows the percent of accounts that are currently late.  Your overall balance in accounts is listed too. 

Frequency 

This refers to the how many times your accounts have been sent to collections.  In addition, you will see the number of liens and judgments you may have.  Any bankruptcies related to your business or personal accounts also show up here.

In addition, frequency has to do with your payment patterns. Were you regularly slow or late with payment? Did you start off paying bills late but get better over time? 

Financial 

This focuses on how you use credit. Like, how much of your credit is currently in use? Do you have a high ratio of delinquent balances in relation to your credit limits?

If your business is not yet in operation or you do not have a long history of business transactions, how will they rate you?

This is where Experian uses a blended model. They consider your personal consumer credit score with your business’s credit score.

Other Business Credit Score Experian Reports

There are a number of other products as well.  These reports are designed to help you as the owner monitor your business credit. Prices can change without notice so check with Experian directly to ensure the most current pricing. 

Business Credit Advantage Plan

This one is currently $149 monthly.  It contains mobile-friendly alerts and tips for improving your score.

Profile Plus Report

This report is currently priced at $49.95.  It features financial payment data.  It also predicts payment behavior.

Credit Score Report

This report is the least comprehensive.  It’s currently priced at $39.95. Basically, it includes business and credit information.  Also, there is a summary of financial payment data.

Valuation Report

This report sells for $99 right now. It shows the value of your company. It also contains Key Performance Indicators. Additionally, it shows your business’s fair market value.

Corporate Profiles

Experian also furnishes premium corporate profiles at an additional cost. The enhanced profiles contain even more detail including: 

  • Sales figures 
  • size 
  • contact details 
  • products and operations 
  • credit summary 
  • any Uniform Commercial Code (UCC) filings 
  • fake business names 
  • payment and collections history 

These are above and beyond the information in the basic corporate profiles.  They also have data on credit inquiries made in the past nine months.  

Keep your business protected with our professional business credit monitoring

Business Credit Experian Credit Alerts

You can subscribe to business credit alerts through Experian’s Business Credit Advantage program. It serves as a self-monitoring service.  The program allows unlimited access to your business’s business credit report and score. You can make use of this tool for handling your business credit. Alerts are sent for:

  • Company address changes
  • Changes in your business credit score
  • Credit inquiries on your business profile
  • Newly-opened credit tradelines
  • Any USS filings
  • Collection filings and
  • Any public record filings, for example, liens, bankruptcies, and judgments

There are ways to monitor your Experian business credit score for a fraction of the cost.  Research is important.

How Do You Improve Your Business Credit Score with Experian?

Thankfully, there are a few things you can do to make your Experian business credit score better. If it isn’t great already that is.  It takes time, but it is possible.  

Make Consistent, On-Time Payments 

Paying your bills on time will help establish your small business as one that pays its debts. This will eventually help push your score up.  As a result, lenders will view your business as low risk.

Actually Use the Credit

You should definitely keep your debt low.  However, opening business credit accounts can help raise your credit score. Use all credit responsibly.

Maintain Healthy Personal Credit

At this point, you realize that your personal credit is not out of the picture. It can affect your Experian business credit score. You have to stay on top of your personal debt.  

Business Credit Score, Experian or Otherwise, Is Vital to Fundability

Your credit score from any of the business credit reporting agencies is important. You never know which one a lender may use. 

Yet, credit score isn’t the only piece that matters.  Business credit scores are just one part. Overall business fundability includes much more. Fundability as a whole is much more involved than just business credit. There is a bigger picture. 

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