Day: April 8, 2021

Episode #370 (Originally aired 11/6/15)

Episode #370 (Originally aired 11/6/15)

The post Episode #370 (Originally aired 11/6/15) appeared first on Buy It At A Bargain – Deals And Reviews.

The Permanent Housing Crisis

Continuing government bans on eviction and foreclosure are doing more harm than good.

New York Taxes Go Skyscraper High

A weak and desperate Cuomo caves to the left on everything.

How to Use Thought Leadership Marketing With Paid Ads

Imagine being the next Seth Godin, Gary Vaynerchuk, or Tim Ferriss.

Just like these notable figures, a big reputation can attract profitable clients, opportunities to speak in conferences, and success in current business ventures. Thought leadership marketing is a powerful thing.

Now, how do you transition from being a nobody to becoming a reliable thought leader? How do you build your reputation and become recognized in your niche?

Let’s learn more about how you can use paid ads to build your personal brand as a thought leader.

What Is Thought Leadership Marketing?

Thought leadership marketing is the practice of increasing your brand’s visibility by establishing yourself as an expert source of information. It helps establish CEOs, executives, or individuals as reputable experts in their niche. 

A marketing executive may want to become a thought leader to attract more clients to their agency. Likewise, other CEOs want to build a following to put their organization’s products and services in the limelight. 

Becoming a thought leader seems to be an intimidating endeavor, but it’s possible with the right strategy. 

A thought leader could work with a marketing team to churn out high-quality blog posts, educational videos, and social media content. As the fame of thought leaders grows, they could build a following and become experts in their field. 

Why Should You Use Thought Leadership Marketing in Your Paid Ads?

What are the benefits of using thought leadership in paid marketing campaigns? Here are some of the top benefits you need to know. 

1. Improve Brand Awareness and Exposure

Imagine a paid ad with insightful advice from a featured thought leader. With thought leadership marketing, the featured professional or executive immediately seems credible and authoritative. 

More interaction with paid ads also means more exposure to your business. 

Even if customers don’t click the ad immediately, repeated exposure to your paid ads will incite their curiosity and lead them to your website. When this happens, they already have a positive perception of your brand (if you have created compelling ad content). 

Thought leadership content is also a great way to attract decision-makers. 

In a survey of decision-makers by LinkedIn, 58 percent of respondents read one or more hours of thought leadership per week. This means investing in paid ads with thought leadership content could get your business introduced to the decision-makers of big companies. 

2. Thought Leadership Marketing Attracts Business Opportunities 

As more people discover your brand through paid ads, you could attract more business opportunities over time. 

Getting opportunities through your thought leadership content is ideal because clients already perceive you as credible.

Check out these statistics that prove thought leadership can boost business:

  • Nearly half of C-suite executives share their contact information upon reading thought leadership. 
  • Fifty-eight percent of decision-makers say they select companies based on their thought leadership content.
  • Sixty-one percent of decision-makers are fine with paying premium prices to collaborate with a brand that leverages thought leadership.

These statistics prove that investing in thought leadership could lead to a great return on investment. In contrast, if you seek out opportunities yourself, you must still convince prospects to trust your business or make an effort to convert them. 

3. Attract Public Speaking Opportunities with Thought Leadership Marketing  

Having a strong reputation means more people are willing to listen to the insights and advice you offer. 

As you build brand awareness through paid ads, you could also attract opportunities to speak in conferences and events with your desired target audience.

When organizations advertise their conferences and events, they may also include your face, name, and credentials in their promotional content. Of course, this also means more publicity for your personal brand. 

Consider this ad by the Data Protection World Forum, which includes a headshot and the credentials of its speaker. Even if it seems like a minor promo, more publicity is always good publicity when it comes to establishing yourself as a thought leader. 

Thought Leadership Marketing - Data Protection World Forum

How to Use Thought Leadership Marketing in Your Paid Ads

How do you create thought leadership ads to attract people’s attention? Here are some tips you need to know:

1. Understand Your Audience

Understanding your audience is crucial to the success of a paid ad campaign. Just like every marketing campaign, begin by crafting a buyer persona

Here are some questions to consider:

  • What does your target audience need?
  • What do they think?
  • Why would they want to subscribe to your brand? 
  • How will your ads inspire or motivate viewers to check out your website?

A good tip is to create surveys or leverage social listening tools to get the answers. If you have social media pages in place, look at the comments or messages of your audience. You could also launch a survey to determine the expectations of your target audience. 

With this information, you can create thought leadership ads that resonate with your buyer personas. As your business grows, reevaluate your buyer personas so they align with customer needs.

2. Include a Professional Photo 

Just like your logo, the paid ad may be the first brand-related content decision-makers and consumers see. 

My suggestion is to use a professional photo to make a good first impression. 

Dress up based on how you want to represent your personal brand. If your target base is B2B professionals or CEOs, a suit and tie might do the trick. Those who want to attract the general public can use a casual outfit to seem more relatable. 

Tim Ferriss, author of the book The 4-Hour Workweek,” encourages viewers to read his content such as books, gadgets, albums, and articles. He also seems relaxed and dressed in a casual shirt. The photo in the paid ad may seem simple, but it actually represents the life his audience could lead by following his teachings to work less and earn more. 

Thought Leadership Marketing - Tim Ferriss

3. Offer Information on Products and Services

Thought leadership marketing ads should provide insights into the products and services you offer. 

This guarantees customers know what to expect upon clicking the ad. Being unclear about your products and services could make you lose out on potential customers. 

For example, Dave Ramsey’s ad for his live webinar features the benefits customers will get upon subscribing to his master training for aspiring financial coaches. 

Thought Leadership Marketing - Dave Ramsey

4. Monitor Paid Ads of Competitors 

Take a look at what your competitors are doing. 

Which marketing channels do they use to launch their paid ads? How often do they run those ads? What do they write about? Monitoring and analyzing the ads of competitors can help you uncover opportunities for your own paid ads. 

How do you find ads of competitors? On Facebook, you can head to the Ads Library to find active and inactive ads of other thought leaders in your industry. 

Thought Leadership Marketing - Ad Library

5. Offer Valuable Content 

Even with a compelling paid ad, customers may not click or purchase your products and services immediately. 

This is perfectly okay; paid ads don’t exist to exclusively sell your products and services.

An alternative option is to use paid ads to share links to valuable content such as educational videos or blog posts. Sharing valuable content can help you effectively introduce your brand and establish yourself as a trusted expert. 

6. Be Genuine 

Asking people to buy immediately might not lead to the best results. 

A good tip is to remain authentic or boost engagement. Give a behind-the-scenes look at your brand. You can share interesting insights about your business and how you’ve helped your customers and clients. 

Author Malcolm Gladwell’s paid ad has a sponsored video that gives humorous behind-the-scenes insights for his upcoming audiobook. While he may not be selling a new audiobook (yet), it may generate hype for his upcoming work or encourage viewers to revisit his past bestselling works. 

Thought Leadership Marketing - Malcolm Gladwell

Another option is to share facts and research-backed insights or facts to prove your point. Add a link to an ebook, whitepaper, or case study with numbers and figures. This is a lot more compelling than asking people to buy, buy, and buy. 

Examples of Successful Thought Leadership Marketing Paid Ads

Still not sure how to leverage thought leadership marketing with paid ads? Here are a few successful paid ads that could inspire your own:

1. Simon Sinek 

Simon Sinek is an inspirational speaker who covers topics like leadership and organizational structure. He regularly hosts online classes and workshops to help people feel safe, inspired, and fulfilled. 

To encourage more viewers to check out his classes, he shares a thought-provoking clip from a previous lecture. The life lesson from the short clip may encourage people to visit his website, check out his content, and eventually become a paying customer. 

Thought Leadership Marketing - Simon Sinek

2. Bill Gates

Bill Gates needs no introduction. Though he has established one of the biggest tech companies in the world, his recent passion is fighting climate change and infectious diseases. 

For his live chat with Trevor Noah, he created a paid ad promoting his book. 

Thought Leadership Marketing - Bill Gates

This ad works because it features his professional photo, book cover, and date and time of the event. Even with a simple image, he is able to share all the relevant information viewers need to know. 

3. Grant Cardone

Grant Cardone specializes in the world of business, which is precisely why he has an impressive paid ad that perfectly aligns with the products and services he offers. 

His short clip gives an overview of what students can expect from his boot camp. Plus, he has a compelling and informative CTA (Get Access To For Only $97!) to incite viewers to act. 

Thought Leadership Marketing - Grant Cardone

4. Tai Lopez

Tai Lopez is an investor and entrepreneur specializing in motivational and self-help content. They say great brands have compelling stories, and the same is true for his business. 

The full version of his paid ad includes a story about his struggle with poverty and starting out in his career. Eventually, he was able to seek mentorship and change his life for the better. 

Unlike most paid ads, his ad copy is quite long. Yet with an irresistible story, he is able to keep readers interested until the last word. 

Thought Leadership Marketing - Tai Lopez

5. Tony Robbins

Tony Robbins is a top business strategist, coach, and speaker. His impressive paid ad campaign encourages people to build their own business with a course priced at $395. 

Thought Leadership Marketing - Tony Robbins

This type of copy may be effective for followers who are already familiar with your brand. If your product is at a discounted price, customers aware of original prices may be compelled to opt in and try it out for themselves. 

Conclusion

If you want to be a renowned thought leader, paid ad campaigns provide you with an avenue to boost brand awareness and attract more like-minded individuals. 

For the best results, use a professional photo and compelling copy (or video) to give viewers an in-depth look at your products and services. Along the way, don’t forget to understand your target audience’s needs and share solutions that address their plight. 

As you attract more people to your personal brand, you can also acquire lucrative business opportunities and get invited as a speaker in conferences. Hopefully, these tips inspire you to incorporate thought leadership with your paid ads. 

How will you use thought leadership marketing in your paid ads?

Top 10 WFPL Podcasts You Must Follow in 2021

Top 10 WFPL Podcasts Contents [show] ⋅About this list & ranking WFPL Podcasts WFPL Daily News Briefing Great Podversations WFPK Music News In Conversation Kentucky Politics Distilled Money Memories Dig Strange Fruit Race Unwrapped Kentuckiana Sounds Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your traffic […]

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Top 10 WSKG Podcasts You Must Follow in 2021

Top 10 WSKG Podcasts Contents [show] ⋅About this list & ranking WSKG Podcasts WSKG Story of The Day WSKG Newscast The Hour Of Now: One Hour Of All New Music Every Week WSKG Arts In Depth By Special Invitation From WSKG Free Range Folk from WSKG Submit Blog Do you want more traffic, leads, and sales? Submit […]

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

The PPP Loan Extension Offers the Gift of Time: Use it Wisely

On March 30, 2021 President Biden extended  the PPP loan application deadline for the Paycheck Protection Program.  The extension pushes the deadline from March 31, 2021 to May 31, 2021.  It includes PPP loans for nonprofits as well. In addition to the PPP loan extension, this also allows for an extension of the SBA PPP processing time to June 30, 2021. 

This is a major win for small businesses, as the program’s PPP loan forgiveness provides businesses a way to keep going despite the ongoing economic fallout from the pandemic. 

The PPP Loan Extension is a Major Win For Small Businesses in More Ways than One

This serves two purposes. First, it allows more small businesses time to get their PPP loan application completed and turned in. At the same time, it gives the Small Business Administration more time to deal with any technical issues that may pop up with SBA PPP loans funding and processing. 

Why Is a PPP Loan Extension Needed?  

An extension is necessary to provide more support for businesses while the U.S. population is getting vaccinated for COVID-19 over the coming months.

It will give businesses more time to apply loans.  This includes both first-time loans, and even a second draw PPP loan if applicable.  The second draw is a second PPP loan available to some businesses that have already received one Paycheck Protection Program loan.  Those who have issues with the application process will also be able to spend more time working through those problems.

Other PPP Loan Changes

Other recent changes will help even more applicants.  This includes the smallest of small businesses, as well as minority-owned businesses and those located in rural communities. A two-week period in March was set aside only for businesses with fewer than 20 employees to apply.

That time is over, but still helpful is the fact that the administration is also now calculating the loan formula for sole proprietors, independent contractors and self-employed individuals differently.  Furthermore,  gone are the restrictions that prevent business owners with prior felony convictions not related to fraud, or those who have been delinquent on federal student loans, from receiving assistance. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What Can You Do In the Meantime? 

There is no question that the PPP loan program is a savior for many small businesses.  Still, the money doesn’t come automatically. What if you need money right now? What if you can’t wait for the sometimes long PPP loan application process? Maybe the PPP loan won’t be enough. How can you supplement it? 

Here are some ideas to either bridge the gap or take the place of a PPP loan.  

Credit Line Hybrid

The credit line hybrid is business financing that does not require security.  It is available to pretty much anyone for any type of business expense. You can use it for real estate, equipment, working capital, and even startup expenses.  Furthermore, there is no down payment, and you do not have to provide income documentation. It is completely no-doc financing. 

You need to have personal credit of 680 or above, but keep reading if you don’t because there are still options. .  Also, there cannot be any late payments in the past 12 months, there can be no open collections or bankruptcies, and there should be less than 4 inquiries in the past 6 months on your consumer credit report.  There also have to be at least 2 open credit cards with a $2,000 limit or higher with 2 years of good payment history. 

If you do not meet these requirements, including the minimum credit score, you can take on a credit partner who does meet them. 

You can get up to $150,000, and often interest rates are as low as 0% for the first 6 to 18 months.

401(k) Financing 

The 401K financing program offered by Credit Suite is a flexible and powerful way for a new or existing business or franchise  to leverage assets that are in a 401(k) plan or IRA. These are assets which are tied up in stocks. 

It doesn’t take long either.  In as little as 3 weeks you can actually invest a portion of these funds into your own business. Then, you not only have more control over the performance of your retirement plan assets, but you also have the working capital you need.

This type of program even has the blessing of the IRS. In fact, they  have their own name for it. It’s called a Rollover for Business Startups (ROBS). 

Do You Qualify for a ROBS? 

Surprisingly, this type of financing is pretty easy to get. You do not have to submit financials or have good credit to get approval. In fact, all the lender will ask for is a copy of your two most recent 401(k) statements.

If the plan has a value of more than $35,000,  you can get approval. This is true even if you have really bad personal credit. You can get however much of your 401(k) is “rollable.” Sometimes, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

The plan you use cannot be from a business where you currently work. It will have to be from previous employment. Also, you can’t still be contributing to it. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Business Revenue Lending

If your business has consistent revenue of $120,000 per year or more, you may qualify for business revenue lending. Lenders verify revenue using bank statements.  There can be no recent bankruptcies, but the minimum credit score to qualify is as low as 500.  

A business must also be in operation for a year or more, and they must do more than 5 small transactions each month to get business revenue financing. 

Merchant Cash Advance

If your business accepts credit card payments and you have at least a 500 FICO, you could get up to $750,000 in a merchant cash advance. Credit rates are usually lower compared to traditional financing as well.  

There must be $100,000 or more per year in credit card sales, and typically you can get approval equal to one months credit card financing volume. 

Account Receivable Financing

Outstanding account receivables can also be a source of funding for your business. Get as much as 80% of receivables advanced in less than 24 hours. You get the rest of the accounts receivable amount once you collect full payment for the invoice. Closing takes 2 weeks or less. 

Receivables should be with the government or another business. Getting financing with receivables from individuals is not as easy. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so.

Enterprise SBA Loans

For these loans you have to have collateral worth up to at least 50% of the loan amount, but you only need a FICO of 620.  There also can be no bankruptcies in the past 4 years.  Only for profit companies qualify, and they must have positive trends in sales growth. Generally amounts are available of up to $12 million with terms up to 25-years. 

Credit Suite can help you get funding with these options and show some other possibilities.

Use the Time Allowed By the PPP Loan Extension Wisely

Getting funding for your business is not always easy.  There is more to it than just applying for a loan. Business credit can get sticky.  Having expert help can save you a lot of time and money.  While you are waiting for your Paycheck Protection Program loan, consider working with a business credit expert to help you better position your business to access the funding it needs quicker and easier in the future.  

A business credit expert can help make the most of the PPP loan extension time.  They can work with you to evaluate the fundability of your business. The stronger your fundability, the more likely you are to get funding with the best rates and terms available. You can get a free consultation to help ensure your business is set up properly to build fundability

An expert can help you evaluate the many factors that affect fundability.  There are over 100.  With so many factors, it can be hard to figure out where you stand without an expert. They can work with you to figure out where your business falls short and help you improve.  Fundability is a tangled web affected by many things, and the time and money saved having an expert walk you through it is extremely valuable. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What Else Can a Business Credit Expert Help With?

They can also walk you through the steps to establishing a business credit profile separate from your personal credit profile. Once that is done, they can help you find accounts that will report to that business credit profile.  

This is key, because many vendors do not report.  Those that do report, do not make it easy to find out that they do.  A business credit expert has relationships with a number of vendors.  They can help you find the ones that will successfully help you build your business credit score. 

PPP Loan Extension: You Still Have Time

Thanks to the PPP Loan extension that President Biden signed, you still have time to get your PPP loan application in.  No matter how fast you act however, some things never change. Especially with the PPP extension on the SBA side, you will likely be waiting a bit for your approval and to actually receive PPP funds.  

If you need money right now, try one of these funding options.  Then, put to good use the time the Paycheck Protection Program extension allows you.  Use it to get in touch with a business credit expert.  It’s a great time to start the process of building strong business fundability. The stronger your fundability, the easier it is to fund your business whatever the world throws your way, even a global pandemic. 

The post The PPP Loan Extension Offers the Gift of Time: Use it Wisely appeared first on Credit Suite.

Accounts Receivable Financing

Check Out Accounts Receivable Financing

Are you looking for accounts receivable financing? Even though accounts receivable financing is based on receivables – more on that later – it still pays to look at fundability. Plus we are covering similar alternatives today.

This way in case it turns out that accounts receivable financing is off the table for you and your business, you would still be covered.

Fundability

Fundability is the ability of a business to get funding. It essentially covers all the points a lender or credit provider will be looking at when they’re trying to figure out if you’ll pay back a loan or credit extended to you. These include factors you probably haven’t thought about or might think aren’t so important. But they are!

Your Business name

Does your business include the name of a high risk industry? Did you know it could be preventing you from getting funding? It doesn’t have to be this way. You don’t have to include the name of your industry in your business name. There’s nothing deceptive or illegal or otherwise wrong about calling a business Chico’s rather than Chico’s Bail Bonds.

Note: if you change your business name, be sure to change it everywhere. This means you change it in these places, among others: incorporation documents, licenses, and your records with the business CRAs (D&B, Experian, and Equifax)

It’s best to copy/paste this information. Do not chance making an error by typing it by hand. This is because differences will be interpreted as fraud by lenders and credit providers. Keep records of where your business name is, so, you can be sure you’ve caught everything.

NAICS code

You choose your business’s NAICS code. NAICS industry codes define businesses based on the activities in which they are primarily engaged. The NAICS puts out a list of high-risk and high-cash industries. Higher risk industries include casinos, pawn shops, and liquor stores. If more than one code would apply, there is nothing deceptive, illegal, or wrong with using a less risky one.

The IRS, lenders, banks, insurance companies, and business CRAs use NAICS codes. They are trying to determine if your business is in a high-risk industry classification. So, you could get a denial for a loan or a business credit card based on your business classification. Some codes can trigger automatic turn-downs, higher premiums, and reduced credit limits for your business. See naics.com/search.

Demolish your funding problems with 27 killer ways to get cash for your business.

Business Entity type

To get financing or credit for your business you must have a business entity. A corporation or LLC gives you more credibility in many cases. It also helps you reduce your liability. And it separates you from your business. It makes the business a separate legal entity. Make sure your entity is set up in the same state as your business address.

Your EIN

Your business must have a Federal Tax ID number (EIN). Just like you have a Social Security Number, your business has an EIN. Your Tax ID number is used to open a bank account and to build a business credit profile. Take the time to verify all agencies, banks, and trade credit vendors have your business listed with the same Tax ID number.

Your Business Address

Your business address has to be a real brick and mortar building. It must be a  deliverable physical address. This should not be a home address or a PO Box. Don’t use UPS mailing addresses. Some lenders will not approve and fund unless this criterion is met.

Your Business Phone Number

A cell or home phone number as your main business line could get you flagged as un-established – but VOIP is okay. Do not give a personal cell phone or residential phone as the business phone number. Your phone number must be listed with 411 for most credit issuers and lenders to approve you. Check your record to see if you’re listed and make sure your information is accurate. No record? Then use ListYourself.net to get a listing. Business phone number should be toll-free (800 exchange or comparable).

Your Business Licensing

Make sure you have the proper licensing for your corporation. And make sure the address on your licenses is the same as all other documents. Contact State, County, and City Government offices, and see if there are any required licenses and permits to operate your type of business. Being licensed also builds credibility in your business, which can help you get more customers.

Your Business Website and Email

You need a company email address for your business. Email must be on the same domain as your website. This usually comes with a website domain provider such as GoDaddy or Host Gator. It is not just professional; it also greatly helps your chances of getting approval from a credit provider. Do not use Yahoo, AOL, Gmail, Hotmail, or similar kinds of email.

Demolish your funding problems with 27 killer ways to get cash for your business.

Accounts Receivable Financing

You can use outstanding account receivables as collateral for financing. Receivables should be with the government or another business. If you also have purchase orders,  you can get financing to have those filled. You won’t need to use your cash flow to do so. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement. Receivables should be with the government or another business.

Accounts Receivable Financing: Terms and Qualifying

Use your outstanding account receivables for financing. Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates as low as 1.33%. you can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

For a Similar Kind of Funding, Try Purchase Order Financing

This is advanced to a business with a large purchase order or contract but cannot fulfill it. Lender then loans the funds necessary to complete the order and charges a percentage for the service. Then the company can fulfill its order or contract. The difference between purchase order and accounts receivable financing is:

  • Purchase order financing involves a company lending you money to fulfill purchase orders
  • Accounts receivable financing involves a company buying your outstanding invoices

Purchase Order Financing: Terms and Qualifying

Terms are for Credit Suite purchase order financing. For approval, lenders will typically review your outstanding purchase orders that need to be filled. If the purchase orders are valid and the suppliers you are dealing with are credible, you can get approval regardless of personal credit history. Rates typically range from 1-4%. In some instances, you can get 95% of your purchase order financed.

Demolish your funding problems with 27 killer ways to get cash for your business.

Consider Cash Flow Financing as Well

A loan made to a company is backed by a company’s expected cash flows. A company’s cash flow is the amount of cash that flows in and out of a business, in a specific period. Cash flow financing (or a cash flow loan) uses generated cash flow as a means to pay back the loan.

Cash Flow Financing: Terms and Qualifying

Often you will need to have a few years in business. You may need to meet a certain minimum credit score requirement. You will need to prove historical cash flow, and present your accounts receivables and accounts payables, so the lender can determine how much to loan to your business.

SBA Seasonal Line

Advances against anticipated inventory and accounts receivables, or in some cases associated increased labor costs. It is meant to help seasonal businesses. It can be revolving or non-revolving.

SBA Seasonal Line: Terms and Qualifying

Get loans to $5 million. Qualification requirements are the same as with other SBA programs. The maximum maturity on this CAPLine loan is 10 years. Holders of at least 20% ownership in the applicant business must guarantee the loan.

For an Alternative to Accounts Receivable Financing, Try Our Credit Line Hybrid

A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. Get 0% business credit cards with stated income. These report to business CRAs. You can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials required. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

So How Do You Choose?

This is an enormous buffet of business funding choices! But how do you select the one(s) that’s best for your particular situation? This is where our Advisory Team comes in extremely handy. Or help yourself with our Business Credit Builder. It’s your choice. But it all starts with business credit.

Accounts Receivable Financing: Takeaways

There are all sorts of amazing ways to get business funding. Accounts receivable financing and similar funding types are just the tip of the iceberg. You can find the best financing which fits your circumstances, including your strengths in areas like:

  • Personal credit
  • Collateral or
  • Cash flow

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The PPP Loan Extension Offers the Gift of Time: Use it Wisely

On March 30, 2021 President Biden extended  the PPP loan application deadline for the Paycheck Protection Program.  The extension pushes the deadline from March 31, 2021 to May 31, 2021.  It includes PPP loans for nonprofits as well. In addition to the PPP loan extension, this also allows for an extension of the SBA PPP processing time to June 30, 2021. 

This is a major win for small businesses, as the program’s PPP loan forgiveness provides businesses a way to keep going despite the ongoing economic fallout from the pandemic. 

The PPP Loan Extension is a Major Win For Small Businesses in More Ways than One

This serves two purposes. First, it allows more small businesses time to get their PPP loan application completed and turned in. At the same time, it gives the Small Business Administration more time to deal with any technical issues that may pop up with SBA PPP loans funding and processing. 

Why Is a PPP Loan Extension Needed?  

An extension is necessary to provide more support for businesses while the U.S. population is getting vaccinated for COVID-19 over the coming months.

It will give businesses more time to apply loans.  This includes both first-time loans, and even a second draw PPP loan if applicable.  The second draw is a second PPP loan available to some businesses that have already received one Paycheck Protection Program loan.  Those who have issues with the application process will also be able to spend more time working through those problems.

Other PPP Loan Changes

Other recent changes will help even more applicants.  This includes the smallest of small businesses, as well as minority-owned businesses and those located in rural communities. A two-week period in March was set aside only for businesses with fewer than 20 employees to apply.

That time is over, but still helpful is the fact that the administration is also now calculating the loan formula for sole proprietors, independent contractors and self-employed individuals differently.  Furthermore,  gone are the restrictions that prevent business owners with prior felony convictions not related to fraud, or those who have been delinquent on federal student loans, from receiving assistance. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What Can You Do In the Meantime? 

There is no question that the PPP loan program is a savior for many small businesses.  Still, the money doesn’t come automatically. What if you need money right now? What if you can’t wait for the sometimes long PPP loan application process? Maybe the PPP loan won’t be enough. How can you supplement it? 

Here are some ideas to either bridge the gap or take the place of a PPP loan.  

Credit Line Hybrid

The credit line hybrid is business financing that does not require security.  It is available to pretty much anyone for any type of business expense. You can use it for real estate, equipment, working capital, and even startup expenses.  Furthermore, there is no down payment, and you do not have to provide income documentation. It is completely no-doc financing. 

You need to have personal credit of 680 or above, but keep reading if you don’t because there are still options. .  Also, there cannot be any late payments in the past 12 months, there can be no open collections or bankruptcies, and there should be less than 4 inquiries in the past 6 months on your consumer credit report.  There also have to be at least 2 open credit cards with a $2,000 limit or higher with 2 years of good payment history. 

If you do not meet these requirements, including the minimum credit score, you can take on a credit partner who does meet them. 

You can get up to $150,000, and often interest rates are as low as 0% for the first 6 to 18 months.

401(k) Financing 

The 401K financing program offered by Credit Suite is a flexible and powerful way for a new or existing business or franchise  to leverage assets that are in a 401(k) plan or IRA. These are assets which are tied up in stocks. 

It doesn’t take long either.  In as little as 3 weeks you can actually invest a portion of these funds into your own business. Then, you not only have more control over the performance of your retirement plan assets, but you also have the working capital you need.

This type of program even has the blessing of the IRS. In fact, they  have their own name for it. It’s called a Rollover for Business Startups (ROBS). 

Do You Qualify for a ROBS? 

Surprisingly, this type of financing is pretty easy to get. You do not have to submit financials or have good credit to get approval. In fact, all the lender will ask for is a copy of your two most recent 401(k) statements.

If the plan has a value of more than $35,000,  you can get approval. This is true even if you have really bad personal credit. You can get however much of your 401(k) is “rollable.” Sometimes, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

The plan you use cannot be from a business where you currently work. It will have to be from previous employment. Also, you can’t still be contributing to it. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Business Revenue Lending

If your business has consistent revenue of $120,000 per year or more, you may qualify for business revenue lending. Lenders verify revenue using bank statements.  There can be no recent bankruptcies, but the minimum credit score to qualify is as low as 500.  

A business must also be in operation for a year or more, and they must do more than 5 small transactions each month to get business revenue financing. 

Merchant Cash Advance

If your business accepts credit card payments and you have at least a 500 FICO, you could get up to $750,000 in a merchant cash advance. Credit rates are usually lower compared to traditional financing as well.  

There must be $100,000 or more per year in credit card sales, and typically you can get approval equal to one months credit card financing volume. 

Account Receivable Financing

Outstanding account receivables can also be a source of funding for your business. Get as much as 80% of receivables advanced in less than 24 hours. You get the rest of the accounts receivable amount once you collect full payment for the invoice. Closing takes 2 weeks or less. 

Receivables should be with the government or another business. Getting financing with receivables from individuals is not as easy. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so.

Enterprise SBA Loans

For these loans you have to have collateral worth up to at least 50% of the loan amount, but you only need a FICO of 620.  There also can be no bankruptcies in the past 4 years.  Only for profit companies qualify, and they must have positive trends in sales growth. Generally amounts are available of up to $12 million with terms up to 25-years. 

Credit Suite can help you get funding with these options and show some other possibilities.

Use the Time Allowed By the PPP Loan Extension Wisely

Getting funding for your business is not always easy.  There is more to it than just applying for a loan. Business credit can get sticky.  Having expert help can save you a lot of time and money.  While you are waiting for your Paycheck Protection Program loan, consider working with a business credit expert to help you better position your business to access the funding it needs quicker and easier in the future.  

A business credit expert can help make the most of the PPP loan extension time.  They can work with you to evaluate the fundability of your business. The stronger your fundability, the more likely you are to get funding with the best rates and terms available. You can get a free consultation to help ensure your business is set up properly to build fundability

An expert can help you evaluate the many factors that affect fundability.  There are over 100.  With so many factors, it can be hard to figure out where you stand without an expert. They can work with you to figure out where your business falls short and help you improve.  Fundability is a tangled web affected by many things, and the time and money saved having an expert walk you through it is extremely valuable. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What Else Can a Business Credit Expert Help With?

They can also walk you through the steps to establishing a business credit profile separate from your personal credit profile. Once that is done, they can help you find accounts that will report to that business credit profile.  

This is key, because many vendors do not report.  Those that do report, do not make it easy to find out that they do.  A business credit expert has relationships with a number of vendors.  They can help you find the ones that will successfully help you build your business credit score. 

PPP Loan Extension: You Still Have Time

Thanks to the PPP Loan extension that President Biden signed, you still have time to get your PPP loan application in.  No matter how fast you act however, some things never change. Especially with the PPP extension on the SBA side, you will likely be waiting a bit for your approval and to actually receive PPP funds.  

If you need money right now, try one of these funding options.  Then, put to good use the time the Paycheck Protection Program extension allows you.  Use it to get in touch with a business credit expert.  It’s a great time to start the process of building strong business fundability. The stronger your fundability, the easier it is to fund your business whatever the world throws your way, even a global pandemic. 

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