Author: Theresa Grant

Best Ways to Borrow Money to Start Business Growth and Expansion

When it comes to borrowing money for business growth and expansion, or even to start a business from the beginning, there are many options. So many in fact, that it can become overwhelming. All the ways to borrow money to start business growth, expansion, or from scratch vary.  Factors like terms, rates, and amount available all make a difference. What’s the best option for your business? 

Which Way to Borrow Money to Start a Business is Best for You

If you are considering borrowing money for business expansion, you need to to think about the following: 

  • Where to apply for a small business loan
  • Terms of business loans
  • Business loan rates

What type of business loan is best for you?  It depends on a number of factors. First, you have to know what’s available. 

Borrow Money to Start Business Growth: SBA Loans

SBA loans are loans with a government guarantee through the Small Business Administration.  Participating lenders handle the application process and distribution of the funds. They guarantee up to 85% of loans of $150,000 or less. Loans that are more than $150,000 they will guarantee up to 75%. The maximum loan amount they offer is $5 million. 

Due to the government guarantee, financial institutions are able to offer them at lower interest rates. 

Find out why so many companies use our proven methods to get business loans

SBA 504 Loan Program

These loans are also available up to $5 million.  You can buy machinery, facilities, or land, making them perfect for borrowing money to start business expansion. They work especially well for commercial real estate purchases . 

Terms for 504 Loans range from 10 to 20 years. Funding can take from 30 to 90 days. You need a minimum credit score of 680.  Also, collateral is the asset it is financing.  There is also a down payment requirement of 10%, which can increase to 15% for a new business. 

There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup. 

7a SBA loan

This program also offers federally funded term loans up to $5 million. You can use the funds for expansion, purchasing equipment, working capital and more. 

The minimum credit score to qualify is 620.  There is also a downpayment requirement of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. In the case of startups, business experience equivalent to two years will suffice. 

This option is also great for borrowing money to start a business from scratch. 

Borrow Money to Start Business Growth: AR Financing

Borrowing against receivables is a way to borrow money to start business growth or expansion as well. Many businesses wait weeks, or even months, to get paid on outstanding invoices.  These open invoices are accounts receivable. 

It can create major cash flow issues,  because they provide their goods and services and absorb those costs until they eventually get paid. Sometimes it can take 90 days or longer to collect. 

Of course, there is something to be said for offering better terms to your clients.  Allowing them to pay invoices later helps establish with clients.  It’s an incentive for them to choose one business over the other. 

If you have a lot of these open account receivable, AR financing can be a way to borrow money to start business expansion! You can get the funds in as little as 24 hours.

Monthly rates are between 8% and 12%, and you can get financing as high as $10,000,000. All of this is possible, even with severely challenged personal credit.  

Find out why so many companies use our proven methods to get business loans

Borrow Money to Start Business Growth: SME Loan

An SME loan (Small and Medium Enterprise Loan) is a good option as well.  They are generally designed to help those small and medium businesses in underserved areas or with owners from underserved populations.  

While interest rates and business loan terms vary, many business owners find luck in obtaining an SME loan to fund expansion or growth. 

Borrow Money to Start Business Growth: Credit Line Hybrid

The Credit Line Hybrid allows you to fund your business without putting up collateral.  It’s revolving credit, like a credit card or line of credit, so you only pay back what you use.  

To qualify, your personal credit score has to be at least 680.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have 4 or less credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit. 

If you don’t qualify on your own, you can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

What are the Benefits of a Credit Line Hybrid? 

Not only is this unsecured business funding, meaning you do not have to have any collateral, but it is also no-doc.  That means you do not have to provide any bank statements or financials.  

Also, typical approval is up to 5x that of the highest credit limit on the personal credit report. Furthermore, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business. 

Find out why so many companies use our proven methods to get business loans

The approval for multiple credit cards creates competition.  This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

The icing on the proverbial cake is, the Credit Line Hybrid reports to the business credit reporting agencies. That means it can boost your business credit score. The process is pretty fast, especially with a qualified expert to walk you through it.

Use a Business Credit Expert to Help You Borrow Money for Your Business

Did you even know there was such a thing as a business credit expert? There is, and the Credit Suite business credit experts are the best. A business credit expert can help you: 

  • Find the best loans for your business
  • Analyze your overall business fundability
  • Walk you through the process of improving findability if needed
  • Help you find funding you qualify for now!
  • Help you build your business credit profile

Business credit experts are versed in who to call and who to talk to with lenders to find out what they are looking for. They can guide you through the tangled web that is fundability, make sure your business is set up in a way to make you as fundable as possible, and ensure you have every opportunity to get the business funding you need now and in the future. 

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Top 15 Lord of the Rings Podcasts You Must Follow in 2021

Top 15 Lord of the Rings Podcasts Contents [show] ⋅About this list & ranking Lord of the Rings Podcasts Lord of the Rings Minute An Unexpected Journey Tol’ Tales: A Charity Reading Of ‘The Lord of the Rings’ Cardboard of the Rings Card Talk Late of the Rings The Green Dragon Podcast Inglorion Bastards: A LOTR Actual […]

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Daily (YC W16) Is Hiring a Head of Startup Experience

Article URL: https://www.notion.so/Head-of-Startup-Experience-c706421a57f44ee3ada2dd478e1f7820

Comments URL: https://news.ycombinator.com/item?id=25764782

Points: 1

# Comments: 0

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New comment by bamboolearning in "Ask HN: Who is hiring? (December 2020)"

Bamboo Learning | Software Engineer (all levels) | Portland, OR / Seattle, WA / REMOTE | Full-time

Bamboo Learning builds voice-based educational apps, so you can use your smart speaker (Alexa or Google Home) to practice math, English, or listening comprehension while having fun in a game-like environment.

The team has deep knowledge and experience in voice and in software development in general, and we are looking for another engineer or two that can learn fast and work independently and creatively.

More details here: https://bamboolearning.com/careers

Team is 100% remote but must be US Citizens and based in the US.

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Top 10 COPD Podcasts You Must Follow in 2020

Top 10 COPD Podcasts Contents [show] ⋅About this list & ranking COPD Podcasts Morning Commute Podcast: Treating and Managing COPD COPD WELLNESS Medical Insider COPD GOLD – goldcopd.org Elizabeth Mendez The Blue Bloaters Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your traffic and revenue. Submit […]

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The Democratic State Budget Scare

Tax revenue is coming in much better than expected in most places.

Top 60 Australian Mom Instagram Influencers most followed in 2020

Top 60 Australian Mom Instagram Influencers most followed in 2020 Submit Instagram Submit your Instagram profile link below if you want to promote and get it featured in Feedspot list. Get discovered by brands who are looking for collaborations with Instagram influencers. Submit Your Instagram Australian Mom Instagrammers

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Seize the Day with Our OnDeck Review for Terrific Recession Financing

Avoid Business Funding Pitfalls and Let Our OnDeck Review Guide You

Itching for funding? Our OnDeck review helps you make your best possible business decision.

OnDeck is one of several online lending companies. They offer short term loans and lines of credit. We look at the specifics and drill down into the details.

Recession Age Financing

The number of US banks as well as thrifts has been decreasing progressively for a quarter of a century. This is coming from consolidation in the marketplace in addition to deregulation in the 1990s, lowering obstacles to interstate banking. See: fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger financial institutions is problematic for small business proprietors. Big banks are much less likely to make small loans. Economic declines indicate financial institutions come to be extra careful with lending. Fortunately, business credit does not count on financial institutions.

OnDeck Review: Background

OnDeck is located online here: www.ondeck.com. Their American physical address is:

1400 Broadway
New York, NY 10018.

You can call them at: (888) 269-4246. You can email them at: customerservice@ondeck.com. There is no contact page but you can chat with customer service directly on their site. They have been in business since 2007.

OnDeck Online also has a Canadian division, located online here: en-ca.ondeck.com. There is, in addition, an Australian division, located online here: www.ondeck.com.au. There is even a French version of the Canadian site.

OnDeck also receives some small business loan referrals from Prosper. See: www.prosper.com/borrower/#/prospect/pre-registration.

They will not work with certain industries. See: https://www.ondeck.com/restricted-industries.

OnDeck Review: Term Loans

Amounts available range from $5,000 – $500,000. You can get terms of 3 to 36 months.

Your company must have annual revenue of $100,000 or more. Your own personal FICO score has to be 600 or better. And your company must be in business for 1 year or more.

OnDeck Review: Fees

Interest rates start at 11.89% annual percentage rate (APR). The total cost of a short term loan will vary based on a number of factors, including personal and business credit scores, time in business and annual revenue and cash flow.

OnDeck Review: Lines of Credit

Get a line of credit from OnDeck for $6,000 to $100,000. The term is 12 months.

Withdraw up to $10,000 with Instant Funding.

Your company must have annual revenue of $100,000 or more. Your own personal FICO score has to be 600 or better. And your company must be in business for 1 year or more.

OnDeck Review: Fees

Interest rates start at 10.99% annual percentage rate (APR). The total cost of a line of credit will vary based on a number of factors, including personal and business credit scores, time in business and annual revenue and cash flow.

OnDeck Review: Advantages

Advantages include the rather low FICO score requirement for term loans. Plus there is some flexibility when it comes to term lengths. In addition, few United States-based online lenders will loan outside of the country. But OnDeck will loan to Canadian and Australian businesses.

OnDeck Review: Disadvantages

Disadvantages are the maximum APR for both term loans and lines of credit are somewhat high. Therefore, if your company cannot pay back a loan or line of credit, it could potentially sink you financially. In addition, OnDeck requires a personal guarantee.

OnDeck Review: Upshot

Companies helmed by entrepreneurs with bad personal credit would do well to take a second look at the OnDeck online lending company. However, with qualification comes a steep APR price tag and the requirement of a personal guarantee. This is somewhat understandable.

Borrowers in Canada and Australia can also work with OnDeck, although Canadian borrowers also have NUGROWTH/IBIS (www.nugrowthcapital.com) as an option, although NUGROWTH/IBIS has a higher minimum personal FICO score requirement.

Entrepreneurs would probably do better building business credit and/or trying for unsecured business financing or microloans if their financial requirements are small.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Building Business Credit Instead

Company credit is credit in a small business’s name. It doesn’t connect to a business owner’s consumer credit, not even when the owner is a sole proprietor and the solitary employee of the company. Accordingly, an entrepreneur’s business and personal credit scores can be very different.

The Benefits

Business credit helps to safeguard an entrepreneur’s personal assets, in case of court action or business bankruptcy. Also, with two distinct credit scores, an entrepreneur can get two separate cards from the same vendor.

This effectively doubles purchasing power.

Another benefit is that even startups can do this. Heading to a bank for a business loan can be a recipe for disappointment. But building business credit, when done right, is a plan for success.

Individual credit scores are dependent on payments but also various other elements like credit use percentages. But for company credit, the scores really only hinge on whether a corporation pays its invoices in a timely manner.

The Process

Growing company credit is a process, and it does not occur without effort. A business will need to actively work to develop business credit. Having said that, it can be done readily and quickly, and it is much more efficient than establishing individual credit scores.

Merchants are a big aspect of this process.

Carrying out the steps out of sequence will lead to repetitive denials. No one can start at the top with corporate credit. For example, you can’t start with store or cash credit from your bank. If you do you’ll get a rejection 100% of the time.

Business Credibility

A company has to be genuine to lenders and vendors. Consequently, a business will need a professional-looking website and email address, with website hosting bought from a company such as GoDaddy.

Also business telephone and fax numbers must have a listing on ListYourself.net.

At the same time the company telephone number should be toll-free (800 exchange or the like).

A business will also need a bank account devoted purely to it, and it has to have every one of the licenses necessary for operation. These licenses all must be in the identical, accurate name of the company, with the same company address and phone numbers.

So keep in mind that this means not just state licenses, but potentially also city licenses.

Working with the Internal Revenue Service

Visit the Internal Revenue Service website and obtain an EIN for the business. They’re totally free. Choose a business entity such as corporation, LLC, etc.

A business can begin as a sole proprietor. But they will more than likely want to change to a form of corporation or partnership to reduce risk and take full advantage of tax benefits.

A business entity will matter when it comes to tax obligations and liability in the event of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. No one else is responsible.

Sole Proprietors Take Note!

If you run a business as a sole proprietor, then at the very least be sure to file for a DBA (‘doing business as’) status.

If you do not, then your personal name is the same as the company name. As a result, you can end up being personally responsible for all corporate financial obligations.

Also, per the Internal Revenue Service, with this arrangement there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 probability for corporations! Prevent confusion and drastically lower the odds of an Internal Revenue Service audit simultaneously.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Setting off the Business Credit Reporting Process

Begin at the D&B web site and obtain a totally free DUNS number. A DUNS number is how D&B gets a small business in their system, to produce a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the corporation. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

In this way, Experian and Equifax will have activity to report on.

Trade Lines

First you should build trade lines that report. This is also called vendor accounts. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start getting revolving store and cash credit.

These kinds of accounts often tend to be for the things bought all the time, like coffee, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who will give you preliminary credit when you have none now. Terms are ordinarily Net 30, rather than revolving.

So if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. In comparison with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you used.

To begin your business credit profile the right way, you ought to get approval for vendor accounts that report to the business credit reporting agencies. As soon as that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit is Terrific!

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with hardly any effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

But you may have to apply more than one time to these vendors, and you may have to purchase some things you do not really need, to confirm you are reliable and will pay on time. Consider giving nonessential items to charity.

Revolving Store Credit

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, progress to revolving store credit. These are companies such as Office Depot and Staples. These companies are more likely to have supplies you need.

Use the corporation’s EIN on these credit applications.

Fleet Credit

Are there 8 to 10 accounts reporting? Then move onto fleet credit. These are businesses like BP and Conoco. Use this credit to buy, repair, and maintain vehicles. Make sure to apply using the corporation’s EIN.

Cash Credit

Have you been responsibly handling the credit you’ve up to this point? Then progress to cash credit. These are businesses such as Visa and MasterCard. Keep your SSN off these applications; use your EIN instead.

These are businesses like Walmart and Dell, and also Home Depot, BP, and Racetrac. These are normally MasterCard credit cards. If you have 14 trade accounts reporting, then these are feasible.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and address any inaccuracies ASAP. Get in the habit of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less. Update the data if there are mistakes or the information is incomplete.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Contesting Inaccuracies

So, what’s all this monitoring for? It’s to dispute any errors in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs usually want you to dispute in a particular way.

Disputing credit report errors commonly means you send a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always mail copies and retain the original copies.

Disputing credit report inaccuracies also means you specifically detail any charges you dispute. Make your dispute letter as understandable as possible. Be specific about the issues with your report. Use certified mail so that you will have proof that you sent in your dispute.

A Word about Building Business Credit

Always use credit responsibly! Don’t borrow beyond what you can pay off. Keep track of balances and deadlines for repayments. Paying on schedule and fully will do more to raise business credit scores than virtually anything else.

Growing corporate credit pays. Excellent business credit scores help a company get loans. Your lending institution knows the small business can pay its debts. They recognize the small business is bona fide.

The small business’s EIN connects to high scores, and credit issuers won’t feel the need to call for a personal guarantee.

Business credit is an asset which can help your corporation for years to come. Learn more here and get started toward growing business credit.

OnDeck Review: Some Final Thoughts

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math.

Go over the details with care, and decide if this option will be good for you and your company. In addition, consider alternative financing options that go beyond lending. And these include building business credit.

This is so you can best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders.

 

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Cent Stocks Trading

What are cent supplies? If you are, you must be conscious that the dime supplies listings are extremely challenging to locate. It is important that you discover just how to recognize these supplies when you see them. If you desire to spend in dime supplies, you ought to recognize just how to make financial investments …

Local Business Owner’ Views of Business Credit Cards

Entrepreneur’ Views of Business Credit Cards

There are fairly a variety of reasons that entrepreneur select to acquire company charge card, yet current researches validate that service charge card are watched most valuable for maintaining company and also individual funds different. Entrepreneur state that their key factor for making use of company charge card is to prevent their overhead from obtaining blended with their individual costs: Using service charge card divides both, consequently adding in the direction of preserving the stability of their bookkeeping documents.

90% of all small company proprietors make use of organisation charge card simply to make service associated acquisitions, with greater than 90% showing that the main requirement for service bank card is service traveling. They think that airline company trips, automobile leasings as well as resort keeps would certainly be troublesome without company charge card.

Probably due to this close organization in between organisation traveling and also company charge card, you will not be stunned to listen to that practically a 3rd of business proprietors think about money back compensates as one of the most appealing attribute, while one-fifth worths the constant leaflet mile compensates most. To a lower level, the all set approval of company bank card by providers as well as suppliers was considered to be a crucial factor to consider. Local business owner are likewise pleased with the ‘no yearly cost’ attribute used by many service charge card companies.

Organisation proprietors often tend to utilize their service credit report cards with really details objectives in mind as well as are extra mindful concerning resolving service credit history card equilibriums in complete. Organisation proprietors would certainly suggest you to pay your organisation credit scores cards in complete or do not utilize them.

Remarkably, almost fifty percent (46%) of local business owner believed that rate of interest and also relevant terms were their essential factors to consider when they got company bank card. They showed an admiration for the momentary capital aid that service charge card offer, however revealed a disapproval for paying passion costs and also for financial obligation buildup. This issue for rates of interest as well as their persistance in settling company bank card costs to stay clear of charges suggests that bank card firms do not make much cash from local business proprietors.

A lot of company owner locate one– or at the majority of, 2– organisation charge card enough for their functions. Contrasted to the ordinary American that holds 4 to 8 individual charge card, the study discovered that the ordinary local business proprietor just has 1 or 2 company bank card at the majority of.

86% of little service proprietors think their organisation credit score card investing limitation was high sufficient for their requirements and also that as well several service credit rating cards would certainly attract them to invest even more than is truly required. This perspective in the direction of credit line and also several charge card might be since small companies, unlike regular people, do have accessibility to alternating resources of financial debt funding– something that the normal person does not.

Probably due to the fact that of this close organization in between organisation traveling and also organisation debt cards, you will not be shocked to listen to that practically a 3rd of the service proprietors take into consideration money back compensates as the most appealing function, while one-fifth worths the constant leaflet mile awards most. Organisation proprietors have a tendency to utilize their organisation credit scores cards with really certain objectives in mind and also are extra mindful regarding resolving company credit scores card equilibriums in complete. Organisation proprietors would certainly recommend you to pay your company credit rating cards in complete or do not utilize them.

Surprisingly, virtually fifty percent (46%) of organisation proprietors believed that passion prices as well as relevant terms were their most essential factors to consider when they used for company credit scores cards.

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