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When a Business Microloan Might be a Good Idea

16 Mar, 2017 / Comments:Comments Off on When a Business Microloan Might be a Good Idea / By admin

Microloans originally started as a form of financing used to help poor businesses that were struggling to get their start, typically in poorer countries, and was developed as an alternative to loan sharks.  Today, microloans are used all across the United States, as well as around the world, meeting the financial needs of small business owners, allowing them to start and grow their businesses.  Specific microlending programs vary from bank to bank, and many of them even offer classes on marketing,

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Should You Apply for an Industry Specific Loan?

02 Feb, 2017 / Comments:Comments Off on Should You Apply for an Industry Specific Loan? / By admin

Obtaining funds for your business sometimes requires a little creativity. Even after you get your business off the ground, there may still be a need for more money. Before you apply with any lender on the market, consider the benefits of an industry specific loan. These loans do not come from the general lenders on the market, but rather those who work specifically in your industry.   What is an Industry Specific Loan? An industry specific loan is one provided to you by a lender who primarily

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5 Situations When Your Small Business Can Benefit from a Revenue Share Loan

05 Jan, 2017 / Comments:Comments Off on 5 Situations When Your Small Business Can Benefit from a Revenue Share Loan / By admin

A revenue share loan is a loan structured differently than a traditional small business loan.  Rather than paying a fixed principal and interest amount each month, you pay back a percentage of your revenue until you have paid a predetermined amount.  These types of loans are very attractive to small businesses who have had difficulty obtaining a small business loan from a bank.  A great example would be, if you borrow $50,000 and your revenue share amount is 5% with a predetermined repayment multiple

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Everything You Need to Know About Working Capital Business Loans

24 Nov, 2016 / Comments:Comments Off on Everything You Need to Know About Working Capital Business Loans / By admin

One important indication that your business is successful is how much money you are making. Of course, in order to run your business, you need to use this money to pay your rent (if you don’t own your store outright), insurance, utilities, vendors, any materials you need, if you make your products, plus the wages of your employees. Even if your business is booming, a working capital business loan can help you to expand by giving you the capital you need.   What is Working Capital? Working

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4 Ways to Lessen the Damage from a Late Loan Payment

20 Oct, 2016 / Comments:Comments Off on 4 Ways to Lessen the Damage from a Late Loan Payment / By admin

Even the most successful business owner can find himself in financial trouble due to circumstances outside of his control. Expenses that come out of nowhere, customers that do not pay their bills, and uncontrollable external events can affect your income. When this happens, you might have trouble paying your bills on time. Here are four ways to lessen the damage that a late payment causes for your business.   1.  Talk to Your Lender The first thing you should always do is talk to the lender.

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5 Best Ways to Make Your Business Loan Work for You

22 Sep, 2016 / Comments:Comments Off on 5 Best Ways to Make Your Business Loan Work for You / By admin

You are excited to hear that you finally got approved for your business loan that you desired. Your mind races with all of the possibilities of what you can do with the money. Before you even take possession of the money, though, you should have a plan in place so that you can make the most of your new business loan. Here are five ways to make sure your loan benefits you the way you always envisioned rather than getting wasted.   1.  Forget the Money is There Many business owners make the mistake

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The Pros and Cons of No Collateral Business Loans

08 Sep, 2016 / Comments:Comments Off on The Pros and Cons of No Collateral Business Loans / By admin

No collateral business loans, as the name suggests, enables you to get money for your business without putting down any collateral. At first glance, this sounds like the perfect situation. Funding with no risk of losing your assets down the road? Sign you up, right? Before you go running for the nearest lender, you should understand both the pros and the cons of this method of financing.   Pro – Get Cash Fast No collateral business loans usually make it through the approval process much

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How to Determine if Your Business Can Afford a New Loan

01 Sep, 2016 / Comments:Comments Off on How to Determine if Your Business Can Afford a New Loan / By admin

Continually having the capital to keep your business running can be a hard task to accomplish, which sometimes means that you need a new loan to keep things going. Just like a personal loan, your business has to qualify for a business loan. How do you know if you qualify for it? The most important step is determining the affordability of the new loan.   What Is Your Debt Service Coverage Ratio? The most important factor in whether or not you can afford a new business loan is to determine your

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Getting a Loan When Your Business Partner has Bad Credit

25 Aug, 2016 / Comments:Comments Off on Getting a Loan When Your Business Partner has Bad Credit / By admin

Choosing the right business partner can make or break your business. Not only do you want someone that is dependable and invested in the business, you want someone that has good credit so your company can continue to grow. Unfortunately, this is not always the case; it is kind of like having your cake and eating it too. If you found the best business partner because of his business knowledge and expertise, but his credit is far from perfect, there are ways to still get the loans you need without

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How to Get a Business Loan after Bankruptcy

11 Aug, 2016 / Comments:Comments Off on How to Get a Business Loan after Bankruptcy / By admin

Although bankruptcy can be damaging to your credit, it does not signify the end of the road in receiving a business loan. Causing applicants to be left in a constant state of repayment, bankruptcy is often conceived as a financial death sentence. However, bankruptcy only lasts on someone’s credit report for 7-10 years and will often require a far less waiting period before loan acceptance. Also, business loans can operate differently than personal loans or mortgages in the fact that they rely on

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