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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 William Mahnic

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 William Mahnic

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 William Mahnic

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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The Different Types of Collateral Used for Small Business Loans

14 Jul, 2016 / Comments:Comments Off on The Different Types of Collateral Used for Small Business Loans / By William Mahnic

There are many things that can be used as collateral for a small business loan as almost anything can serve such a purpose as long as a lender accepts it. Often times, business owners put collateral behind their loan in the case that they do not have a stellar credit rating or would like to receive a lower interest rate and better terms. Loans are usually only as strong as the collateral that is put behind it. If you are a small business owner, then you may be wondering what kinds of collateral

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How Business Credit Loans Help You Grow Your Business

11 Jul, 2016 / Comments:Comments Off on How Business Credit Loans Help You Grow Your Business / By William Mahnic

Business credit loans do more than provide you with money you need to grow your business; they also provide you with the reputation that vendors, customers, and partners want out of a business. Your business credit profile can be public knowledge, unlike your personal credit information, which means anyone that wants to potentially do business with you has the ability to look up your reputation in terms of your credit rating to determine if they should do business with you.   Business Credit

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Tips on How to Get a Business Loan as a Sole Proprietor

07 Jul, 2016 / Comments:Comments Off on Tips on How to Get a Business Loan as a Sole Proprietor / By William Mahnic

Owning a business as a sole proprietor is the most common way to start out. As a sole proprietor, you run the business by yourself and there is no line between you and the business itself, meaning that you are liable for anything the business does or owes. If you need capital to get up and running, you might have a little more work to do than any other business form due to the fact of the liability that a single owner can cause. Here are some tips to get that loan that you need.   Use Angel

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Benefits of Getting a Business Loan from a Small Bank

04 Jul, 2016 / Comments:Comments Off on Benefits of Getting a Business Loan from a Small Bank / By William Mahnic

When it comes to banking, the big are getting bigger while the small, community banks stick to their roots. Although these small community banks have just come out of the woods after the financial crisis, there are many hidden benefits of taking out a small business loan from these smaller banks. You’ll find small banks in every town and city in the United States making them an extremely convenient option for your small business lending needs. In fact, the Independent Community of Bankers of America

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Actionable Steps on How to Get a Business Loan for a Salon

27 Jun, 2016 / Comments:Comments Off on Actionable Steps on How to Get a Business Loan for a Salon / By William Mahnic

There are more than 1 million salons throughout the country, showcasing the profitability of this business model for those interested in the industry. If you are among the talented that can deliver high-quality haircuts and styles, nail art, or relaxing spa therapies, opening your own salon can be a great way to reach the level of success you desire. Before you start, though, there are certain steps you should take to ensure that you get the business loan you need to open a salon as obtaining the

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How to Get a Business Loan for a Pizza Restaurant

23 Jun, 2016 / Comments:Comments Off on How to Get a Business Loan for a Pizza Restaurant / By William Mahnic

Pizza is one of only a handful of things in this world that everyone can agree on. In fact, studies have found that more than 90 percent of Americans indulge in a slice or two of pizza at least every month and the pizza industry brings in more than $36 billion each year. These numbers can be extremely enticing for a small business owner. However, if you’re looking to open a pizzeria, you’ll need to have capital. This is especially the case to secure equipment such as restaurant seating and pizza

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7 Business Loan Requirements You Should Meet

13 Jun, 2016 / Comments:Comments Off on 7 Business Loan Requirements You Should Meet / By William Mahnic

Having a great business idea is not enough to get your business started – you need plenty of capital, which is usually hard to come by if you are just starting out. If you are not independently wealthy, you will likely need a business loan to help you get started and possibly stay in business. In order to qualify, there are many requirements you have to meet – here are a few to get you started off on the right foot whether you plan to apply with a commercial bank, regular bank, or credit union.   1.

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