Tag: Apply

You Can Apply for These Small Business Loans with Bad Credit #home #business #opportunity

#business loans for bad credit

#

You Can Apply for These Small Business Loans with Bad Credit

Small business owners are often turned away by lenders when they have poor credit. That’s because a bad credit score implies you have not managed your finances properly in the past.

Luckily, it’s possible to secure small business loans with poor credit.

A number of alternative lenders are offering loan solutions for bad credit today. These lenders place more importance on the operating history and strength of your business. In other words, they do not focus solely on your credit score when they consider your loan application.

Here are some loans for bad credit options worth exploring.

Small Business Loans with Bad Credit

Kabbage

The best thing about Kabbage is that it does not require a minimum credit score to qualify. It does, however, check your credit history. If you are looking for some short-term working capital, Kabbage is worth trying. You can borrow from its line of credit and repay on an as-needed basis.

To qualify, you should have minimum annual revenue of $50,000 and have been in business for at least a year. You must also have a business checking account, bookkeeping software or an online payment platform.

It takes only a few minutes to complete the online application process and if approved you can get funds in just a couple of days.

Fundbox

Fundbox does not have a minimum credit score or minimum annual revenue requirement. Instead, it takes the value of your invoices and ability to repay the loan into consideration.

Funding is prompt and takes up to just three business days.

To qualify, you must use bookkeeping software or online accounting that can link to Fundbox and have a minimum of six months’ activity in one of these software applications.

OnDeck

OnDeck offers both term loans and lines of credit. You can go for the term loan if you are looking for some quick cash to expand. If you want to manage your cash flow and working capital, a line of credit is your best option.

To qualify for OnDeck’s term loan, you must have a personal credit score of 500 or higher. For a line of credit, your personal credit score should be at least 600.

Once you complete the online application process, you’ll get a decision within a few minutes and funding as soon as the following day.

Interestingly, OnDeck reports your payment activity to the three credit bureaus, which means paying off your loan on time can boost your credit score.

BlueVine

If you lack collateral, have poor credit and unpaid invoices, you may consider BlueVine. The lender offers an advance based on the value of your invoices. Approval is based on the strength of your cash flow and the financial strength of your debtors.

You do need to have a personal credit score of 530 or more to qualify. Also you should have at least $120,000 in annual revenue and have been in business for at least three months.

StreetShares

If you have a new business, StreetShares is a good option to explore. The lender requires a minimum of one year in business and $25,000 in annual revenue. But even if you have been in business for only six months and you can qualify with $100,000 in revenue.

You need to have a minimum personal credit score of 600 or more and a strong cash flow to be eligible.

Dealstruck

Dealstruck is a good option if you are looking for different loan products. The lender offers a term loan for expansion, an asset-based line of credit for businesses with unpaid invoices and an inventory line of credit for businesses that have recurring inventory purchase requirements.

To qualify, you need to have a minimum credit score of 600, although company CEO Ethan Senturia has said that the company accepts scores in the 500 range. You also need at least $150,000 in annual revenue and need to have been in business for at least a year.

A bad credit score may create problems for you when you try securing funds for your business, but it shouldn t stop you from exploring options. You need to understand your needs and look for options that meet your requirements.

Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.

Latest Trending Business News

Editor’s Picks

4 Reactions





Tags : , , , , , , , , , ,

How to Apply for Your First Business Loan #business #search

#apply for a business loan

#

How to Apply for Your First Business Loan

Continue Reading Below

Unless you plan to fund this enterprise solely with savings—not recommended unless you are fabulously wealthy—you’ll need a business loan. As any lender can tell you, the better prepared you are before making your request for business credit. the greater the likelihood of getting approved.

Part of this preparation is understanding what bankers will need to approve you. Banks make a major portion of their profits from loans. They’re not in the business of saying no; they just say it when your application doesn’t meet lending requirements, which are much stricter now than before the financial crisis. But be aware that start-ups are almost always considered risky bets, and many lenders are reluctant to finance them. Also know that many larger banks won’t even consider small loans, which are less profitable than larger loans but require the same amount of time to analyze and administer.

Don’t let these discourage you. Get organized. How small is small? According to the Small Business Administration (SBA), the median small business loan from a financial institution is roughly $135,000, with highest around $250,000. SBA loans, which are not underwritten by the US Government but by SBA partners (lenders, community development organizations and microlending institutions), range from $5,000 (a microloan) to $5 million, with the average around $371,000.

Do Your Homework So what exactly are lenders looking for? Basically, they’re searching for clues that your business will be able to repay the loan, plus interest, with metronomic regularity. Most financial institutions will expect the loan to be fully secured. either with business assets or personal collateral. Having some skin in the game, meaning you have your own equity invested in the business, strongly works in your favor.

Lenders also will be looking at opportunities to profit from your success, so as your business grows, so will your business relationship. The buzzword in banking circles these days is cross-selling, so your business loan provider may also seek to be the issuer of your business’s credit cards and holder of your treasury accounts. Lenders will also be looking at you—your personal finance record, your credit score. your assets, your work experience, and your character. If you’re starting a business for the first time, having partners with the experience and track record that you lack may also be a requirement.

Continue Reading Below

The Questions You Need to Answer Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, on the right side of the chart. Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, for each of the categories listed below.

Purpose: What will the funds be used for? (Note that banks won’t lend for speculating, passive investments, pyramid sales or gambling.)

Amount: How much money do you want to borrow? Why that particular amount? Term and

Repayment Plan: For how long will you need the money and what is your specific plan for repayment?

Collateral: What assets, business or personal, do you intend to use as collateral? What is their market value? What portion of their value can you use as collateral?

Asset and Liability Statement: Your current, complete business asset and liability financial statements (your balance sheet).

Current Income and Financial Performance Statement: Your current, complete business statement of income and expenses (your profit and loss statement, or P L).

Business Plan Details: Your written plan for your business including goals and action steps, timetable, resource allocation, funding required, and related financial data. You may be asked for cash flow projections for at least a year.

Historic Financial Performance Information: Past business financial performance information under your ownership or under the previous owner’s ownership.

Other Information As Required: Information about you (your C.V. your loan Guarantor—someone who will pledge his/her assets and financials to guarantee repayment of the loan should you default. Guarantors can be a legitimate tipping point factor in getting a “yes” to the credit request.

If You’re Turned Down What do you do if you get a no? Don’t give up. Pursue the reasons for the rejection. Was it a procedural thing—a missing piece of information on the application—or something else? Then ask what would it take to get a yes.

You can then either alter your request accordingly and resubmit it, or take it elsewhere. If you keep hitting a brick wall, consider alternative sources of funding. Many entrepreneurs seek out financing from family and friends. Some use their available credit from credit cards or home equity lines of credit to finance their businesses.

If your no comes from a commercial bank, consider community banks and credit unions, many of which specialize in small business loans. You may also want to look into alternative sources of business credit, like Kabbage.com, which offers cash advances of between $500 and $50,000 to businesses that already have a performance record, such as online sales. If you do decide to go online to fund your business, be sure you understand all of the terms and conditions of the financing, as they can differ from conventional small business loans.





Tags : , , , , , , ,

You Can Apply for These Small Business Loans with Bad Credit #small #business #grant

#business loans for bad credit

#

You Can Apply for These Small Business Loans with Bad Credit

Small business owners are often turned away by lenders when they have poor credit. That’s because a bad credit score implies you have not managed your finances properly in the past.

Luckily, it’s possible to secure small business loans with poor credit.

A number of alternative lenders are offering loan solutions for bad credit today. These lenders place more importance on the operating history and strength of your business. In other words, they do not focus solely on your credit score when they consider your loan application.

Here are some loans for bad credit options worth exploring.

Small Business Loans with Bad Credit

Kabbage

The best thing about Kabbage is that it does not require a minimum credit score to qualify. It does, however, check your credit history. If you are looking for some short-term working capital, Kabbage is worth trying. You can borrow from its line of credit and repay on an as-needed basis.

To qualify, you should have minimum annual revenue of $50,000 and have been in business for at least a year. You must also have a business checking account, bookkeeping software or an online payment platform.

It takes only a few minutes to complete the online application process and if approved you can get funds in just a couple of days.

Fundbox

Fundbox does not have a minimum credit score or minimum annual revenue requirement. Instead, it takes the value of your invoices and ability to repay the loan into consideration.

Funding is prompt and takes up to just three business days.

To qualify, you must use bookkeeping software or online accounting that can link to Fundbox and have a minimum of six months’ activity in one of these software applications.

OnDeck

OnDeck offers both term loans and lines of credit. You can go for the term loan if you are looking for some quick cash to expand. If you want to manage your cash flow and working capital, a line of credit is your best option.

To qualify for OnDeck’s term loan, you must have a personal credit score of 500 or higher. For a line of credit, your personal credit score should be at least 600.

Once you complete the online application process, you’ll get a decision within a few minutes and funding as soon as the following day.

Interestingly, OnDeck reports your payment activity to the three credit bureaus, which means paying off your loan on time can boost your credit score.

BlueVine

If you lack collateral, have poor credit and unpaid invoices, you may consider BlueVine. The lender offers an advance based on the value of your invoices. Approval is based on the strength of your cash flow and the financial strength of your debtors.

You do need to have a personal credit score of 530 or more to qualify. Also you should have at least $120,000 in annual revenue and have been in business for at least three months.

StreetShares

If you have a new business, StreetShares is a good option to explore. The lender requires a minimum of one year in business and $25,000 in annual revenue. But even if you have been in business for only six months and you can qualify with $100,000 in revenue.

You need to have a minimum personal credit score of 600 or more and a strong cash flow to be eligible.

Dealstruck

Dealstruck is a good option if you are looking for different loan products. The lender offers a term loan for expansion, an asset-based line of credit for businesses with unpaid invoices and an inventory line of credit for businesses that have recurring inventory purchase requirements.

To qualify, you need to have a minimum credit score of 600, although company CEO Ethan Senturia has said that the company accepts scores in the 500 range. You also need at least $150,000 in annual revenue and need to have been in business for at least a year.

A bad credit score may create problems for you when you try securing funds for your business, but it shouldn t stop you from exploring options. You need to understand your needs and look for options that meet your requirements.

Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.

Latest Trending Business News

Editor’s Picks

4 Reactions





Tags : , , , , , , , , , ,

Apply for a business licence #sba #business #loan

#business licence

#

Get a business licence

If you want to carry on business in the City of Vancouver, you need a business licence.

Types of businesses that require licences

  • Commercial and industrial business: A business based within a building located in a commercial or industrial area of the City of Vancouver as defined in the Zoning and Development Bylaw
  • Home-based business: A business based in a dwelling located in a residential area in the City of Vancouver as defined in the Zoning and Development Bylaw
  • Out-of-town business: A business being carried on in the City of Vancouver, but with the business office located outside of Vancouver

Only the business owner is required to get a business licence. Employees do not need to get individual business licences.

Types of businesses not allowed in Vancouver

A person cannot apply for a licence for any business described in Schedule A of the Business Prohibition Bylaw.

How to apply

You can apply for a business licence:

Additional requirements

Include a copy of the business owner’s current, government-issued photo ID with your business licence application.

Is a representative applying for the licence?

They must also submit a copy of:

  1. Their own current, government-issued photo ID
  2. A letter of authorization from the business owner

Is your business limited or incorporated?

You must also submit a copy of:

  1. The provincial or extra-provincial certificate of incorporation issued by the BC Corporate Registry
  2. The company’s list of directors

A federal certificate of incorporation issued by Industry Canada won’t be accepted.

Do you need other approvals before you get your business licence?

You might require other approvals before your business licence is approved:

Zoning approval

Depending on the zoning of your proposed business location, your business may or may not be permitted. Or your business may only be permitted after a Development Permit is obtained.

Building approval

Staff at the Occupancy or File Research Counter will review the property. A Building Permit or a Special Inspection may be required.

Licence approvals

Before your business licence is issued, you may require other approvals from the Police, Fire, or Health Departments.

  • Environmental Health. Any food-related businesses must have an inspection completed and approved by Vancouver Coastal Health.
  • Fire. Some business licence categories will require certificates from the Vancouver Fire Department.
  • Police. If police approval is required, you will need to go directly to the Vancouver Police Department (VPD) located at 2120 Cambie Street to apply for a Police Information Check (PIC). For more information on the VPD’s location, hours of operation, fees, how to apply and how long it will take, please visit the VPD’s website. For more information on business licence applications that may need police approval, please contact the Development and Building Services Centre.
  • Province of BC. Some business licence categories will require certificates from the Province of BC.

Engineering approval

Businesses must have waste disposal set up for garbage, recycling, and green waste.

Timeline

If all requirements and approval have been met, this is when you can expect to have your business licence issued:





Tags : , , , ,

Apply for a business licence #free #online #business

#business licence

#

Get a business licence

If you want to carry on business in the City of Vancouver, you need a business licence.

Types of businesses that require licences

  • Commercial and industrial business: A business based within a building located in a commercial or industrial area of the City of Vancouver as defined in the Zoning and Development Bylaw
  • Home-based business: A business based in a dwelling located in a residential area in the City of Vancouver as defined in the Zoning and Development Bylaw
  • Out-of-town business: A business being carried on in the City of Vancouver, but with the business office located outside of Vancouver

Only the business owner is required to get a business licence. Employees do not need to get individual business licences.

Types of businesses not allowed in Vancouver

A person cannot apply for a licence for any business described in Schedule A of the Business Prohibition Bylaw.

How to apply

You can apply for a business licence:

Additional requirements

Include a copy of the business owner’s current, government-issued photo ID with your business licence application.

Is a representative applying for the licence?

They must also submit a copy of:

  1. Their own current, government-issued photo ID
  2. A letter of authorization from the business owner

Is your business limited or incorporated?

You must also submit a copy of:

  1. The provincial or extra-provincial certificate of incorporation issued by the BC Corporate Registry
  2. The company’s list of directors

A federal certificate of incorporation issued by Industry Canada won’t be accepted.

Do you need other approvals before you get your business licence?

You might require other approvals before your business licence is approved:

Zoning approval

Depending on the zoning of your proposed business location, your business may or may not be permitted. Or your business may only be permitted after a Development Permit is obtained.

Building approval

Staff at the Occupancy or File Research Counter will review the property. A Building Permit or a Special Inspection may be required.

Licence approvals

Before your business licence is issued, you may require other approvals from the Police, Fire, or Health Departments.

  • Environmental Health. Any food-related businesses must have an inspection completed and approved by Vancouver Coastal Health.
  • Fire. Some business licence categories will require certificates from the Vancouver Fire Department.
  • Police. If police approval is required, you will need to go directly to the Vancouver Police Department (VPD) located at 2120 Cambie Street to apply for a Police Information Check (PIC). For more information on the VPD’s location, hours of operation, fees, how to apply and how long it will take, please visit the VPD’s website. For more information on business licence applications that may need police approval, please contact the Development and Building Services Centre.
  • Province of BC. Some business licence categories will require certificates from the Province of BC.

Engineering approval

Businesses must have waste disposal set up for garbage, recycling, and green waste.

Timeline

If all requirements and approval have been met, this is when you can expect to have your business licence issued:





Tags : , , , ,

How to Apply for Your First Business Loan #business #email

#apply for a business loan

#

How to Apply for Your First Business Loan

Continue Reading Below

Unless you plan to fund this enterprise solely with savings—not recommended unless you are fabulously wealthy—you’ll need a business loan. As any lender can tell you, the better prepared you are before making your request for business credit. the greater the likelihood of getting approved.

Part of this preparation is understanding what bankers will need to approve you. Banks make a major portion of their profits from loans. They’re not in the business of saying no; they just say it when your application doesn’t meet lending requirements, which are much stricter now than before the financial crisis. But be aware that start-ups are almost always considered risky bets, and many lenders are reluctant to finance them. Also know that many larger banks won’t even consider small loans, which are less profitable than larger loans but require the same amount of time to analyze and administer.

Don’t let these discourage you. Get organized. How small is small? According to the Small Business Administration (SBA), the median small business loan from a financial institution is roughly $135,000, with highest around $250,000. SBA loans, which are not underwritten by the US Government but by SBA partners (lenders, community development organizations and microlending institutions), range from $5,000 (a microloan) to $5 million, with the average around $371,000.

Do Your Homework So what exactly are lenders looking for? Basically, they’re searching for clues that your business will be able to repay the loan, plus interest, with metronomic regularity. Most financial institutions will expect the loan to be fully secured. either with business assets or personal collateral. Having some skin in the game, meaning you have your own equity invested in the business, strongly works in your favor.

Lenders also will be looking at opportunities to profit from your success, so as your business grows, so will your business relationship. The buzzword in banking circles these days is cross-selling, so your business loan provider may also seek to be the issuer of your business’s credit cards and holder of your treasury accounts. Lenders will also be looking at you—your personal finance record, your credit score. your assets, your work experience, and your character. If you’re starting a business for the first time, having partners with the experience and track record that you lack may also be a requirement.

Continue Reading Below

The Questions You Need to Answer Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, on the right side of the chart. Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, for each of the categories listed below.

Purpose: What will the funds be used for? (Note that banks won’t lend for speculating, passive investments, pyramid sales or gambling.)

Amount: How much money do you want to borrow? Why that particular amount? Term and

Repayment Plan: For how long will you need the money and what is your specific plan for repayment?

Collateral: What assets, business or personal, do you intend to use as collateral? What is their market value? What portion of their value can you use as collateral?

Asset and Liability Statement: Your current, complete business asset and liability financial statements (your balance sheet).

Current Income and Financial Performance Statement: Your current, complete business statement of income and expenses (your profit and loss statement, or P L).

Business Plan Details: Your written plan for your business including goals and action steps, timetable, resource allocation, funding required, and related financial data. You may be asked for cash flow projections for at least a year.

Historic Financial Performance Information: Past business financial performance information under your ownership or under the previous owner’s ownership.

Other Information As Required: Information about you (your C.V. your loan Guarantor—someone who will pledge his/her assets and financials to guarantee repayment of the loan should you default. Guarantors can be a legitimate tipping point factor in getting a “yes” to the credit request.

If You’re Turned Down What do you do if you get a no? Don’t give up. Pursue the reasons for the rejection. Was it a procedural thing—a missing piece of information on the application—or something else? Then ask what would it take to get a yes.

You can then either alter your request accordingly and resubmit it, or take it elsewhere. If you keep hitting a brick wall, consider alternative sources of funding. Many entrepreneurs seek out financing from family and friends. Some use their available credit from credit cards or home equity lines of credit to finance their businesses.

If your no comes from a commercial bank, consider community banks and credit unions, many of which specialize in small business loans. You may also want to look into alternative sources of business credit, like Kabbage.com, which offers cash advances of between $500 and $50,000 to businesses that already have a performance record, such as online sales. If you do decide to go online to fund your business, be sure you understand all of the terms and conditions of the financing, as they can differ from conventional small business loans.





Tags : , , , , , , ,