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Where to Find Smart Short-Term Business Loans #business #yellow #pages


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Where to Find Smart Short-Term Business Loans

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Short-term business loans can get you the funds you need to overcome cash flow gaps, handle emergencies and unexpected expenses or finance a small expansion.

These loans and lines of credit typically come in amounts from $5,000 to $250,000, carry short repayment terms of a few months to several years, have looser qualifications than long-term loans and provide cash quickly.

Because short-term business loans generally have high borrowing costs, the smartest approach is to choose financing with the lowest annual percentage rate you can qualify for. Lines of credit are more flexible and generally have shorter repayment periods, while loans tend to offer a longer term.

Repaying a short-term business loan on time can help you qualify for a long-term business loan in the future. Long-term loans typically come in amounts from $250,000 to $1 million or more, are less expensive and have a repayment period of five to 15 years or longer, making them better suited to a real estate purchase, business acquisition or debt refinancing.

Short-term lines of credit: Kabbage and Dealstruck

With Kabbage’s line of credit, you borrow only the money you need and pay fees just on the money you borrow. That flexibility makes it a better option for managing cash flow than for a larger expense such as an expansion. You repay each draw on the line of credit over six or 12 months.

It’s also fairly easy to qualify (take a look at minimum qualifications below) and a good option for borrowers with bad credit. Although Kabbage does check your credit scores, it doesn’t weigh them as heavily as other factors, such as your average monthly revenue.

The pitfalls of short-term business loans

Of course, there are a few disadvantages to short-term business loans that small-business owners should keep in mind:

Higher cost: They typically carry a higher APR — the total annual cost of borrowing, including all fees and interest — than long-term loans. That’s due to their shorter repayment period, faster funding, looser qualifications (lower credit score and revenue requirements) and the fact that many are unsecured business loans. which don’t require collateral.

More frequent repayments: Lenders may require you to make loan payments daily or weekly as opposed to monthly. Although these payments are smaller, they can be an issue for businesses that have uneven sales or those that don’t always hold much cash in a bank account. You’ll have to make sure you have enough money in your account to make the payments at all times, or you’ll risk incurring fees or defaulting on the loan.

Risk of debt trap: The speed and ease of short-term business loans can become addictive. Instead of repaying the debt in full, business owners may be enticed to refinance and roll over the debt into a new loan. But this can result in a debt trap: continual refinancing just to keep up with payments. This is a common issue with merchant cash advances. a costly form of short-term financing that can carry an APR over 300%. If you have several high-interest small-business loans, business debt consolidation may be the solution you need.

Find and compare the best small-business loans

NerdWallet has created a comparison tool of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness, market scope and user experience, among other factors, and arranged them by categories that include your revenue and how long you’ve been in business.

This article was updated June 21, 2016. It was originally published Jan. 12, 2016.

To get more information about funding options and compare them for your small business, visit NerdWallet’s small-business loans tool. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

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Lender reviews

See how different lenders stack up in NerdWallet’s expert reviews

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines. and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

2016 NerdWallet, Inc. All Rights Reserved

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


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How to Find the Right SBA Loan for Your Small Business #business #card #size


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How to Find the Right SBA Loan for Your Small Business

Small businesses are the backbone of the U.S. economy: According to data from the 2010 U.S. Census, there are 27.9 million small businesses registered in the United States, employing 120 million people almost half of the nation s workforce.

Part of what the Small Business Administration (SBA) does is help America s small businesses secure the funding they need to operate and grow. As a federal government agency, the SBA does not lend small businesses money directly. Instead, it sets guidelines for loans that are made by its partners, which include banks, credit unions, community development organizations and microlending institutions. The SBA guarantees a portion of these loans granted by these institutions will be repaid, eliminating some of the risk for lenders.

Kale Gaston, head of the SBA Lending Group for TD Bank in Greenville, S.C. said SBA loans do a great job of helping lenders say yes to borrowers. He also noted that SBA programs provide better access to capital and credit enhancement for small business owners. For example, since the SBA guaranty lowers the risk in case of a loan default, lenders are able to provide funding when the down payment available is too low or the business s cash flow is not high enough for traditional options.

SBA lenders can provide longer terms as well. Instead of five or 10 years for a real estate purchase with a balloon payment at the end, the lender can give terms for 25 years, eliminating the balloon (i.e. final payment) or need to refinance every few years, Gaston said. For shorter-term assets, like equipment, terms could go to 10 years instead of the usual three to five years.

SBA loan programs

The SBA s loan programs are designed specifically for small business owners who don t have access to other reasonably termed financing. There are four main types of loan programs:

7(a) loan program: This is the SBA s primary program to help startups and existing small businesses obtain financing. 7(a) loans are the most basic and most commonly used type of loan, as well as the most flexible. The money can be used for a variety of general business purposes, including working capital, machinery and equipment, furniture and fixtures, purchasing or renovating land and buildings, leasehold improvements and debt refinancing. Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets. Borrowers can apply through a participating lender institution.

CDC/504 loan program: This program provides businesses with long-term, fixed-rate financing for major assets, such as land and buildings. The loans are typically structured with the SBA providing 40 percent of the total project costs, a participating lender covering up to 50 percent and the borrower putting up the remaining 10 percent. Funds from a 504 loan can be used to purchase existing buildings, land or machinery, and to construct or renovate facilities. These loans cannot be used for working capital or inventory. Under the 504 program, a business qualifies if it has a tangible net worth of less than $15 million and an average net income of $5 million or less after federal income taxes for the two years before application. The maximum amount of a 504 loan is $5 million.

Microloan program: This program offers very small loans to startups, or newly established or growing small businesses. The loans can be used for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery or equipment. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit organizations with experience in lending and technical assistance. Those intermediaries then make loans of up to $50,000, with the average loan being about $13,000. The loan cannot be used to pay existing debts or to purchase real estate.

Disaster loans: The SBA offers this option to businesses that have been affected by a declared disaster. These low-interest loans can be used to repair or replace damaged real estate, personal property, machinery, equipment, inventory and business assets.

Further details on each type of loan program can be found on the SBA s website .

What you ll need to apply

When applying for an SBA loan, you ll need to fill out forms and documents for the specific loan you re trying to get. The SBA also encourages borrowers to gather some basic information that all lenders will ask for, regardless of the loan type. The following items are usually required:

  • Personal background and financial statements
  • Business financial statements
  • Profit-and-loss statement (three years)
  • Current within the last six months
  • List of debts
  • Projected financial statements
  • Business certificate/license
  • Income tax returns
  • R sum s for key team members
  • Business overview and history
  • Business lease

The SBA also advises small businesses applying for a loan to be prepared to answer several questions:

  • Why are you applying for this loan?
  • How will the loan proceeds be used?
  • What assets need to be purchased, and who are your suppliers?
  • What other business debt do you have, and who are your creditors?
  • Who are the members of your management team?

Why your business plan matters

Whether you re a new startup or an established company, the key to a successful application is a well-written business plan .

The business plan not only is the road map that will guide the business from planning to startup to (hopefully) success, but also will show any potential lender that the potential business owner does have a clear view and understanding of the business, how to run it and, most importantly, how the loan will be repaid, David Hall, a public affairs specialist with the SBA in Washington, D.C. said in an email interview with Business News Daily.

Gaston agreed, noting that lenders want to know how knowledgeable you are about your business and the competitive market.

The concept may be great, but what the lender is looking for is that the individual is driven, capable and determined, Gaston said. You really need to understand what you are doing every step of the way and be able to convey that to the lender during the application process.

Hall also recommended that business owners take full advantage of the business planning resources offered by the SBA and its partners, such as SCORE. SBDCs (Small Business Development Centers) and WBCs (Women Business Centers).

Finding a lender

While Gaston acknowledged that applying for an SBA loan is a process, she said working with a lender that has experience can make that process a lot easier. To find experienced SBA lenders in your area, he suggested talking to folks locally in the market and looking for a lender that is part of the SBA s Preferred Lender program. This program gives thousands of lenders per year delegated authority to approve loans based on certain criteria, shortening the time period between application and approval.

You can find SBA lenders by going online at sba.gov. contacting local accountants and attorneys, and looking for lenders with a large local presence. SBDCs also provide document support and lender referrals.

The SBA program drives a tremendous amount of value in the economy, lending approximately $30 billion to small businesses annually, Gaston said. It takes businesses to the next level, is appropriately structured and enables them to be successful.

Additional reporting by Business News Daily contributor Elizabeth Palermo.

With an Associate s Degree in Business Management and nearly twenty years in senior management positions, Marci brings a real life perspective to her articles about business and leadership. She began freelancing in 2012 and became a contributing writer for Business News Daily in 2015.

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What is the SBA Microloan Program?

  • Writing a Business Plan: Tips from the SBA


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  • Find the Right Small Business Phone System – Cisco Systems #bank #business #loans


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    Find the Right Small Business Phone System

    What to Know When Buying a Small Business Phone System

    Small business phone systems are available in a variety of configurations, offering an ever-growing range of features and benefits. Most modern small business phone systems today run on Internet Protocol (IP) networks the same network they use to connect employees, devices, and information resources.

    But how do you find the right small business phone system for your company? And what’s the best way to deploy it?

    Here are a few key considerations when evaluating and implementing a new small business phone system.

    Understand What Your Users Need

    The right small business phone system can give your people the tools they need to be more efficient. Does your workforce need easy access to mobile communications or video? Do workers need one phone number that simultaneously rings on multiple devices?

    Features and capabilities available include:

    • Mobile softphones, for using a computer as a phone
    • The ability to make and receive calls from smartphones or tablets
    • Video or web conferencing support
    • Automated attendant
    • Paging and intercom

    You can also get unified messaging, with notifications by email, text message, or phone. Instant Messaging and Presence technology, other popular features, help you quickly identify the people available within your organization and reach them at any given time.

    Reduce Your IT Costs

    Today’s small business IP phone systems can consolidate essential communications and collaboration capabilities onto a single server solution. This reduces IT complexity and communications costs.

    Be Prepared for Change

    A new small business phone system can change the way you and your employees work and conduct daily business transactions. For example, using video, you can meet with remote staff, customers, suppliers and partners to enhance key relationships.

    Talk to Your Trusted Advisor.

    Consult with your local service provider or reseller to help ensure that your phone system’s features and capabilities will meet your company’s short- and long-term business goals.

    The Cisco Business Edition 6000S provides all the essential communication and collaboration capabilities needed for your business. It is designed specifically to meet the needs of small businesses with up to 150 users. Cisco Business Edition 6000S offers an easy to deploy, manage, and use IP telephone system, plus much more.


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    Where to Find Smart Short-Term Business Loans #the #small #business #administration


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    Where to Find Smart Short-Term Business Loans

    You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

    Short-term business loans can get you the funds you need to overcome cash flow gaps, handle emergencies and unexpected expenses or finance a small expansion.

    These loans and lines of credit typically come in amounts from $5,000 to $250,000, carry short repayment terms of a few months to several years, have looser qualifications than long-term loans and provide cash quickly.

    Because short-term business loans generally have high borrowing costs, the smartest approach is to choose financing with the lowest annual percentage rate you can qualify for. Lines of credit are more flexible and generally have shorter repayment periods, while loans tend to offer a longer term.

    Repaying a short-term business loan on time can help you qualify for a long-term business loan in the future. Long-term loans typically come in amounts from $250,000 to $1 million or more, are less expensive and have a repayment period of five to 15 years or longer, making them better suited to a real estate purchase, business acquisition or debt refinancing.

    Short-term lines of credit: Kabbage and Dealstruck

    With Kabbage’s line of credit, you borrow only the money you need and pay fees just on the money you borrow. That flexibility makes it a better option for managing cash flow than for a larger expense such as an expansion. You repay each draw on the line of credit over six or 12 months.

    It’s also fairly easy to qualify (take a look at minimum qualifications below) and a good option for borrowers with bad credit. Although Kabbage does check your credit scores, it doesn’t weigh them as heavily as other factors, such as your average monthly revenue.

    The pitfalls of short-term business loans

    Of course, there are a few disadvantages to short-term business loans that small-business owners should keep in mind:

    Higher cost: They typically carry a higher APR — the total annual cost of borrowing, including all fees and interest — than long-term loans. That’s due to their shorter repayment period, faster funding, looser qualifications (lower credit score and revenue requirements) and the fact that many are unsecured business loans. which don’t require collateral.

    More frequent repayments: Lenders may require you to make loan payments daily or weekly as opposed to monthly. Although these payments are smaller, they can be an issue for businesses that have uneven sales or those that don’t always hold much cash in a bank account. You’ll have to make sure you have enough money in your account to make the payments at all times, or you’ll risk incurring fees or defaulting on the loan.

    Risk of debt trap: The speed and ease of short-term business loans can become addictive. Instead of repaying the debt in full, business owners may be enticed to refinance and roll over the debt into a new loan. But this can result in a debt trap: continual refinancing just to keep up with payments. This is a common issue with merchant cash advances. a costly form of short-term financing that can carry an APR over 300%. If you have several high-interest small-business loans, business debt consolidation may be the solution you need.

    Find and compare the best small-business loans

    NerdWallet has created a comparison tool of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness, market scope and user experience, among other factors, and arranged them by categories that include your revenue and how long you’ve been in business.

    This article was updated June 21, 2016. It was originally published Jan. 12, 2016.

    To get more information about funding options and compare them for your small business, visit NerdWallet’s small-business loans tool. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

    You may also like

    Lender reviews

    See how different lenders stack up in NerdWallet’s expert reviews

    We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines. and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

    2016 NerdWallet, Inc. All Rights Reserved

    Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

    Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


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    Find the best Business lawyer near you #international #business


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    Business lawyers

    What a Business lawyer can do for you

    A business lawyer will advise you on many different aspects relating to business, such as regulation compliance, business incorporation, and legal liability. The sooner you retain a business attorney, the better. Your lawyer will make sure that you set up your business properly, create contracts for you, make sure you re hiring legal workers, file patents, buy and sell businesses, and more.

    Practice areas related to Business

    Why hire a Business attorney

    If you want to start, manage, transfer, or exit a business, you may benefit from a business attorney’s services. Business attorneys have experience with many different industries and professional fields. If you are considering bankruptcy relief for your business, a business lawyer will also have the knowledge necessary to help you navigate your options for your business debt. Depending on your business and activities, you may need one or more type of business attorney.

    The Avvo advantage

    Avvo gives you all the information you need to find the right lawyer.

    • 50 states
    • 120 areas of law
    • Detailed profiles including reviews
    • 50 states
    • 120 areas of law
    • Detailed profiles including reviews

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    Find Online Business Systems Programs #business #name #generator


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    Online Business Systems Programs

    For some, a traditional education may not be an option, due either to high tuition rates or schedule conflicts. Onl

    With today’s varied and growing economy, it’s easy to understand why business is such a popular major. Students can choose to specialize

    After the economic shock of the last few years, things are looking up for business school graduates, according to some recent employer surveys. More than 40% of traditional

    To pursue higher education in business beyond the undergraduate level means you have plenty of choices to make. Rankings for universities and colleges of business and business-related pr

    The Graduate Management Admission Test (GMAT) is required for admission to over 4,800 graduate business programs. The GMAT measures verbal, analytical writing, and mathematical skills, and taking


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    Find Business Card supplier #best #new #business #ideas


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    Business Cards

    Business cards to suit your business needs

    If you think about how many times you hand out your business information to potential clients, contacts and friends of friends, you realise how powerful they are as a business tool. In fact, the best business cards become the backbone of any good stationery suite.

    Stress-free business card design from your local Snap

    If you’re just starting out in business, we can start by designing your company logo . Or, if you’re simply looking to refresh your cards . our experts can help you with eye-catching details like size, design and styles that work best for your business.

    To leave a lasting impression on your potential clients, we can personalise:

    • Stock weight
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    Snap is a leader in business card design and print services, with over 160 Centres Australia wide.

    To help you get started, find your nearest supplier online:

    We also have Snap Centres across regional Australia.


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