Tag: Get

10 Places to Get a Free Business Education Online #business #continuity

#online business courses

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10 Places to Get a Free Business Education Online

Getting a business education doesn’t have to be expensive. An increasing number of colleges, universities and even nonprofit organizations offer free business courses online. Find out how you can sign up for these courses and what you can get from them.

Online Business Courses for Credit

Online business courses that don’t require students to register or pay tuition are plentiful, but these courses don’t lead to college credit. Students who would rather earn credit for the courses they take online might want to consider resources that charge a fee in exchange for access to online course materials.Study.com offers this form of distance learning through its quick and informative video lessons and corresponding self-assessment quizzes. Students also have access to free transcripts for the video lessons.

Students can start with Business 101: Principles of Management which include chapters like:

  • Management Basics – Study different managers’ roles and examine the four functions of management.
  • Leading in Organizations – This chapter explores the difference between leadership and management and how the two work together. Various leadership styles are also covered.
  • Marketing Philosophies and Ethics – Learn about marketing versus sales, corporate responsibility and cause-related marketing.
  • Consumer Decision Making – Topics include consumer behavior theory, the purchase process, cognitive dissonance and consumer buying influences.
  • Network Systems Technology – Examine client/server systems, network operating systems and wireless computing devices in this chapter.
  • Systems Development – Subjects include life cycles, graphical user interfaces, application development processes and project management tools.

Free Online Non-Credit Business Courses

Massachusetts Institute of Technology

MIT OpenCourseWare might be the next best thing to getting an MIT education for free. Through these free online publication, students can find bachelor-level and master-level courses business courses offered by MIT’s Sloan School of Management

  • Undergraduate and Graduate Business Courses include online lecture notes, videos, labs demonstrations and more. No registration is required and more than 150 courses are available.

The U.S. Small Business Administration

The Small Business Administration has one of the best selections of business courses on the web. Topics include everything from starting a business and business management to government contracting and international trade. Most courses take only 30 minutes to complete.

  • Financing Options for Small Businesses centers around determining financial needs, loans, grants, venture capital, angel investors, crowd funding and more.
  • Strategic Planning looks at the significance of strategic planning while breaking down the steps of the process.

Free Management Library

  • The Free Nonprofit Micro-eMBA(SM) Program is a great resource for students wishing to learn more about nonprofit management. Completion of this program will not result in an MBA degree, but enrollment is free. The amount of time it takes to complete the program will depend on how fast you learn, but you may expect to spend at least 200 hours on coursework.

University of California Irvine

The University of California Irvine offers several free business courses in English and Spanish through their OpenCourseWare site. Courses are broken down into lessons, and include optional reading lists for students who want to dig deeper into the course subjects.

  • Fundamentals of Business Analysis focuses on the function of a business analyst within the operating of an organization.
  • Training and Human Resource Development breaks down the information and experience needed to pick out an organization’s training and development needs while looking into the related processes.

Financial Management Training Center Courses

The Financial Management Training Center provides 20 free downloadable business courses for people who need to learn the finer points of financial management. All courses can be taken online. They include full exams as well as evaluation forms for people seeking Continuing Professional Education (CPE) credits.

  • The Management of Capital provides a basic overview of navigating a company’s financial structure.
  • Creating Value through Financial Management serves as an introduction to concepts related to Value Based Finance.
  • Project Management introduces the concept and components of project management.

Kutztown University – Small Business Development Center

  • Strategic Planning and Execution Course presents strategies for crafting and executing business visions, mission statements and goals. The SBDC also provides strategic planning software free to all course participants.

University of California Berkeley

The University of California Berkeley offers a new selection of business courses each semester. Courses are lecture-based and typically include either audio or video or both.

  • Business Administration Videos are uploaded to the school’s YouTube page often. Videos are presented by leading business experts such and cover topics like leadership, investment strategies and behavioral economics.
  • Introduction to Probability and Statistics for Business teaches students about descriptive statistics, probability models, confidence intervals, controlled experiments vs. observational studies, tests of significance, correlation and regression.

The schools in the listing below are not free and may include sponsored content but are popular choices among our users. Tuition and costs will vary across programs and locations. Be sure to always request tuition information before starting a program.

An admission advisor from each school can provide more info about:

  • programs curriculum
  • career opportunities
  • tuition financial aid
  • admissions starting dates

1 Southern New Hampshire University

Minimum eligibility requirements:
  • Must be a high school graduate or have completed GED

Get Started with Southern New Hampshire University

2 Kaplan University

Minimum eligibility requirements:
  • Must be a high school graduate or have completed GED
  • Graduate faster & save money with Study.com transfer credit

  • Doctor of Management in Organizational Development and Change
  • Doctor of Management in Project Management
  • Doctor of Management (DM) – General Concentration (Executive Format)
  • Doctor of Management in Leadership
  • Doctor of Management – Nonprofit Leadership (Executive Format)
  • Master of Business Administration
  • MBA in Entrepreneurship
  • MBA in Project Management
  • Bachelor of Science in Accounting
  • Bachelor of Science in Business Administration – International Business
  • Bachelor of Science in Business Administration – Management
  • Bachelor of Science in Business Administration – Marketing
  • Bachelor of Science in Business Administration – Human Resource Management
  • Bachelor of Science in Business Administration – Organizational Behavior
  • Associate of Science in Business Administration
    • (BS) Accounting
    • (BS) Business Administration
    • (BS) Business Admin – Asset Management
    • (BS) Business Admin – Human Resources
    • (BS) Business Admin – New Media Marketing
    • (BS) Business Admin – Technology
    • (AAS) Business Management & Accounting




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  • How to Get Funding from Angel Investors – Small Business #starting #your #own #business

    #small business investors

    #

    How to Get Funding from Angel Investors

    Tips

    • Angel investors can be an option for start-ups with the potential to earn high profits.
    • Expect close scrutiny. Many angels are former entrepreneurs and like to be involved and give business advice.
    • Angel investors tend to specialize, so look into their investing history to ensure there’s a good match.
    • Related How-Tos

      Feedback

      Small businesses looking for financial help from an angel often turn to individuals willing to invest in promising, start-up opportunities. Angel investors can be a good funding source to consider after you ve tapped your friends and relatives. But angels usually don t write blank checks. They ll want to see progress and a way to exit the deal down the line with meaningful profits. So expect angel investors to do a lot of research and careful investigation into your business plan.

      Be thoughtful in approaching potential investors. Biotech investors, for example, don t want to hear about a clothing manufacturer. A scattershot approach is likely to turn them off. Industry associations, local trade groups or, in some states, business-incubator centers can help point to potential angels.

      Angel investors often invest through groups or networks. These provide due diligence, extra research, access to potential deals and shared expertise that one person operating alone generally doesn t have. For instance, one member of an angel group might have background in a particular industry or the know-how to set up deal terms, sharing that knowledge with the other investors.

      Angel investors are usually thorough, so don t expect to get your money quickly. It could take several months to meet with different individuals or groups and answer all of their questions. (There are exceptions, including the case of Google, which got funding from an angel before its cofounders finished their presentation to him.)

      Because they ll own a part of your company, they ll likely want a say in major decisions, and they ll watch to see whether you listen to them. Don t expect them to write a check and walk away. Many angel investors are former business owners who want to help people like themselves. They may be able to provide good advice based on their previous experiences.

      Getting funding from angel investors isn t easy, but it can be done if you take the right approach and are a good match with their interests. And the benefits can beyond the money for your business, but their expertise in both in business operations and your industry niche.

      Related WSJ Articles and Blog Posts:

      Online Tools:

      • Bplans’ Free Sample Business Plans — Dozens of example business plans from Palo Alto Software, a seller of business-planning software.
      • Finance Primer: A Guide to SBA’s Loan Guaranty Programs — An online training course on financing for a small business and loans from the U.S. Small Business Administration, a federal agency.

    Additional Resources:

    • Angel Capital Foundation’s Listing of Angel Groups — Links to dozens of angel networks, capital databases and matching services, and other resources, from an organization founded by the Ewing Marion Kauffman Foundation, a promoter of entrepreneurship.
    • National Business Incubator Association — A directory of business incubators.




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    How to Get a Small Business Loan – Finance a Business – Wells Fargo

    #getting a small business loan

    #

    Financing a growing business

    Learn about financing options for small businesses.

    Supporting both the operation and expansion of a growing small business often requires some additional financial support. Getting a small business loan or grant can help you bridge the gap when you need to make capital investments, increase your workforce, or move to a larger space. To help you decide which type of funding might be right for you, here are a few great small business-financing options:

    Line of credit. Using a line of credit as working capital can make it easier for you to manage your cash flow as your income or expenses fluctuate. It allows you to borrow only the funds that you need giving you more control over the amount of interest you will accrue.

    Business loans. For larger investments, it may be time for a term loan. Like a mortgage or personal loan, term loans come with fixed interest rates and monthly payments over a period of years. Unlike a line of credit, a business loan will provide you with a large sum of cash upfront. These loans can be ideal for expanding your space or funding other large investments.

    Commercial loans. For established businesses that own commercial real estate, a commercial loan is another option. Like a home equity loan, a commercial loan allows you to borrow against the equity you’ve built in your business property. Depending on the value of the property and the equity you hold, this could mean more borrowing power.

    Equipment loans. If you’re specifically looking for cash to fund the purchase of new equipment – including vehicles, manufacturing or production machinery, farming equipment, or other necessary equipment – then an equipment loan or leasing program may be what you need. Like business loans, equipment loans offer fixed interest rates and payment plans over a period of time.

    SBA loans. Wells Fargo is the nation’s #1 provider (by dollar volume) of loans guaranteed by the US Small Business Administration – or SBA 7(a) loans. SBA 7(a) loans have longer repayment terms and lower down-payments than most conventional bank loans, and can be used for the purchase of owner-occupied real estate, business acquisition, equipment, or working capital. Wells Fargo also offers the SBA 504 program for larger, fixed asset purchases or construction.

    Federal or state grants. Small business grants – money that does not need to be repaid – are limited and harder to secure than loans. State and federal business grants are funded by taxpayer dollars, and the money is awarded through a complicated legislative process. For more information on how to get a small business grant, visit www.grants.gov.

    By knowing which small business financing options are available, you’ll have a better idea of where to turn when you’re ready to take your business to the next level.

    Business insights from experts

    Discover our comprehensive resource library, offering guidance and information to help you start, run and grow your business.

    Wells Fargo Works for Small Business ®





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    Top 5 Small Business Loan Requirements – How to get a Small Business Loan

    #sba loan requirements

    #

    Top 5 Small Business Loan Requirements

    The time has come to expand your business with new employees, a larger location or a new product line. It’s an exciting time, but stressful because you’re not sure you have the cash reserves to manage the expansion.

    For many small businesses, this situation calls for a small business loan a cash infusion that pays for itself, plus the interest, with the new opportunities and extra income it allows you to create.

    Many of our Kabbage customers are new to small business lending. Though they’re familiar with personal loans, they only know the basics of small business loans and lines of credit. For those who “resemble that remark” and for more experienced folks who would like a review of how to get a small business loan here is your expert-researched, Kabbage-curated list of the top five small business loan requirements to get the best possible small business loan.

    #1: Strong Credit

    The bad news about small business lending is it can be hard to qualify for the best rates and deals. The good news is this decade has more options for good small business loans than any other time in history. You can choose between platform lending. traditional loans (like from a bank) and a variety of hybrid options available from local vendors or via the internet.

    This flexibility doesn’t mean your company shouldn’t look as good as possible on paper. Your FICO credit score will figure heavily in any lending decision, so (if time permits) spend time grooming that number in the months prior to applying. Research what other metrics the lenders you want use, and groom them as much as possible, too.

    If you have a major ding in your credit, like a repossession or string of late payments, be prepared to discuss them and why things will go better in the future.

    #2: Solid Business Plan

    Part of understanding how to get a small business loan is ensuring you have a solid business loan. You should have one of these anyway, since a strong business plan is a prerequisite for stellar business success. Traditional lenders will expect to see an updated, professionally prepared business plan as part of the lending process. Lacking one tells them you’re not ready for the “big leagues” and are a bad credit list.

    Though platform lenders like Kabbage won’t insist on seeing your formal business plan, similar documents about your social presence, industry statistics and unique market advantages all of which are part of a comprehensive business plan will go into decisions about what to lend you and how much it will cost.

    Either way, get a business plan together.

    #3: Compelling Personal Resume

    Traditional lenders want proof that the people responsible for running a business are qualified to do so, and part of that proof will be seeing the resumes for you and other principles like owners and executive officers. This resume should be as solid, well-edited and up-to-date as any resume you’ve ever sent out.

    Consider: the purpose of a resume is to get you the job you want. The purpose of this resume is to get you the job of running the company you want, instead of the company you have.

    Platform lenders don’t look at your traditional resume, but they will look at your business’ curriculum vitae in terms of performance metrics and social sharing. Take time to groom those items as substantially as you would a regular resume.

    #4: Bulletproofed P L Statements

    Like your business plan, you should have these anyway. You should be using your profit and loss statements as part of a robust monthly “vital signs” check for your business. If you’re not doing them, dig into your accounting software for half an hour. You’ll find a tool that compiles P Ls from your records. If you’re not using software to keep track of your financials get started on doing that.

    Lenders of all stripes are looking for three things in your P L: reliability, professionalism and ethicality.

    • Reliability – They want evidence that you will be able to make your promised payments, based on enough cash flow to cover the loan. If you don’t, the lender will assume that lending you money is too high a risk.
    • Professionalism – Lenders presented with incomplete, inaccurate or hastily prepared P L statements will assume that your business is similarly disorganized.
    • Ethicality – If you “fudge” your numbers to look better and get caught, you are done with that lender. The decision makers will assume that you cut ethical corners in other places.

    #5: Knowledge of the Loan Needed

    This is actually the first of the small business requirements that you should address, but we wanted to mention it last so it would be the freshest in your mind. Lending isn’t what it used to be – a situation where you went to a couple of banks, all of which offered the same basic products, and hoped they would agree to give you a loan.

    Modern small business lending includes a wide array of traditional, platform and peer-to-peer options with wildly varying qualification requirements and rates of interest. Before you start working in earnest on the other four requirements for your loan, decide what kind of loan you need. That way you won’t waste time and effort preparing the wrong documents.

    Do you have a tale of success or woe to share with the Kabbage community about when you aced a loan application or were embarrassingly unprepared? Share your story in the comments below.





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    6 Smart Reasons to Get a Business Loan #business #proposal #sample

    #getting a business loan

    #

    6 Smart Reasons to Get a Business Loan

    Co-founder and CEO, Fundera

    November 9, 2015

    Spreading the word that you re considering a loan for your business can be met with all kinds of opinions. From general naysayers to cautionary anecdotes, everyone you meet will have a story as to what might happen if you take out a loan to start or expand your business venture.

    While it s true that not every reason is a good reason to go into debt for your business, that doesn t mean that good reasons don t exist. If your business is ready to take a leap, but you don t have the working capital to do so, here are six reasons you might re-consider applying for a small business loan .

    1. You re ready to expand your physical location.

    Your cubicles are busting at the seams, and your new assistant had to set up shop in the kitchen. Sounds like you ve outgrown your initial office location. Or maybe you run a restaurant or retail store, and you have more customers in and out than you can fit inside your space.

    This is great news! It likely means business is booming, and you re ready to expand. But just because your business is ready for expansion, doesn t mean you have the cash on hand to make it happen.

    In these cases, you may need a term loan to finance your big move. Whether it s adding an additional location or picking up and moving, the up-front cost and change in overhead will be significant.

    Before you commit, take steps to measure the potential change in revenue that could come from expanding your space. Could you cover your loan costs and still make a profit? Use a revenue forecast along with your existing balance sheet to see how the move would impact your bottom line. And if you re talking about a second retail location, research the area you want to set up shop to make sure it s a good fit for your target market.

    2. You re building credit for the future.

    If you re planning to apply for larger-scale financing for your business in the next few years, the case can be made for starting with a smaller, short-term loan in order to build your business credit.

    Young businesses can often have a hard time qualifying for larger loans if both the business and the owners don t have a strong credit history to report. Taking out a smaller loan and making regular on-time payments will build your business s credit for the future.

    This tactic may also help you build relationships with a specific lender, giving you a connection to go back to when you re ready for that bigger loan. Be careful here, though, and don t take on an early loan you can t afford. Even one late payment on your smaller loan could make your chances of qualifying for future funding even worse than if you d never applied for the small loan at all.

    3. You need equipment for your business.

    Purchasing equipment that can improve your business offering is typically a no brainer for financing. You need certain machinery, IT equipment or other tools to make your product or perform your service, and you need a loan to finance that equipment. Plus, if you take out equipment financing. the equipment itself can often serve as collateral for a loan — similarly to a car loan.

    Before you take out an equipment loan, make sure you re separating the actual needs from the nice-to-haves when it comes to your bottom line. Yes, your employees probably would love a margarita machine. But unless you happen to be running a Mexican Cantina, that particular equipment may not be your business s best investment.

    4. You want to purchase more inventory.

    Inventory is one of the biggest expenses for any business. Similar to equipment purchases, you need to keep up with the demand by replenishing your inventory with plentiful and high-quality options. This can prove difficult at times when you need to purchase large amounts of inventory before seeing a return on the investment.

    Especially if you have a seasonal business, there are times when you may need to purchase a large amount of inventory without the cash on hand to do so. Slow seasons precede holiday seasons or tourist seasons — necessitating a loan to purchase the inventory before making a profit off it.

    In order to measure whether this would be a wise financial move for your business, create a sales projection based on past years sales around that same time. Calculate the cost of the debt and compare that number to your total projected sales to determine whether taking an inventory loan is a wise financial move. Keep in mind that sales figures can vary widely from year to year, so be conservative and consider multiple years of sales figures in your projection.

    5. You ve found a business opportunity that outweighs the potential debt.

    Every now and then, an opportunity falls into your lap that is just too good to pass up — or so it seems, at least. Maybe you have a chance to order inventory in bulk at a discount, or you found a steal on an expanded retail space. In these instances, determining the return on investment of the opportunity requires weighing the cost of the loan versus the revenue you stand to generate through the available opportunity.

    Let s say for instance, you run a business where you get a commercial contract for $20,000. The trouble is, you don t have the equipment to complete the job. Purchasing the necessary equipment would cost you about $5,000. If you took out a two-year loan on the equipment, paying a total of $1,000 in interest, your profits would still be $14,000.

    If the potential return on investment outweighs the debt, go for it! But be careful with your calculations. More than one entrepreneur has been guilty of underestimating true costs or overestimating profits as a product of over-enthusiasm. When you re weighing the pros and cons, it often helps to perform a revenue forecast to make sure you re basing your decisions on hard numbers rather than gut instinct.

    6. Your business needs fresh talent.

    When working at a startup or small business, you wear a lot of hats. But there comes a time when doing the bookkeeping, fundraising, marketing and customer service may start to wear on you — and your business. If your small team is doing too many things, something will eventually fall through the cracks and compromise your business model.

    Some businesses choose to invest their money in their talent, believing that this is one way to keep their business competitive and innovative. This can be a great move, if there s a clear connection between the hiring decision and an increase in revenue. But if having an extra set of hands around helps you focus on the big picture, that alone may be worth the loan cost.

    Regardless of the exact reason you re considering a business loan, the point is this: If, when all costs are factored in, taking out the loan is likely to improve your bottom line — go for it. If the connection between financing and a revenue increase is hazy, take a second look at whether taking out a loan is your best choice.

    You want to be confident in your ability to pay back a business loan over time and to see your business succeed. Every business decision involves taking a risk. Ultimately, only you can decide whether that risk is worthwhile.





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    Client Christmas cards – how to get it right #best #online #business

    #business christmas cards

    #

    Client Christmas cards – how to get it right

    by HCA | Dec 19, 2013

    The holidays are a time of comfort and joy—not a time to unleash your inner cynic. The fact remains, however, that nearly everyone on your corporate holiday mailing list knows your gift, card or e-greeting is really an end-of-the-year marketing pitch. A soft sell to be sure, but a marketing pitch nonetheless.

    That doesn’t give you full reign to impersonate Ebeneezer Scrooge, however. According to etiquette expert Thomas P Farley—known colloquially as “Mister Manners”—holiday business greetings are a rewarding exercise and a great way to improve client relations, provided you get it right.

    “This is an opportunity to get back on the radar with your clients in a meaningful way,” Farley said. “If it’s not meaningful, you’re better off not doing anything at all.”

    With that in mind, here are five timely tips for wishing your clients a happy holiday season.

    If possible, send a personalized, handwritten card. Operating on a tight budget may prevent you from sending mass-mailed holiday cards to all your clients, but if you can afford the extra effort, it’s worth it.

    “An e-greeting can be annoying because they’re often difficult to open and they may not make it to the individual,” said Dianne Gottsman, a national etiquette expert and owner of the Protocol School of Texas. “Handwritten cards breed goodwill.”

    Farley agrees, adding that generic e-greetings often “get deleted the moment they’re sent.”

    Instead, Farley recommends putting pen to paper and using the opportunity to make a comment specific to the individual, perhaps drawing on a business lunch or meeting the two of you attended.

    Choose a tasteful, appropriate design. As head of custom design at California-based Tiny Prints, Heidi Reichert has seen a lot of corporate holiday cards over the years. The best, she said, always “reflect the professionalism” of the company.

    “We’ve seen really silly photos or things that might be construed as offensive—maybe it’s a photo of the employees doing shots or something like that,” Reichert said. “It might seem funny at the time, but you never know what your audience might think when they get it.”

    Instead, Reichert recommends using photos that are appropriate and professional, along with designs that stand out from the ubiquitous red-and-green that don most holiday greetings. Lime greens and blues are especially popular this season.

    Avoid blatant endorsements of religion or cultural traditions. One thing Farley, Gottsman and Reichert all agreed on was that it’s best to “assume nothing” when it comes to recipients’ religious or cultural traditions.

    “Being very safe and respectful is the key,” said Gottsman, who added that a neutral “Happy Holidays” is preferable to endorsing Christmas, Kwanzaa, or other holidays.

    However, Farley said this rule applies only to the card design itself. Inside, it’s appropriate to wish someone a “Merry Christmas” or “Happy Hanukah,” provided you definitely know your client celebrates that holiday. “It makes your greeting that much more meaningful and warm,” Farley said.

    Keep out logos and business cards. Resist the urge to plaster your greeting with your company logo, or stuff the package full of coupons or business cards.
    “This is the time for the soft-sell. You’re not pitching, you’re not doing client business,” Farley advised. “The card itself is all the selling you should really be doing.”

    While logos do have a place on a corporate card, it should be done in a tasteful way, said Reichert. Placing the logo below your signature or on the back of the card is a nice way to make the card stand out as something personalised by the business, she said.

    Send cards and gifts as soon as possible. Now is the time to send out your holiday greetings and gifts, if you haven’t already. The earlier the better, given many companies close up shop the week of Christmas.

    If you’ve missed the deadline, however, Gottsman says you can never go wrong with a New Year card, which should be in the mail before Christmas Day.

    The bottom line with all these dos and don’ts, however, is that despite your business, your budget or your byline, your holiday greeting should come from the heart.

    “If someone is actually taking the time to write a personal message, that’s going to trump even the worst card design,” Farley said. “Even if the card itself is something you get for 50% off at the local dollar store, the fact that you’ve included a personal message is far more impressive than the most stunning card with nothing inside.”

    COMMENTS Submit a comment





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    How to Get a Small Business Loan – Finance a Business – Wells Fargo

    #getting a small business loan

    #

    Financing a growing business

    Learn about financing options for small businesses.

    Supporting both the operation and expansion of a growing small business often requires some additional financial support. Getting a small business loan or grant can help you bridge the gap when you need to make capital investments, increase your workforce, or move to a larger space. To help you decide which type of funding might be right for you, here are a few great small business-financing options:

    Line of credit. Using a line of credit as working capital can make it easier for you to manage your cash flow as your income or expenses fluctuate. It allows you to borrow only the funds that you need giving you more control over the amount of interest you will accrue.

    Business loans. For larger investments, it may be time for a term loan. Like a mortgage or personal loan, term loans come with fixed interest rates and monthly payments over a period of years. Unlike a line of credit, a business loan will provide you with a large sum of cash upfront. These loans can be ideal for expanding your space or funding other large investments.

    Commercial loans. For established businesses that own commercial real estate, a commercial loan is another option. Like a home equity loan, a commercial loan allows you to borrow against the equity you’ve built in your business property. Depending on the value of the property and the equity you hold, this could mean more borrowing power.

    Equipment loans. If you’re specifically looking for cash to fund the purchase of new equipment – including vehicles, manufacturing or production machinery, farming equipment, or other necessary equipment – then an equipment loan or leasing program may be what you need. Like business loans, equipment loans offer fixed interest rates and payment plans over a period of time.

    SBA loans. Wells Fargo is the nation’s #1 provider (by dollar volume) of loans guaranteed by the US Small Business Administration – or SBA 7(a) loans. SBA 7(a) loans have longer repayment terms and lower down-payments than most conventional bank loans, and can be used for the purchase of owner-occupied real estate, business acquisition, equipment, or working capital. Wells Fargo also offers the SBA 504 program for larger, fixed asset purchases or construction.

    Federal or state grants. Small business grants – money that does not need to be repaid – are limited and harder to secure than loans. State and federal business grants are funded by taxpayer dollars, and the money is awarded through a complicated legislative process. For more information on how to get a small business grant, visit www.grants.gov.

    By knowing which small business financing options are available, you’ll have a better idea of where to turn when you’re ready to take your business to the next level.

    Business insights from experts

    Discover our comprehensive resource library, offering guidance and information to help you start, run and grow your business.

    Wells Fargo Works for Small Business ®





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

    Top 5 Small Business Loan Requirements – How to get a Small Business Loan

    #sba loan requirements

    #

    Top 5 Small Business Loan Requirements

    The time has come to expand your business with new employees, a larger location or a new product line. It’s an exciting time, but stressful because you’re not sure you have the cash reserves to manage the expansion.

    For many small businesses, this situation calls for a small business loan a cash infusion that pays for itself, plus the interest, with the new opportunities and extra income it allows you to create.

    Many of our Kabbage customers are new to small business lending. Though they’re familiar with personal loans, they only know the basics of small business loans and lines of credit. For those who “resemble that remark” and for more experienced folks who would like a review of how to get a small business loan here is your expert-researched, Kabbage-curated list of the top five small business loan requirements to get the best possible small business loan.

    #1: Strong Credit

    The bad news about small business lending is it can be hard to qualify for the best rates and deals. The good news is this decade has more options for good small business loans than any other time in history. You can choose between platform lending. traditional loans (like from a bank) and a variety of hybrid options available from local vendors or via the internet.

    This flexibility doesn’t mean your company shouldn’t look as good as possible on paper. Your FICO credit score will figure heavily in any lending decision, so (if time permits) spend time grooming that number in the months prior to applying. Research what other metrics the lenders you want use, and groom them as much as possible, too.

    If you have a major ding in your credit, like a repossession or string of late payments, be prepared to discuss them and why things will go better in the future.

    #2: Solid Business Plan

    Part of understanding how to get a small business loan is ensuring you have a solid business loan. You should have one of these anyway, since a strong business plan is a prerequisite for stellar business success. Traditional lenders will expect to see an updated, professionally prepared business plan as part of the lending process. Lacking one tells them you’re not ready for the “big leagues” and are a bad credit list.

    Though platform lenders like Kabbage won’t insist on seeing your formal business plan, similar documents about your social presence, industry statistics and unique market advantages all of which are part of a comprehensive business plan will go into decisions about what to lend you and how much it will cost.

    Either way, get a business plan together.

    #3: Compelling Personal Resume

    Traditional lenders want proof that the people responsible for running a business are qualified to do so, and part of that proof will be seeing the resumes for you and other principles like owners and executive officers. This resume should be as solid, well-edited and up-to-date as any resume you’ve ever sent out.

    Consider: the purpose of a resume is to get you the job you want. The purpose of this resume is to get you the job of running the company you want, instead of the company you have.

    Platform lenders don’t look at your traditional resume, but they will look at your business’ curriculum vitae in terms of performance metrics and social sharing. Take time to groom those items as substantially as you would a regular resume.

    #4: Bulletproofed P L Statements

    Like your business plan, you should have these anyway. You should be using your profit and loss statements as part of a robust monthly “vital signs” check for your business. If you’re not doing them, dig into your accounting software for half an hour. You’ll find a tool that compiles P Ls from your records. If you’re not using software to keep track of your financials get started on doing that.

    Lenders of all stripes are looking for three things in your P L: reliability, professionalism and ethicality.

    • Reliability – They want evidence that you will be able to make your promised payments, based on enough cash flow to cover the loan. If you don’t, the lender will assume that lending you money is too high a risk.
    • Professionalism – Lenders presented with incomplete, inaccurate or hastily prepared P L statements will assume that your business is similarly disorganized.
    • Ethicality – If you “fudge” your numbers to look better and get caught, you are done with that lender. The decision makers will assume that you cut ethical corners in other places.

    #5: Knowledge of the Loan Needed

    This is actually the first of the small business requirements that you should address, but we wanted to mention it last so it would be the freshest in your mind. Lending isn’t what it used to be – a situation where you went to a couple of banks, all of which offered the same basic products, and hoped they would agree to give you a loan.

    Modern small business lending includes a wide array of traditional, platform and peer-to-peer options with wildly varying qualification requirements and rates of interest. Before you start working in earnest on the other four requirements for your loan, decide what kind of loan you need. That way you won’t waste time and effort preparing the wrong documents.

    Do you have a tale of success or woe to share with the Kabbage community about when you aced a loan application or were embarrassingly unprepared? Share your story in the comments below.





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    6 Smart Reasons to Get a Business Loan #investing #in #stocks

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    6 Smart Reasons to Get a Business Loan

    Co-founder and CEO, Fundera

    November 9, 2015

    Spreading the word that you re considering a loan for your business can be met with all kinds of opinions. From general naysayers to cautionary anecdotes, everyone you meet will have a story as to what might happen if you take out a loan to start or expand your business venture.

    While it s true that not every reason is a good reason to go into debt for your business, that doesn t mean that good reasons don t exist. If your business is ready to take a leap, but you don t have the working capital to do so, here are six reasons you might re-consider applying for a small business loan .

    1. You re ready to expand your physical location.

    Your cubicles are busting at the seams, and your new assistant had to set up shop in the kitchen. Sounds like you ve outgrown your initial office location. Or maybe you run a restaurant or retail store, and you have more customers in and out than you can fit inside your space.

    This is great news! It likely means business is booming, and you re ready to expand. But just because your business is ready for expansion, doesn t mean you have the cash on hand to make it happen.

    In these cases, you may need a term loan to finance your big move. Whether it s adding an additional location or picking up and moving, the up-front cost and change in overhead will be significant.

    Before you commit, take steps to measure the potential change in revenue that could come from expanding your space. Could you cover your loan costs and still make a profit? Use a revenue forecast along with your existing balance sheet to see how the move would impact your bottom line. And if you re talking about a second retail location, research the area you want to set up shop to make sure it s a good fit for your target market.

    2. You re building credit for the future.

    If you re planning to apply for larger-scale financing for your business in the next few years, the case can be made for starting with a smaller, short-term loan in order to build your business credit.

    Young businesses can often have a hard time qualifying for larger loans if both the business and the owners don t have a strong credit history to report. Taking out a smaller loan and making regular on-time payments will build your business s credit for the future.

    This tactic may also help you build relationships with a specific lender, giving you a connection to go back to when you re ready for that bigger loan. Be careful here, though, and don t take on an early loan you can t afford. Even one late payment on your smaller loan could make your chances of qualifying for future funding even worse than if you d never applied for the small loan at all.

    3. You need equipment for your business.

    Purchasing equipment that can improve your business offering is typically a no brainer for financing. You need certain machinery, IT equipment or other tools to make your product or perform your service, and you need a loan to finance that equipment. Plus, if you take out equipment financing. the equipment itself can often serve as collateral for a loan — similarly to a car loan.

    Before you take out an equipment loan, make sure you re separating the actual needs from the nice-to-haves when it comes to your bottom line. Yes, your employees probably would love a margarita machine. But unless you happen to be running a Mexican Cantina, that particular equipment may not be your business s best investment.

    4. You want to purchase more inventory.

    Inventory is one of the biggest expenses for any business. Similar to equipment purchases, you need to keep up with the demand by replenishing your inventory with plentiful and high-quality options. This can prove difficult at times when you need to purchase large amounts of inventory before seeing a return on the investment.

    Especially if you have a seasonal business, there are times when you may need to purchase a large amount of inventory without the cash on hand to do so. Slow seasons precede holiday seasons or tourist seasons — necessitating a loan to purchase the inventory before making a profit off it.

    In order to measure whether this would be a wise financial move for your business, create a sales projection based on past years sales around that same time. Calculate the cost of the debt and compare that number to your total projected sales to determine whether taking an inventory loan is a wise financial move. Keep in mind that sales figures can vary widely from year to year, so be conservative and consider multiple years of sales figures in your projection.

    5. You ve found a business opportunity that outweighs the potential debt.

    Every now and then, an opportunity falls into your lap that is just too good to pass up — or so it seems, at least. Maybe you have a chance to order inventory in bulk at a discount, or you found a steal on an expanded retail space. In these instances, determining the return on investment of the opportunity requires weighing the cost of the loan versus the revenue you stand to generate through the available opportunity.

    Let s say for instance, you run a business where you get a commercial contract for $20,000. The trouble is, you don t have the equipment to complete the job. Purchasing the necessary equipment would cost you about $5,000. If you took out a two-year loan on the equipment, paying a total of $1,000 in interest, your profits would still be $14,000.

    If the potential return on investment outweighs the debt, go for it! But be careful with your calculations. More than one entrepreneur has been guilty of underestimating true costs or overestimating profits as a product of over-enthusiasm. When you re weighing the pros and cons, it often helps to perform a revenue forecast to make sure you re basing your decisions on hard numbers rather than gut instinct.

    6. Your business needs fresh talent.

    When working at a startup or small business, you wear a lot of hats. But there comes a time when doing the bookkeeping, fundraising, marketing and customer service may start to wear on you — and your business. If your small team is doing too many things, something will eventually fall through the cracks and compromise your business model.

    Some businesses choose to invest their money in their talent, believing that this is one way to keep their business competitive and innovative. This can be a great move, if there s a clear connection between the hiring decision and an increase in revenue. But if having an extra set of hands around helps you focus on the big picture, that alone may be worth the loan cost.

    Regardless of the exact reason you re considering a business loan, the point is this: If, when all costs are factored in, taking out the loan is likely to improve your bottom line — go for it. If the connection between financing and a revenue increase is hazy, take a second look at whether taking out a loan is your best choice.

    You want to be confident in your ability to pay back a business loan over time and to see your business succeed. Every business decision involves taking a risk. Ultimately, only you can decide whether that risk is worthwhile.





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    How to get a business loan, options & requirements #internet #business #opportunities

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    Apply for a business loan

    On this page

    • Choosing a loan you need
    • Improve your loan approval chances
    • Risk assessment

    How to get a business loan

    When applying for a business loan, it’s essential to prepare a detailed business plan and fully inform the lender about your proposed venture. This information helps the lender to provide you with the right type of finance and advice.

    Decisions to make

    Deciding that your business needs a loan is only the first step. There are a number of things to consider before you approach a lender; how much do you need to borrow; what type of loan will you need; how long will you need it for; can the business afford to repay the loan, interest and any one-off or ongoing fees that come with the loan; what security can you offer the lender and how this affects the interest rate offered.

    Find and compare loan options for your business with the Infochoice Small business loan tool.

    Online repayment calculators are a good tool in researching options but make sure you take the following into account:

    Access to funds you borrow

    If you need to access the funds on a semi regular basis (i.e. to help with cash flow to keep the business operating while waiting for your customers to pay for goods etc.), ‘at call’ loans such as an overdraft or line of credit are designed for this purpose. However, if you need the funds to buy a new business or equipment etc. to expand your existing business you will need the funds ‘upfront’. This is also known as a ‘fully drawn advance’ and provides you with the entire loan amount all at once.

    Loan terms

    Loans provided upfront will need a portion of the loan plus interest paid back at regular intervals. The repayment amount will depend on the term or length of the loan. To determine the loan term suitable for your business you will need to calculate how much you can afford to service the loan. Be aware that the longer the loan term the more total interest you will pay. Loans that are at call have no fixed terms.

    Ongoing funding

    This is the average amount of an overdraft or line of credit that is used at any one time. E.g. You may wish to have an overdraft limit of $20,000 to provide money for the occasional big expense, but usually you won’t use more than $5000 of that credit limit on average. So in this case $5,000 is the level of ongoing funding you need.

    When applying for an overdraft limit, things to watch out for are:

    • higher the overdraft amount higher the fees
    • clauses where the lender can demand repayment of the whole loan at any time.

    Fixed or variable interest rate

    The choice of rate will affect the stability of repayments, overall cost of the loan and the loan features available. With a fixed rate loan the lender bears the risk of interest rate moves, while with a variable rate you will bear this risk. Ultimately, the choice of variable or fixed rates will depend upon how much free cash flow your business generates after you have paid all your expenses, including loan repayments. If your business has a low profit level, a variable rate loan repayment may rise beyond your ability to pay.

    Loan security

    Loans can be secured or unsecured by various types of assets, including residential, commercial, rural property or business assets. Alternatively, some loans are unsecured by any asset. Generally the less you provide for security the higher the interest rate will be. Be aware the lender has the legal right to seize any property or asset you offer as security if you can’t repay a loan on time.

    Fees

    There can be fees which can make a loan less attractive than it first seems. These include one-off fees such as establishment/application fees, exit/discharge fees and early termination fees or regular fees such as service fees or line/credit advance fees. The Business Loan Finder tool includes the cost of set-up and ongoing fees in the average monthly repayment to give you a better idea of the true cost of the loan.

    Seek advice

    The information provided here will provide you with a range of possible finance options. It is important to seek advice from your accountant or business advisers before approaching a lender for a loan.

    Tip: Use our below Cashflow forecasting template to plan your cash flow and work out how much you need to lend.

    Plan the business, plan the finance

    Lenders will ask for a lot of in-depth information about the financial history of the business. It’s also important for you to create a convincing and detailed business plan which should include a profit and loss budget and cash flow forecast. The information you use to build your business plan may also be needed by the lender to assess your project. This includes both the past and future plans for your business, the people working in it and the market itself.

    The outcome of your application is strongly influenced by how well your proposal is researched and how well it is presented.

    Risk assessment

    Banks and other lenders will look at your businesses risk profile when considering your loan application. Understanding what lenders look for and what they consider risky will help you present your business in a favourable manner.

    As a general rule, lenders look for:

    • the level and nature of your security (what you’re offering to give them if you can’t repay the loan)
    • your ability to make regular loan repayments (cash flow risk)
    • your ability to ultimately repay the debt (business risk), including any other debts you might already have.

    You need to be able to assess the level of cash flow or business risk in your specific circumstances. A projection of the cash requirements of the business is most important to a lender, as it is the actual cash left after expenses that will repay the loan, not income. It also shows you are an effective manager.

    A lender’s perception of risk

    The following factors can influence your lender’s perception of risk. If a number of these areas apply to you and your business you may need to consider another source of finance.

    • start up businesses incorporate financial, business and management risk
    • lack of security
    • lack of business history
    • industry sector, factors will include levels of competition, barriers to entry, profitability profile and current economic conditions
    • highly seasonal businesses e.g. suimsuits, agriculture. You’ll need to demonstrate how you’ll deal with cash flow pressures in the off season
    • lack of planning, market knowledge and finance skills
    • poor credit history.

    Watch out! Before entering into a payment arrangement with the Tax Office, businesses should discuss this with their current or future lenders. Many businesses are unaware that entering into a payment arrangement with the Tax Office or other government agencies may adversely affect their current and future financing arrangements. For instance, a lender may not lend to a business if it is currently in a payment arrangement.

    For more details visit the Guide to managing your tax debt on the ATO website.

    What’s next?

    Handy tools





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