Tag: Where

Bad Credit? Where to Find Business Loans #design #business #card

#bad credit business loans

#

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Bad Credit? Where to Find 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 .

Bad credit is a red flag for lenders. It indicates you’ve either mismanaged your personal finances or fallen on hard times. Either way, lenders see you as higher risk — more likely to miss payments or default on a loan than a borrower with good credit.

Bad credit (defined by FICO as a score of 300 to 629) is one reason loan applications are rejected; the approval rate of business loans from big banks was just 23.3% as of June 2016, according to Biz2Credit. But alternative lenders provide options. They emphasize the strength and operating history of your business rather than your credit. Be sure to carefully compare all of your choices, weighing terms and annual percentage rate.

Here are some options:

Note: If you’re a startup less than a year old, it’ll be tough to find a loan, no matter your credit. Here are financing ideas to help you launch your company.

If your personal credit score is under 500

With a score below 500, your best bet is likely a lender with no minimum credit score. Many lenders require a minimum score to qualify, but Fundbox and Kabbage don’t. Both are good, although pricey, choices for bad-credit borrowers who need short-term working capital up to $100,000. Fundbox, however, is only for businesses with unpaid customer invoices. There’s no minimum revenue with Fundbox and no credit check. For Kabbage’s line of credit, you need least $50,000 in annual revenue and one year in business.

If your personal credit score is 500 or higher

With a personal credit score of at least 500 or 530, you could qualify for OnDeck or BlueVine. OnDeck is for businesses that have at least $100,000 in annual revenue and is better if you need cash for an expansion (such as purchasing equipment or making renovations). The lender reports payment activity to the three credit bureaus, so paying off your loan on time will help build your credit score. If your score is at least 530 and your business has unpaid customer invoices, consider BlueVine invoice factoring.

Good option for:

• Fast cash
• Inventory
• Expansion

• Fast cash
• Working capital
• Businesses with unpaid invoices

500+ credit score
• $100,000+ revenue
• No personal bankruptcies in past 2 years

530+ credit score
• Must have unpaid customer invoices
• $120,000+ annual revenue
• 3+ months in business

If your personal credit score is 600 or higher

Because your score is at least 600, you can turn to Dealstruck or StreetShares for financing. For larger amounts of funding and lower borrowing costs, consider Dealstruck, as it has term loans and lines of credit up to $500,000 with APRs from 10% to 28%. However, you’ll also need strong minimum annual revenue of $150,000 to qualify. If you have $25,000 or more in revenue, StreetShares is an option. Its loans max out at $100,000 with 9% to 40% APR.

Good option for:

• Expansion, inventory purchases
• Businesses with unpaid invoices

• Young businesses
• Veterans

600+ credit score
• $150,000+ annual revenue
• 1+ year in business

600+ credit score
• $25,000+ annual revenue
• 1+ year in business, unless you already have $100,000 revenue (drops to six months)





Tags : , , , , , ,

Where can you go for the best business advice? #start #your #own #business #ideas

#small business advice

#

Where can you go for the best business advice?

Starting a business is an exhilarating experience but can also be quite treacherous, if you’re really sure where you’re going. Luckily there is a wealth of information out there to help you prepare. The only issue is, where to start?

Ever on the pilgrimage to make your business endeavors easier, we have collated a list of the best places to look for startup and small business advice. The best part is, most of them are completely free.

1. Startup advice

Gov.uk provides a range of business and financial support options, including advice on writing a business plan. help with finance and support, loans and Growth Voucher opportunities.

The government’s Growth Accelerator scheme is also well worth checking out. Eligible small businesses can access coaching and advice, as well as up to £2,000 of match funding per senior manager involved in the strategic direction of the business.

The government isn’t the only place you can find funding for your business more funding info here .

Startup Britain is characterised as a “national campaign by entrepreneurs for entrepreneurs” and provides free events and advice for budding businesses. They also work with the government in order to create better initiatives and funding options for startups, which aims to give small businesses the opportunity to have their say.

99u is online portfolio company, Behance’s effort to “make ideas happen”. The site offers a selection of articles, videos and advice on innovation and creative thinking. If you’re feeling a little depleted and you need some business motivation, 99u is a great place to start.

2. HR advice for small business

ACAS provides information, advice, training and other services for employers and employees relating to employment and HR issues. As well as advice and training, ACAS also offers online modules to help you achieve the ‘model workplace’ and get to grips with employment law.

Early conciliation is a particularly useful section of the ACAS site if you find yourself in a workplace dispute. The free service offers the opportunity to resolve issues without having to go to an employment tribunal.

HR Zone has a decent mix of informative blog posts, white papers and employment law features. They also have a library and online resource centre, which offers a 14 day free trial for all new members. It is free to join and you will be alerted of all up-and-coming events near your area.

Human Resource Solutions support small businesses who may not have the capital or need to hire HR professionals. The website offers professionally written free resources, as well as downloadable HR policies and procedures templates.

3. Accounting advice

J4b provides funding and grant information to startups and small businesses. The site also offers advice and guidance on relevant awards and tax relief and is easier to navigate than HMRC.

HMRC is the almighty ruler of all British tax issues and has all of the financial information required to set up your business and manage your finances. It is not the easiest website to navigate so here are some of the most useful areas for you:

  • Starting a business Help and support for new businesses, including what you need to register to get set up, limited company, VAT, PAYE for employers, record keeping ect.
  • Corporation tax Information on how to register, calculate and manage your corporation tax.
  • Import and export Tax laws on international trade, import control system and how to apply.

The new HMRC section on the gov.uk website is much more user friendly.

4. Business mentoring services

Horsesmouth describes itself as “the social network for informal mentoring” and offers the opportunity to sign up to have or be a mentor. They have a specific section on starting a business where you can search for mentors on a variety of subjects including, interviewing, managing people, business plan and investment.

Mentorsme is designed to help you find a business mentor as quickly and easily as possible. You can also find a range of useful resources on their website, including accounting a business advice, better financial control and how to complete a lending request.





Tags : , , , , , , , ,

Where to Find Small-Business Funding #stocks

#small business funding

#

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Where to Find Small-Business Funding

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 .

So you’ve had an entrepreneurial breakthrough. Your research shows your idea is sound, and you’ve detailed all its nuances in a comprehensive business plan. You know how to spread the word about your new venture and how you’ll plan for future growth.

Now, how are you going to fund it?

Traditional small-business funding took a hit during the financial crisis, with banks opting for bigger, more secure investments over small-business ventures. Data from the Federal Deposit Insurance Corp. show small-business lending hasn t returned to pre-recession levels; loans of $100,000 to $250,000 have fallen 22% since 2007.

But it s still possible to get the capital you need to launch, maintain or grow your business. And once you identify small-business funding that s right for you, there are steps you can take to increase your chances of getting a business loan .

5 ways to fund your small business

1. If you have an established business, collateral, strong credit and finances:

Banks. Traditional banks are still a great starting point and can help you figure out where you stand in terms of funding. Even if your business doesn t have a strong enough track record and enough assets as collateral to qualify for a loan, talking to someone at a traditional bank can help you figure out what documents you need and what your best options may be.

2. If your business falls just outside of a traditional bank’s strict lending criteria:

SBA. The U.S. Small Business Administration offers lenders, almost exclusively banks, a federal guarantee on your loan, making it less risky for them to lend you the funds you need to be successful. In doing so, the SBA also connects you with favorable rates offered by traditional lenders. And unlike most bank loans, you can use an SBA loan to start a business. However, the application process isn t easy, and you can find yourself trapped under a heap of documents while you work through the appropriate forms. Online lender SmartBiz provides a more streamlined application process, originating SBA loans faster than traditional banks.

3. If you have bad personal credit, need cash fast or don’t want to wait for a bank loan:

Online alternative lenders. With traditional banks limiting access to capital, alternative lenders have seen an increase in popularity. A report by Morgan Stanley predicts they’ll provide 16% of small-business loans by 2020. They are particularly useful for owners struggling with bad credit or those in need of fast cash. with several online lenders able to turn around funding within 24 hours. Peer-to-peer lenders are among the alternatives; these lenders cut out the traditional middleman — such as a bank — to connect borrowers with individual and institutional investors. The cost of borrowing, however, is much higher; some charge annual percentage rates over 100%. Still, alternative lenders are a good option when the bank says no.

4. If you think your product can capture the interest of the public:

Crowdfunding. Crowdfunding sites such as Kickstarter rely on investors to help get an idea or business off the ground, often rewarding them with perks or equity in exchange for cash. Although the popularity of these services has increased in recent years (the SBA even offers an online course in crowdfunding), there are caveats. For one, your product or company has to be intriguing enough catch the eye of multiple investors. With equity crowdfunding, there are strict securities laws and rules to follow for investors and entrepreneurs alike.

5. If you have an existing membership and like a personal touch:

Credit unions. Like banks, credit unions offer favorable rates and loans backed by the SBA. But unlike banks, credit unions have increased their small-business lending 60% since 2008, according to the National Association of Federal Credit Unions. Though you’ll likely have to be a member, the co-op nature of credit unions often ties them to the community, so you may also reap the benefits of more personal relationships and name recognition.

Find and compare small-business loans

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

To get more information about funding options and compare them for your small business, visit NerdWallet ssmall-business loanspage. For free, personalized answers to questions about financing your business, visit theSmall Businesssection of NerdWallet’s Ask an Advisor page.

This post has been updated. It was originally published Oct. 29, 2014.

Image via iStock.

You may also like





Tags : , , , ,

Bad Credit? Where to Find Business Loans #business #images

#bad credit business loans

#

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Bad Credit? Where to Find 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 .

Bad credit is a red flag for lenders. It indicates you’ve either mismanaged your personal finances or fallen on hard times. Either way, lenders see you as higher risk — more likely to miss payments or default on a loan than a borrower with good credit.

Bad credit (defined by FICO as a score of 300 to 629) is one reason loan applications are rejected; the approval rate of business loans from big banks was just 23.3% as of June 2016, according to Biz2Credit. But alternative lenders provide options. They emphasize the strength and operating history of your business rather than your credit. Be sure to carefully compare all of your choices, weighing terms and annual percentage rate.

Here are some options:

Note: If you’re a startup less than a year old, it’ll be tough to find a loan, no matter your credit. Here are financing ideas to help you launch your company.

If your personal credit score is under 500

With a score below 500, your best bet is likely a lender with no minimum credit score. Many lenders require a minimum score to qualify, but Fundbox and Kabbage don’t. Both are good, although pricey, choices for bad-credit borrowers who need short-term working capital up to $100,000. Fundbox, however, is only for businesses with unpaid customer invoices. There’s no minimum revenue with Fundbox and no credit check. For Kabbage’s line of credit, you need least $50,000 in annual revenue and one year in business.

If your personal credit score is 500 or higher

With a personal credit score of at least 500 or 530, you could qualify for OnDeck or BlueVine. OnDeck is for businesses that have at least $100,000 in annual revenue and is better if you need cash for an expansion (such as purchasing equipment or making renovations). The lender reports payment activity to the three credit bureaus, so paying off your loan on time will help build your credit score. If your score is at least 530 and your business has unpaid customer invoices, consider BlueVine invoice factoring.

Good option for:

• Fast cash
• Inventory
• Expansion

• Fast cash
• Working capital
• Businesses with unpaid invoices

500+ credit score
• $100,000+ revenue
• No personal bankruptcies in past 2 years

530+ credit score
• Must have unpaid customer invoices
• $120,000+ annual revenue
• 3+ months in business

If your personal credit score is 600 or higher

Because your score is at least 600, you can turn to Dealstruck or StreetShares for financing. For larger amounts of funding and lower borrowing costs, consider Dealstruck, as it has term loans and lines of credit up to $500,000 with APRs from 10% to 28%. However, you’ll also need strong minimum annual revenue of $150,000 to qualify. If you have $25,000 or more in revenue, StreetShares is an option. Its loans max out at $100,000 with 9% to 40% APR.

Good option for:

• Expansion, inventory purchases
• Businesses with unpaid invoices

• Young businesses
• Veterans

600+ credit score
• $150,000+ annual revenue
• 1+ year in business

600+ credit score
• $25,000+ annual revenue
• 1+ year in business, unless you already have $100,000 revenue (drops to six months)





Tags : , , , , , ,

Where are They Now? Patrick Donnelly in Cincinnati Business Courier Forty Under 40 Retrospective #business #calendars

#cincinnati business courier

#

Where are They Now? Patrick Donnelly in Cincinnati Business Courier Forty Under 40 Retrospective

June 20th 2016 at 3:13PM

Twenty years ago, Patrick Donnelly, then associate principal and director of client services at BHDP, was recognized in the Forty Under 40 class of 1996 from the Cincinnati Business Courier. In a rare retrospective of all winners from this highly motivated class, the Business Courier reports on the current standings of each nominee.

Today, Patrick Donnelly continues his work at BHDP, now as an owner and client leader.

As the article reports:

A lot has changed since 1996. The Forty Under 40 awards were only in their second year and the Business Courier received 120 nominations. (This year, we received 426 nominations.) However, the focus was the same: We were seeking up-and-coming business leaders making a difference in the community.

The emphasis is on leadership and potential leadership – whether it is in business, finance, politics, nonprofits, education or public service. Focus is also placed on the nominee’s community involvement. Most of our honorees have made good on the early promise they showed. Among them we count 14 company presidents, nine sitting CEOs, three business owners, two law partners and one judge.

2016 BHDP Architecture. All rights reserved.





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