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Business Loans for Small Business – Soft Pull and Fast Funding

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Business Loans for Small Business

Is your business in need of a loan or line of credit?

In today’s post we’ll discuss business loans for small business owners and how to apply. First, let’s discuss how a business loan or line of credit can benefit your company.

You can use a loan or line of credit for many costs, such as buying new equipment or expanding your business. Two major industries are construction and trucking. Other popular industries are Manufacturing, Healthcare, Restaurants, Retail, Auto Repair, etc. business loan for small business

For construction funds usage, funds can be used for inventory, material cost for new jobs, labor/ employee cost for taking on more jobs, Delayed AR (payouts from old jobs), etc.

In the trucking and transportation industry, funds are generally used for new equipment, fixing current equipment, fuel/lodging expenses and working capital / cash flow.

Business Term Loans Overview

  • $10k – $2 Million
  • Up to 5-year terms
  • No prepayment penalties
  • Avg gross monthly rev $25k+
  • FICO® Score 600+ (soft pull)
  • 2 Years+ Time in Business

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Factoring and Fuel Cards for Trucking: What You Need to Know

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Factoring and Fuel Cards for Trucking

For truckers, collecting payments and record keeping can be the most difficult parts of the job. Waiting 40-90 days for funds to reach your bank account only makes it that much harder.

To address these challenges, freight factoring is an alternative solution to help keep money flowing more consistently. Plus, it also helps you get paid much faster. After completing a haul, a factoring company will process your pay really fast, for a small fee. Then they do the work to collect the unpaid invoice balance from your broker.

How Does Factoring Work?

First, you sell your load invoice to a company specializing in collecting and processing. You get paid fast, nearly your entire earnings. Next, the factoring company deducts a small % (fee for service) and now the invoice is off your hands. Finally, the factoring company processes the invoice and collects from the brokerage.

Why Use Factoring?

There are many benefits you receive by working with a freight factoring company. Let’s review the benefits:

    1. Improve cash flow – one of the main reasons small businesses fail is due to poor cash flow. Freight factoring provides expedited pay in as little as 24 hrs.
    2. Get paid faster – No longer wait 40-90 days to get paid
    3. Speed up invoicing – you can leave the invoicing to the freight factoring company, saving you time and money
    4. Haul more loads – with consistent cash flow, you can pay bills quicker and focus on hauling more high-paying loads
    5. Spend more time growing your business – Freight factoring enables you to predict your income reliably. More time to focus on expansion rather than administrative burdens
    6. Reduce administrative burden – with less focus on invoicing, follow up calls and chasing payments, you save a great deal of time

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How to Get Funding for Your Startup Fast

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How to Get Funding for Your Startup Fast

Are you in the early stages of launching your business and in need of funding?

It can be overwhelming when it comes to deciding how to begin or where to apply. In today’s post, we’ll unpack several ways for you to get funding for your business. The following guide will provide a helpful roadmap for deciding which option(s) may be best.

What is a startup?

When it comes to the funding options listed in this article, it’s important we define what a startup is. First, you already have a legal structure such as a sole proprietorship, corporation, limited liability company, etc. how to get funding for your startup fast

Second, you’re in the initial stages of business, less than two years old. Now, in some cases, you may have an older entity that’s been dormant for several years. If that’s the case, some of the funding options we list may also work for you. Finally, as a startup by our definition; your business has little to no revenue coming in.

Now that we have established our definition of a startup, the next step is to assess your funding ability.

Step 1: What are your FICO®Scores?

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Best Business Credit Cards for Real Estate Investors

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Best Business Credit Cards for Real Estate Investors

What are the best business credit cards for real estate investors?

In today’s post we’ll unpack how business credit cards can help you operate your real estate business more efficiently and effectively.

One powerful way to use business credit cards as a real estate investor is to earn cash back or points on your everyday purchases. You can rack up serious points if you also use it to purchase materials, appliances and fixtures for rehab projects.

The money you save can increase your working capital while providing more value to your bottom line.

Why use business credit cards offer for real estate investing?

First and foremost, with a business credit card you can easily separate personal and business expenses. This makes it easy during tax time since all your real estate related purchases will be on your business credit card. best business credit cards for real estate investors

Secondly, you can separate personal and business credit history with certain types of business credit cards. Ideally, you want to acquire business credit cards that solely report payment activity to the business credit bureaus. This protects your personal credit since your company’s revolving debt does not report to your personal credit reports.

Additionally, many card issuers offer 0% financing for 6-18 months on purchases. This interest free money can be a real powerful tool if used properly. For example, let’s say you have a rehab with $20k in renovation costs that you put on your business credit card with 0% APR for 6 months. You complete the renovation and sell the property at a handsome profit in six months’ time. In this example, you used $20k in credit with no interest to renovate the property.

Another benefit from acquiring multiple business credit cards for real estate investing is in establishing multiple banking relationships. Each relationship you establish with a bank card issuer may lead to other benefits such as future credit limit increases, targeted business credit offers, and other funding opportunities.

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Best Secured Business Credit Cards – Build Business Credit Easily

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Best Secured Business Credit Cards

How can you get a business credit card if you have less than perfect credit? If your goal is to strengthen or build business credit, this post is for you.

You’ve probably heard a secured credit card can be a good option to build or rebuild your personal credit. But what about businesses?

As a business owner, you need a different approach: a secured business credit card that builds your business credit.

What Is a Secured Business Credit Card?

A secured business credit card requires a refundable deposit before a card account can be opened. With the majority of secured business credit cards, the amount you deposit becomes the credit limit of the card. best secured business credit cards

You will also need to link your business bank account to the card account in order to load the security deposit to your card and make future credit card payments.

Keep in mind with a secured business credit card, you can make purchases just like a regular credit card. With this card, your payment history is reported to business credit reporting agencies such as Dun & Bradstreet, Experian Commercial and Equifax Small Business to name a few.

The main benefit to secured business credit cards is the ease of approval. You don’t need good credit to qualify. Secured business credit cards are designed for business owners who have less than perfect credit or little to no credit history.

Let’s face it, credit cards are an essential tool needed for day-to-day business activities. If you’re paying for supplies, booking a hotel, purchasing airline tickets for business travel, or simply taking a client out to lunch; a business credit card is a must.

Putting a small deposit down for a business credit card is a smart decision. It helps you build business credit, keeps personal and business expenses separate, and may potentially lead you to acquiring an unsecured business credit card.

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