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How Do I Get a New Business Loan? What it Really Takes

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New Business Loan

Are you looking for a new business loan?

If you’re an existing business, looking to acquire an existing business, or buy a franchise; a business term loan may make the most sense to meet your needs. If you’re a stand-alone startup looking for funding you may want to consider a personal loan for business rather than a traditional business loan. new business loan

The fact is it’s extremely difficult to get a business loan from a lender as a stand-alone startup because it presents the most risk for a lender.  Whereas an existing business has an established track record and a franchise has an existing infrastructure and support of a large corporation.

In today’s blog post we are going to go over what it really takes to get a business term loan, who it’s ideal for, what are the requirements, and how to apply. With a business term loan, you get a lump sum loan that is paid back with regular monthly payments at a fixed interest rate over a set period of time. Repayment terms can range from 2 to 25 years depending on the lender. This ultimately gives you more time to repay and have lower monthly payments.

It’s important to realize if you’re applying for a new business loan, you can expect a longer application process (typically 8-12 weeks). You will also be required to furnish many more documents which we’ll cover shortly.
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My Business Credit Report is Nonexistent. 5 Ways to Build It

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My Business Credit Report

Is a business credit report for your company nonexistent?

If you plan to apply for a business loan, buy equipment, open a credit line with a supplier – just about anything that requires borrowing money – having a business credit report established is crucial. my business credit report

With an established business credit report; banks, lenders, suppliers, retailers, etc. will be able to assess the creditworthiness of your company. Look at it as a report card for how your business handles its financial obligations.

Your business credit report will be used for setting terms on credit, loans, lease payments and insurance premiums to name a few. For example, if you apply for an SBA loan, you are required to have a minimum FICO® SBSS score of 140 (out of 300), which is calculated based on both personal and business credit report information.

Now I’m sure you’ll agree how important it is to have a business credit report for your company but what can you do if you have nothing listed? What steps can you take to establish a business credit report for your startup or existing business?
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How to Get Maximum Funding for a Small Business

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Funding for a Small Business

Funding for a small business is one of the first and most important decisions a business owner is going to make. How you decide to fund your business could impact how you operate, grow and expand your business. funding for a small business

In this post, we are going to get real with you on how to get the most funding for your business in the shortest period of time. What you’ll learn after reading this post will open your eyes to what is actually possible when you put the right funding strategy to work.

After dealing with 100s of funding files on a monthly basis for many years we have quite a bit of insight into how to get maximum funding for a small business. Now before we get into our funding strategy it’s important to start with the obvious.

How much funding do you need?

Whether you are startup or existing business, it’s most important that you do your numbers and determine how much funding you need to launch, expand or invest in your business. Find out what your return on investment (ROI) will be by putting the newly acquired money to work.

Your ROI deals with the funding you receive and invest in your company and the return you realize on that money.  Be sure to factor in your costs and provide a cushion for unforeseen expenses.

Once you complete your forecast, it’s much easier to determine the amount of funding you need and how you’ll put that money to work. In a nutshell, whatever funding goal you aim for must make the best financial sense for your company’s future.
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Big News About Your Experian Company Credit Report

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Experian Company Credit Report

At Experian®’s yearly Vision Conference held in May 20-23, 2018 they announced it has become a certified vendor of the Small Business Financial Exchange, Inc. (SBFE)

This is major news that will impact your Experian Company Credit Report because they will now combine SBFE’s commercial data with Experian’s commercial data.

According to Experian® it anticipates the combined data sets will result in new product launches over the next 24 months. experian company credit report

As you know Experian Commercial is one of the major business credit reporting agencies that maintains credit information on approximately 25 million active U.S. businesses.

So how does this news impact your Experian company credit report?

If your company has business credit and payment data in SBFE’s Data Warehouse it will now be combined into your Experian’s Company Credit Report. This is big news and may result in added payment experiences to your Experian company credit report that may have not been previously reporting.
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5 Reasons You Should Balance Transfer to Business Credit Cards

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Balance Transfer to Business Credit Cards

Do you have personal credit card debt acquired from business related expenses?

Do you have business debts reporting on your personal credit? balance transfer to business credit cards

If you’ve been using personal credit cards for business expenses, you should balance transfer any outstanding debt to a new business credit card account.  Most importantly, the new business credit card account should only report to the business credit reporting agencies.

We’ll discuss how to get business credit reporting cards later on in this post.

When you transfer the balance from a personal credit card to a business credit card that reports only to the business credit reporting agencies it comes with many benefits. The process itself is easy, but you must make sure the new business credit card is only a business reporting card.

In today’s post we’ll cover 5 major benefits when you do a balance transfer to business credit cards.
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