by Kelly Deis of SoundPoint Consulting
So, you have a great idea for a start-up or you want to expand your current business. You have the perfect business plan and are confident that both revenue growth and profitability are sure-fire.
Problem is, you don’t have the capital to fund the start-up or expansion. If that is the case, here are a few ways to fund your business. Which one is right for you? Continue reading
By Caron_Beesley, SBA Contributor
Are you a teenager or in your early 20s? Do you have a great business idea? Perhaps you’re already making headway towards starting your own business.
But how do you get others to believe in you and your business idea?
Here are eight surefire ways that you can be taken seriously as a young entrepreneur: Continue reading
Small Business Administration loan programs might be the answer.
Starting a small business takes time, hard work, and money. Depending on your type of business and your present financial situation, you may find you need to reach to outside sources for funding.
One resource you can turn to for assistance in obtaining a loan to start or grow your business is the United States Small Business Administration (SBA). While the SBA does not directly lend money to small businesses, it can facilitate loans with third party lenders. Various banks, credit unions, community development organizations, and microlending institutions throughout the U.S. partner with the SBA to provide funding to small businesses without access to other financing options with reasonable terms.
SBA sets specific guidelines for loans, which are made by its partners, and it guarantees that they’ll be repaid by the borrowers. This benefits small business owners by giving them access to much-needed funding, and it eliminates some of the risk to the lending partners.
To qualify for an SBA loan, your business must meet certain criteria regarding business size, financial standing, and others. You must also meet the credit qualifications of the lender. Continue reading
by Gerri Detweiler
Carolyn Walters’ small business clients know they can ask her more than just tax questions. While “tax is the heart and soul of what I do,” she says as the owner of Financial Solutions Accounting and Tax in Greensboro, NC, she has expanded her business to offer a variety of different services.
“The challenges that small businesses have usually end up in my lap one way or another,” she says with a chuckle.
Walters wants to be the first resource her small business clients turn to when they have questions about small business financing and credit. “Quite a few of my clients are looking at ways to expand and grow their businesses, and that takes money,” she says.
Some of them have the funds they need to grow, but others will need to borrow. And even those who don’t have to borrow may find it advantageous to do so. “If you can get credit at low rates and still maintain the integrity of the business goals you are trying to accomplish, it may make sense,” Walters says. Continue reading
In this podcast, SCORE mentors talk with Ty Kiisel of OnDeck about personal vs. business credit and how to obtain business loans.