Category Archives: Loans

Here’s how to fund your business.

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

Ask SCORE | Need funding for your small business?

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

The Secret Weapon That Can Help You Get a Better Business Loan

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

These templates will help you make financial projections.

These spreadsheets do a lot of the work for you.

SBA Loans Explained

By Caron Beesley, Contributor

It’s been a stellar year for SBA lending, which is good news for small businesses.

In FY 2014, the SBA’s flagship loan program, the 7(a) Loan Programachieved another lending record. By the end of the fiscal year (Sept. 30), SBA had approved 52,044 7(a) loans for nearly $20 billion, an increase of 12 percent in the number of loans and 7.4 percent in dollar amount over the previous year.

If you have struggled to get financing in the past or are thinking of venturing into small business loan territory for the first time, you may be wondering what SBA’s loan programs are all about.

By way of introduction to SBA’s loan programs – what they are, who can benefit, and how to apply – here’s a brief explanation.  Continue reading

5 overlooked options for financing your small business.

Need financing to start or grow your business? If you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge. Many start-ups and new small businesses often find they may not qualify for a traditional small business bank loan. Without a proven track record of 3-5 years under your belt and/or established business credit, many banks simply won’t take the risk. But before you risk your life savings or re-mortgage your home, you should know about some possible alternatives.  Continue reading