In order to get the full eight months’ worth of forgiveness of principal and interest payments for these loans, your business will need to be in one of the industries identified by the SBA as particularly impacted by the coronavirus pandemic, such as food service, accommodation, education, arts & entertainment, and personal care services.
As far as formal requirements go, there is no credit score requirement you must meet in order to qualify for a PPP loan. This is despite the fact that the PPP program technically falls under the SBA’s 7(a) loan program, which does feature an acceptable credit requirement. However, this formal requirement has been suspended when it comes to Paycheck Protection Program loans.
Short-term business loans can be just the thing to see your business through unforeseen challenges or to help you take advantage of time-sensitive opportunities. If you can pay back your loan in a timely manner, you’ll have overcome your temporary hurdle, dodged the debt trap, and positioned your business for future success.
Lenders want borrowers to pay as much interest as possible, which is why some loans discourage and penalize early payment through the use of prepayment penalties. However, using the strategies outlined in this article, you may be able to make prepayments on your business loan while avoiding or minimizing any penalties, even if your loan does include a prepayment penalty.
If you’re an aspiring entrepreneur with a passion for fitness and healthy living, you may have thought about getting into the fitness industry. We fill you in on the best gym franchises around — the parts of the world they serve, the amount of initial investment required to buy into them, and any unique benefits they may provide to franchisees and/or customers.
Your original business plan may not have called for seeking a same-day business loan from an alternative lender, but, as you know, things happen. You may not have planned for certain challenges, but when the unexpected happens, it’s possible to get a quick business loan — perhaps even a same-day business loan. Read on for a look at the most reputable same-day lenders.
You will need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. To do this, you’ll need to submit one of the three available forgiveness application forms, depending on your circumstances: SBA Form 3508, SBA Form 3508S, or SBA Form 3508EZ.
The export market is a difficult one to jump into. Businesses looking to launch or expand exporting initiatives often find that banks are reluctant to lend to them on account of the risk involved. Thankfully, the SBA offers three loan programs to help fill this funding gap.
It can be hard to obtain a loan for a CBD business. You’ve likely already discovered this if you have a CBD business, and you’ve tried to secure funding for it. Regardless of the headaches involved, it is possible for you to get a loan for your CBD business. Here, we discuss the types of loans best suited for CBD businesses.
Two of the names that often come up in the crowdfunding conversation are Indiegogo and GoFundMe. In this article, we’re going to examine these two crowdfunding platforms and compare their suitability for business fundraising.
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