To qualify for SBA 8(a) certification, your business must be owned and operated by socially and economically disadvantaged individuals. This usually means the business is minority-owned and that the owner doesn’t have many assets. Your company must also sell something that the federal government purchases.
BNPL lets customers pay for a purchase over six weeks, in a total of four two-week installments. This payment option can encourage consumers to take on large purchases they might not otherwise be able to afford.
If you like the convenience of Lendio’s business loans marketplace but can’t wait for an SBA loan or don’t qualify for one, you might consider applying for a faster or easier-to-qualify loan through Lendio, such as a short-term loan or business line of credit. To learn more about Lendio loans, including Lendio SBA loans and other loan types, read our in-depth Lendio review.
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A factoring company is a company that buys a business’s unpaid invoices at a discount, then collects the money owed directly from the business’s customers. Businesses use factoring companies to get immediate cash flow, rather than waiting for an invoice to get paid on its regular 30-90 day payment schedule.
The question of whether or not to use Lendio boils down to whether you want to directly apply to a lender instead of using its matchmaking features. While this may be a more time-consuming process, it does allow you more direct control over the process. While Lendio doesn’t charge applicants any additional fees, it does charge the lenders a fee that may or may not be passed on to you, so you can potentially save a little money by avoiding the middle man.
With relatively low barriers to entry, BlueVine can be a convenient way for businesses to quickly obtain a line of credit of up to $250,000.
When it comes to BlueVine VS Kabbage, the two lenders offer similar lines of credit products. BlueVine is easier to qualify for and has higher borrowing limits, while Kabbage boasts stronger customer service. Both offer neobanking services as well.
Explore SBA loans for law firms, startup grants, and other funding options available now, and find out how you can leverage this working capital to better serve your clients.
The good news for those who received PPP and EIDL loans is that in most cases, your tax liability won’t be impacted — at least on the federal level. You also won’t need a ton of additional paperwork to take to your accountant, either. Keep reading to learn more about how SBA loans will affect your tax return, and how you can be prepared this tax season.
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