Blog Posts | Page 13

When it comes to loans, every business has unique needs. What works for one business might not work for your own. Before even seeking out a lender, determine if your business can afford a loan and if the loan will truly help your business grow. Then, carefully weigh out the pros and cons of business loans versus personal loans to find the best match for your specific circumstances

Different banks offer different account types, services, and levels of national coverage. Before you start your search, you need to determine what your banking needs are and the banking services and features you’ll require to meet those needs.

Small Business Administration (SBA) loans are popular with business owners due to their competitive rates and favorable terms. However, these low-interest loans are only available to businesses that meet stringent requirements. Unfortunately, this means that some small businesses will have their SBA loans denied and will need to seek alternative options or apply again in the future.

If a business loan still seems like a solid financial option for your business, you can move into calculating your monthly business loan payment. This will further help you decide if getting a loan will help boost the growth of your business.

Opening a business bank account for your LLC can be done quickly and easily. You can even apply online. What you need to open a business bank account will depend on how your business is structured and what the bank you choose requires. Expect to provide government-issued identification, an EIN or Social Security number, your business license, and your incorporation documents.

A business bank account doesn’t have to cost you anything. You can find online accounts for your business that have $0 minimum deposits, $0 monthly fees, and $0 minimum balance requirements.

Square POS and Square for Restaurants are great options to use in bars or nightclubs. They have hardware for mobile payments and each have a free plan with a strong feature set

Business property insurance usually covers some but not all natural disasters. Certain types of natural disasters are almost always excluded from standard policies, including hurricanes, floods, earthquakes, and volcanic eruptions. If you live in an area that’s vulnerable to those types of disasters, speak with your insurance provider to learn your options.

FDIC insurance is a government-run insurance program. The Federal Deposit Insurance Corporation protects deposits made with regulated institutions such as banks. In the unlikely event that your bank goes out of business, the government will step in and make sure that none of the bank’s customers lose their money.

While commercial mortgages have lower interest rates relative to other types of business loans, they are generally more expensive than comparable residential mortgages. This reflects the higher risk inherent in commercial development.