Blog Posts | Page 20

Johnson’s independent children’s bookstore is seriously thriving, and now, thanks to a $10,000 opportunity grant from Merchant Maverick, she can continue following her small business dreams and building her bookstore.

While small business health insurance is an additional expense for your business, the benefits for both you and your employees are likely worth the cost. Potential tax benefits for your business and happier and more productive employees make adding health insurance as a benefit a win-win for your small business.

BINs work by identifying the type of card being used to make a purchase, the location of the card issuer, and which bank issued the card. Financial institutions can then compare this information to their cardholder data to more easily identify fraudulent charges.

Small business owners that navigate the complex and lengthy Small Business Administration loan process are rewarded with low-cost, long-term business funding. Now that the hard part is over, it’s not uncommon to have questions about what comes next, like repaying your loan.

Understanding business loan interest rates is an essential step for any borrower. Knowing about interest rates helps you better understand the cost of borrowing, is critical for comparing loan offers, and helps you secure the funding you need for any financial situation.

A business loan proposal is your opportunity to explain to a potential lender why they should take on the risk of lending to you. It’s a persuasive essay to convince the bank you are a viable business that will not default — you will paint that picture both with a narrative about your business and your profit/loss metrics.

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.