Blog Posts | Page 79

Working capital is one of the keys to running a smooth business operation. Often, it’s possible to maintain a consistent cash flow just by making smart tweaks to your business model and keeping an eye on your assets and liabilities, but there are times when you may need assistance raising working capital.

In this post, we’ll pit Square against Clover, letting you know where each product excels and giving you our overall recommendation.

Getting swift approval for a merchant account is uncommon, particularly for high-risk merchants. Accordingly, there are a number of merchant services providers promising high-risk merchant account instant approvals. In this post, we’ll explain what “instant approval” really means and why it’s a bad idea, no matter how desperate you are to get a merchant account.

If you have questions about completing your loan application, you can always ask your SBA-approved lender. If you haven’t yet found a lender to work with, SCORE is a great resource. This nonprofit organization provides resources and services including free business mentors that can help you through every step of the process.

The Small Business Administration provides invaluable resources to small business owners, from educational materials to low-interest loan programs. One of those programs is CAPLines, which provides qualified business owners with a flexible line of credit up to $5 million. 

The SBA has several options for small business owners in need of a business loan for real estate. Of the six types of SBA loans, 7(a) loans and 504 loans are the two most viable options for real estate purchases.

The SBA launched the SBA Community Advantage loan program to help businesses in underserved areas receive low-interest financing with reasonable terms. Business owners that can’t receive financing through traditional loan programs can take advantage of competitive rates and terms through this SBA pilot program.

Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol’ general store and the owner would know you, your character, and whether or not putting your items on “charge” (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.

The process of obtaining an SBA loan is daunting for any business. As a startup or new business, the process can be even more complicated. However, with a solid business plan in place and a good credit score, it’s possible to obtain the funding you need with SBA loans for startups to put your new business on the path to success.

Getting an SBA 504 loan can be a lengthy and difficult process. Borrowers must find a CDC and private lender willing to fund their loans, as well as meet the requirements of the SBA and lenders. This includes having enough revenue to repay the loan, a solid credit score, and an eligible project to be funded.