America’s SBDC Blog

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5 Reasons You Might Be Rejected for Financing

November 16, 2021
By: Matthew Gillman – 

BankMany small business owners have experienced, or are continuing to experience, the harsh impact of the COVID-19 pandemic. In navigating through this tough time, many company owners have sought to apply for financing to keep their doors open.

That said, small business owners are not always seen as the most desirable loan candidates in the eyes of lenders. In fact, the latest Small Business Credit Survey published by the Federal Reserve Banks revealed that the approval rates for small business loans, credit lines, and merchant cash advances all declined after the onset of the pandemic. (more…)

Is There Really Good Debt and Bad Debt?

November 9, 2021
By Mobilization Funding – 

MoneyYou know the old saying, “You have to spend money to make money.” Growth takes capital, and for a lot of small businesses, that extra cash is going to come in some form of debt.

If the very thought of taking out a loan to finance growth makes you shudder, you’re not alone. A lot of small business owners avoid debt like the plague, and when they do seek financing, it is usually in dire circumstances.

Which is actually part of the problem. If your only experience with debt is emergencies, chances are your perspective on debt is negative. (more…)

Five Ways to Support Veteran-Owned Small Businesses

November 2, 2021
By: Sharita Humphrey

99.9% of veteran-owned businesses are small businessesBusinesses have been struggling as a result of the pandemic and the negative shift of the economy. Most small businesses have had to reframe their operations in these difficult times. And small businesses owned by veterans are no exception.

This week is National Veterans Small Business Week. Don’t you think it’s time to pay back the heroism of our beloved veterans? So what can you do to support these veteran-owned businesses? If this question is near to your heart, here are five ways you can help those who have done so much for us.

1. Purchase Products from Veteran-Owned Establishments

This is simple. Patronizing their businesses is a clear-cut way to extend your support to veteran-owned businesses. Your purchases help boost revenues. You don’t have to spend a lot. Just buy the things you need. What matters is supporting veteran-owned businesses through your purchases. (more…)

8 Reasons to Consider Collaborating with Another Small Business

October 26, 2021
By Sharita Humphrey – 

Yes, the business world can be very competitive and harsh. But it doesn’t have to stop you from thriving. While competition is unavoidable, there are also endless opportunities to collaborate with other businesses in order to diversify your audience, reach new customers, and improve your products or services.

First things first: What does it mean to collaborate with another small business?

Collaboration is a great tool for businesses, regardless of their industry or size. Typically, it refers to organizations working together to solve problems and achieve goals that seem to be out of reach when working alone.

By combining the expertise, perspectives and skills of different people and organizations, all parties involved are better able to innovate and grow. (more…)

5 Books Every Business Owner Should Read

October 19, 2021
By Sharita Humphrey –

As a business owner, you have to be a lot of things. You need to be innovative, confident, goal-oriented, passionate, and persistent – to name a few. What you should NEVER be? Stagnant.

Society is ever-evolving and the business world is constantly changing too. As a business owner, you have to be able to keep up with changing times. Remaining stagnant in this constantly evolving world can be detrimental to your success.

So, how do you ensure that you’re able to keep up with all these changes? Well, one way to do so is by educating yourself. Read the latest business news. Keep up with market trends. Do your research. And last, but certainly not least, read books. (more…)