By FranNet –
The recently signed second stimulus package includes several provisions that should make it easier than ever for qualified buyers to access capital through the Small Business Administration (SBA) for starting a new business. We spoke with our friends at Benetrends Financial regarding the details of the new package and the impact it will have on entrepreneurs considering owning a business.
Eric Schechterman, Chief Development Officer at Benetrends Financial, said, “While the lending environment continues to rebound and lenders continue to adapt what they are looking for from borrowers these provisions should have a huge impact in 2021.” (more…)
Serving more than half a million small businesses and aspiring entrepreneurs in Fiscal Year 2020, America’s Small Business Development Centers (SBDCs) rose to the occasion during a time of unprecedented challenges.
From the beginning of the coronavirus pandemic, America’s SBDCs were on the job. Providing free, one-to-one business consulting and free or at-cost business training, SBDC consultants, trainers and staff helped America’s small businesses — and the communities they serve — adapt and survive.
As one SBDC client described it, “I was trying to keep it together but panicking! Then a friend recommended I talk with the Alabama SBDC. I talked to my advisor an hour and a half the first time I called her. She was also a small business owner and knew what a state of mind I was in. She has ended up advising me on every step and has even kept me ahead of the game, giving me information as she learns it.” — small business owner and chef Yanni Tempelis, who worked with her local SBDC to secure PPP funds and help save her business.
From helping small businesses address the Covid-19 crisis to serving America’s veterans, women-owned businesses, underserved communities and young entrepreneurs, to promoting technology development, exports and rural development, America’s SBDCs show why they are America’s largest and most trusted network of small business assistance providers. (more…)
By Susan Guillory –
As a business owner, one of the many important things you need to consider is business insurance. While there are several types of insurance coverage you might benefit from, one to certainly consider, if you own business property, is commercial property insurance.
What is Commercial Property Insurance?
Just like you might have homeowner’s insurance or coverage for personal assets, you can get commercial property insurance to protect any business property you own from things like theft, fire, vandalism, and storms.
What is Covered Under Commercial Property Insurance?
The first thing that comes to mind when you think of business property is probably the real estate you own or lease for your business. That certainly can be covered by a commercial property policy, but coverage can also include: (more…)
By Ty Kiisel –
Small business owners looking for a loan need to understand the way their creditworthiness is evaluated to put their best foot forward — understanding the 5 C’s of Credit can help. As a general rule, there are three questions for which lenders need the answers:
1. Can you repay a loan?
2. Will you repay a loan?
3. What will you do if something unexpected happens?
Lenders might not ask them this way, but today I’d like to share with you the 5 metrics many lenders use to judge your answers.
Generally speaking, lenders are pretty risk averse (although some have a higher risk tolerance than others). I remember an economics class I attended many years ago where the instructor made it a point to make sure we understood the test questions, and the answers, before a big test. Our grade depended on how well we answered the questions, not simply if we got the answers right. He wanted us to be prepared and learn.
It might be a stretch to compare my economics class with applying for a small business loan, but understanding what the banker (or any other lender) is looking for, and judging your loan application against, might make it easier to answer the questions well and get your loan application approved. (more…)