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How Important is Personal Credit When Looking for Business Financing?

August 9, 2022

By: Matthew Gillman, SMB Compass Founder

You’ve probably heard time and time again that lenders will look at your personal credit profile before approving your business loan application. That is because your credit reflects how diligent you are in paying off your debts. It also gives lenders an idea of how risky it would be to lend you money.

This article will demonstrate why personal credit is essential when looking to get business financing. It will also provide practical tips on building up your personal credit score to prepare you for future loan applications.

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5 challenges today’s entrepreneurs face — and how to overcome them

August 2, 2022

By Myranda Mondry

2021 broke a record year for entrepreneurship with five million new businesses started. This year more than 17 million Americans said they wanted to open a new business, according to data from QuickBooks. 

These new business owners have unique challenges to face in the wake of the pandemic. Like inflation, which a recent QuickBooks survey found that almost all business owners (99%) are concerned about. Respondents also ranked supply chain, cash flow challenges, low funding, and skills shortages among the top threats facing small businesses this year.

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Questions to Ask Yourself Before Taking On Business Debt

July 12, 2022

By: Matthew Gillman, SMB Compass Founder

Deciding to take on business debt is a difficult and necessary decision that most business owners face at some point. If you’re thinking of applying for business financing, you’re not alone. In fact, in the last 12 months, 45% of small business owners have applied for a business loan.

And, currently many business owners are considering financing options to simply deal with rising costs and inflation. According to the latest Small Business Index report, more than seven out of ten small entrepreneurs said that the rising cost of goods and services due to inflation had taken a toll on their operations within the past 12 months. The new survey revealed that about 50% of small companies have dealt with inflation by getting business financing.

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What small businesses need to know about combating inflation

July 5, 2022 1 Comment

By Myranda Mondry

Inflation is the biggest threat facing U.S. small businesses in 2022, according to recent QuickBooks data. 99% of survey respondents say they’re concerned about the rising costs of goods and labor, and more than half say they’re very concerned.

With inflation comes additional cash flow challenges for small businesses. More than two-thirds of respondents say they’ve encountered cash flow problems this year, and 23% say it’s a major problem for their business. They identified rising costs as the number one cause of these challenges.

To combat inflation, many small businesses have been forced to dip into business savings accounts (if they’re lucky enough to have cash in reserve) or turn to credit cards, loans, or even their personal bank accounts to keep their business afloat. Nearly 40% of small business owners say they’ve dipped into their personal savings for their business this year.

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How to Do Business in Your Own Backyard With no Money

June 28, 2022

By: Sharita Humphrey

Starting a business can seem rather scary at first. You’ve got to think about how to get your resources, review whether your budget would be enough, or – whether a certain business would be profitable.

This is why, in order to live a simpler life, many people delay starting their dream business because of the challenges it may involve.

The good news is… there are ways to start a business in a simpler sense. You may start a business from the comfort of your own home and save a lot of headaches. It might not be the dream business you had in mind, but all big businesses started small.

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