Normally, when clients contact the Wilkes University Small Business Development Center, a common reason to schedule a meeting with a consultant is to facilitate the creation of a business plan, financial projections, and the associated written assumptions to projections. In tandem with this sort of technical assistance, it is common for clients to discuss matters related to financing, with conversations often delving into alternative financing options.
Miguel Atkinson, an experienced tool and die maker from Flint, knows firsthand that it’s one thing to work for someone else — and it’s another to be your own boss. He had always wanted to own his own shop, so when the shop owners he had worked for for several years decided to retire, Miguel decided to acquire the business. He realized, however, that he needed counsel to secure the capital needed to do so. Miguel reached out to the Flint & Genesee Economic Alliance, who referred him to the Michigan SBDC where he met Senior Business Consultant Harry Blecker.
By Frank Tumminello
If your company was formed or is operating within the United States, it’s most likely one of the more than 33 million entities required to submit a Beneficial Ownership Information (BOI) Report in 2024.
If this is news to you, you aren’t alone. The U.S. Department of Treasury hasn’t exactly done a great job of educating the small business community about the new requirements, and the guidance that is available is muddled with government jargon.
We’ve got you covered, though. Keep reading for a simpler explanation of BOI reporting requirements.
Did you receive a PPP or COVID EIDL loan from the U.S. Small Business Administration (SBA) for under $100,000? SBA will begin referring defaulted PPP and COVID EIDL borrowers with loans under $100,000 to the U.S. Treasury Department and the Internal Revenue Service for collection beginning March 4, 2024.
Impacted borrowers must take action before March 3, 2024.
By Ken So
Small businesses, especially the newest, smallest businesses, can face challenges when trying to secure financing through traditional banks and credit unions. If you own one of these types of businesses, then alternative funding can be a viable option to meet your financing needs.
Of course, as with any type of funding, there are certain things that you should be aware of before signing a loan agreement. In this article, we’ll explore what alternative lending is, how it differs from traditional lending, and what to know before applying.
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