By Meghan Ott, Venturize –
In celebration of our new partnership with America’s SBDC, Venturize co-hosted a Twitter chat during National Small Business Week to talk about the top tips and resources to help small businesses and aspiring entrepreneurs become loan ready.
We were happy to be joined by our friends at Intuit QuickBooks, the New Jersey Business Action Center, Small Business Majority, BIGG Success, and BizBuySell. There were also a number of SBDCs that participated, including the Arkansas Small Business and Technology Development Center, New York SBDC, University of Minnesota Center for Economic Development, and Temple University SBDC. (more…)
By Bob House, President, BizBuySell –
If you think obtaining funding is your biggest priority, think again.
When it comes to starting a new business venture, most entrepreneurs focus solely on how they can get funding. Yet they often do not have a clear understanding of the funding process. Nor have they considered some of the many challenges of business ownership and how that might affect the amount of money they actually need.
“At least 90 percent of aspiring entrepreneurs ask how they can get financing, grants, or something related to capital,” says Brad Bunt, director of North Central Texas SBDC.
We spoke to some of the leading experts at America’s SBDC, a nationwide network of Small Business Development Centers (SBDCs), to get their insights on the most common questions asked by entrepreneurs. According to these experts, while obtaining funding was the most common issue, there are many more important things entrepreneurs should be thinking about first. (more…)
By Linsey Knerl –
Almost every modern company runs on some form of credit these days. Even the most profitable businesses benefit from having a line of credit available for emergencies, well-planned purchases for perks, or improving their credit score. According to the Small Business Administration, 65 percent of small businesses rely on credit cards, but just 50 percent use business cards in the name of their company. This strategy can potentially harm a business owner’s personal credit, and it limits the opportunities to get business funding in the future.
If a business credit card is the wiser choice, why doesn’t everyone get one? For being a very astute business move, cards have their drawbacks. Here are some of the ways that business credit cards can do more harm than good and keep you from achieving the most important growth goals. (more…)
By Connor Wilson –
You don’t need a new year to resolve to work on your credit. It’s a common goal, and as people look to buy a home or a new car or get out of debt, credit monitoring becomes a hot topic. If you’re a small business owner, you might be surprised to know that you don’t just have a personal credit score, you also have a business credit score to think about. In a Nav survey, 45% of responding small business owners did not realize they had a business credit score, 72% didn’t know where to find information on their business credit score, and 82% had no idea how to interpret their score. If you fall under any of those categories, it’s definitely time to learn more about your business credit score.
Running a business means time is at a premium, so why should you invest time in monitoring your business credit? Here are 4 benefits of keeping an eye on your business credit score. (more…)
By Gerri Detweiler –
Many entrepreneurs find the process of building business credit frustrating. It’s not terribly difficult, but it does involve a few steps, the most important of which is to obtain accounts that report to commercial credit agencies.
By paying those bills on time (or early) and keeping your debt in check, you can help build strong business credit. But because many small business bills aren’t reported to commercial credit reporting agencies, business owners may find themselves with little credit data on their reports.
But there’s a new simple solution that can help business owners build credit using accounts they already pay, and it’s fast and easy. Here’s how it works. (more…)
By Megan Tyler –
Getting a business loan can be tough. You know the ins and outs of your own business, but you might not know how to get the funding you need. To make matters worse, small business lending is full of confusing financial lingo that you may not understand. If you need a crash course in business lending lingo, here’s a quick rundown of five confusing small business loan terms.
You see APR everywhere when applying for financing, but you might not remember everything that goes into calculating the APR for different types of financing. APR stands for Annual Percentage Rate, and it estimates the overall annual cost of a loan including fees and compounding interest. (more…)
By Megan Tyler –
Whether you’re competing for a government contract or trying to secure favorable terms for a loan, a solid Dun & Bradstreet Rating can help you take your business to the next level. As the oldest credit bureau in the U.S., Dun & Bradstreet (D&B) deals only in business credit and is often the go-to credit agency for the the federal government and other high volume lenders. But how do you get your D&B scores?
Business credit works differently from personal credit. Unlike with personal credit, you aren’t entitled to one free business credit report per year, and lenders aren’t required to tell you if they turned you down for a loan based on your business credit score or lack thereof. Many business owners may not know how to interpret their business credit, and that goes doubly for a multi-faceted rating like Dun & Bradstreet’s. (more…)
By Connor Wilson –
While summer won’t officially begin until June 20, the warm weather is already here and school is already out in most places. Depending on the type of business you run, this is either good news or bad news. Some businesses see significant dips in income in the summer months, while some seasonal businesses operate exclusively in the summer.
With millions of Americans preparing to travel, beautify their yards, or just head out to enjoy the season, this is the time for summer businesses to make money. For some, it’s the time to buckle down and strategize so their businesses survive the slow months. There are a number of strategies your business can use to stay afloat and continue to innovate, but one in particular is the tool that every summer business needs to stay on track and meet its goals. (more…)
By Jason Steele –
Credit cards can be an indispensable tool for small businesses. These products offer companies a secure and convenient method of payment, while providing a valuable means of financing and being more readily available than other options like a small business loan.
But with a small business credit card, its balance and payment information will be recorded on the credit histories of the primary account holder, just like a consumer credit card. This isn’t a problem when your small business cards are managed responsibly, but it causes issues when they are are not.
Here are five ways that a small business credit card can hurt your credit. (more…)
By Jason Steele –
It seems like America has gone crazy with fees. It’s now standard practice in most industries to quote prices that fail to include several mandatory extra charges, often intermingled with government imposed taxes.
But in the credit card industry, fees are actually under strict government control. All fees must be clearly disclosed in advance, and card issuers aren’t even allowed to use the fine print.
This makes it easy to avoid most fees when it comes to choosing a business credit card. Here are six business credit card fees you should always avoid: (more…)