Finance/Capital Access Archives

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Have You Filed Your BOI Report Yet? For Most SBDC Members, It’s Required in 2024 for Ongoing Compliance

April 10, 2024

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.

Important Small Business Announcement: SBA Deadlines for PPP and COVID EIDL Borrowers

February 27, 2024

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.

What is alternative credit and lending?

May 9, 2023

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.

Common Financial Mistakes Small Businesses Make: Tips to Avoid Them

April 11, 2023

It’s time to organize your small business’s finances — but where do you even begin? If you don’t have a degree in finance or accounting, the task can seem daunting. Luckily, millions of entrepreneurs have walked this path before, and most common mistakes can be easily avoided with a little bit of awareness. Empower yourself with these small business tips to set your business up for longevity.

Mastering Financial Literacy: A Guide to Making Sound Financial Choices as a Business Owner

March 21, 2023

It’s estimated that the average person makes up to 35,000 decisions a day. If you’re a small business owner, you’re likely making thousands more than that — and some of those decisions can either make or break your business. Arm yourself with financial literacy for business owners to ensure every decision you make brings your company closer to success.

What Is Financial Literacy?

Financial literacy is the continued learning and understanding of money management best practices, including budgeting, investing, and saving. It’s a crucial process of self-education that sets you up for financial stability and success, and it applies to both business-related and personal finances.

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