If you have bad credit, your financing options may be limited and expensive. If you hope to start or a grow a business, you'll need to learn how to judge the status of your credit score and why it matters to your lender. Even more important, you must explore realistic avenues to fix the problems with your credit history.
Insights into the world of small business lending and development
Got Bad Credit? Don't Apply for a Loan Before You Ask a Few Hard Questions.
Women Entrepreneurs May Have More Obstacles to Endure, but There Are a Few Ways to Ensure Success
Entrepreneurship is rarely easy, especially as a female in a typically male-dominated business world. I recently had an opportunity to interview two highly successful business masterminds: Rachel Braun Scherl of SPARK Solutions for Growth, who has nabbed the title of "Vagipreneur" for her success in the female sexual health market, and Sarah Beane Ricca, VP and financial advisor for Morgan Stanley Wealth Management. Both women have sage advice about the practices and philosophies they live by to overcome female-related obstacles and obtain true success.
8 Lending Terms That Every Entrepreneur Must Know
If you’re just beginning your hunt for business financing, you’re likely knee-deep in unfamiliar terms and lending jargon. And it’s enough to make even the most eager entrepreneur feel overwhelmed. Don’t continue your search without reviewing a few of the essential terms you need to know to make an informed decision about financing your business. We’ve broken down eight must-know terms below.
10 great resources for women entrepreneurs
This year’s headlines are full of stories on technology’s “bro culture” and the gender imbalance in entrepreneurship and the tech world. For all the strides that women have made in starting businesses, a massive divide still exists between male and women founders: only 18 percent of startups have at least one female founder and only 16 percent of small bu...
What to Do If You Can’t Pay Back Your SBA Loan
You took out a U.S. Small Business Administration loan to grow your business and had every intention of repaying it. But you've experienced some hardships and sales are weak. You can't make payments and are now facing an SBA loan default, which would likely spell doom for your business. This situation isn't uncommon: 1 out of 6 SBA 7(a) loans issued from 2006 through 2015 weren't paid back, with the average failing loan taking close to five years to reach the default status, according to a recent ...
7 Avoidable Mistakes You're Making in Your Business Loan Application
As with almost every aspect of our lives these days, the internet has made it easier, faster, and more convenient than ever for small business owners to gain access to financing, submit business loan applications, and get cash in hand to pursue their goals. Even so, when it comes to something as important as financing your small business, the easy, fast, convenient way won't necessarily give you the best results. Each and every day, we see small business owners facing a denied business loan application or wi...
SBA Roll Out of New Lender Match Tool Aims to Connect more Small Businesses with Lenders
WASHINGTON, D.C. – Administrator Linda McMahon, head of the U.S. Small Business Administration, today announced the roll out of Lender Match, SBA’s online referral tool that connects small business borrowers with participating SBA lenders. The program is an upgrade to LINC (Leveraging Information and Networks to access Capital), which was introduced as a pilot in 2015.
“The SBA’s mission to help small businesses grow, create jobs and help our economy thrive is streng...
Rebuilding your Small Business after a Natural Disaster
5 places to find the capital you need to get your business back up and running
It’s difficult enough to recover personally from a natural disaster, but when you also have a small business to rebuild, it can be frustrating, exhausting and downright painful. Approximately 40% of small businesses never reopen after a disaster, according to the Federal Emergency Management Agency (FEMA). In the wake of Hurricanes Harvey and Irma, many U.S. small business owners are trying to figure out how to recover their losses and move forward with plans to reopen. If your losses are...
5 ways small businesses can avoid predatory loans
Imagine starting your new business and going online to take out a loan. You find what you think is an attractive yearly rate of 9 percent. You think you are set until — after you sign — you are shocked to realize it’s 9 percent per month.
These kinds of soul-crushing predatory loans can put you out of business, sometimes before you’ve even started. Millennials, in particular, can be susceptible, as they are most likely to go online to search for a loan.
Denied a Small Business Loan? Here’s How You Quickly Rebuild Credit
For small business owners and entrepreneurs, loans are often essential for growth. But a bad credit score may prevent you from getting a loan you need. If you’re in this spot, then you need to start rebuilding your credit fast!
Despite this country’s affinity for buying on credit, many Americans still don’t fully grasp what their credit score is, how it’s calculated, or how it can affect their ability to borrow. This, of course, means they’re vulnerable and prone to making poor decisions.
A lot goes into credit scoring, but you’d better understand why credit scores exist in...