Financial tools & management
You’ve got the business plan down, but you need some help managing your finances and cash flow. Accounting, taxes, payroll—you deal with enough numbers every month to make your head spin. But you don’t have to tackle the numbers alone. These resources can help you keep your business in good financial health.
Understanding the 5 Cs of credit
Your credit score is an important part of your loan application that’s impacted by five main factors, commonly known as the 5 Cs of credit. Lenders will often use these factors to determine and assess your creditworthiness. The higher you score on each of these factors, the higher your overall credit score will be.
Why you should separate your personal & business finances
As you navigate business financing, it may be tempting to use your personal finances to help out when your business needs a boost, but that is not always the best solution in the long run. Separating your personal and business finances can help ensure you treat your business like the independent entity it is, while safeguarding your personal finances.
When you might need a loan
As a small business owner, you put more than your sweat and tears into your business—you also put in your own savings and risk your personal credit to get your business off the ground. Loans and other financing options may not seem viable for a startup or you may be cautious about taking on business debt, but financing your business through a loan might be the right avenue to help you expand your business.
Build your creditworthiness: Fix your thin credit file
You pay your bills on time, you don’t have any credit card debt, and overall, you consider yourself fairly responsible when it comes to spending. You’re ready to apply for a credit card or loan to help get your business off the ground, and all of a sudden, you hit a roadblock. Your request is denied and, upon further research, you find that you have a “thin credit file.”
How to register as a federal contractor
You know you're ready for your business to compete for federal contracts, but you don't know how to navigate the red tape involved. These steps break down the various requirements involved in becoming and staying a federal contractor.
Build your creditworthiness: Understand debt utilization
After payment history, your overall debt is the second most important factor in your credit reports. When thinking about your debt in relation to your credit score, you might focus on the total amount of debt you owe. But credit scoring models often work somewhat differently.