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.
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.
Understanding Collateral
Bank loans are usually the least expensive way to finance a small business. However, it is not easy to get a bank loan, as banks have strict standards for lending. As a general rule of thumb, banks will require a borrower to put up collateral for a loan. The only exception to this rule is for clients who have a long-term relationship with banks and whose business has proven to be profitable over a multi-year period.
Small Business Borrowers' Bill of Rights
You have a right to see the cost and terms of any financing you are offered in writing and in a form that is clear, complete, and easy to compare with other options so that you can make the best decision for your business.