E-Commerce Financing: Funding Your Online Business
It’s a Catch-22: you sell your products to make money, but you need money to buy those products to sell. What if you don’t have the working capital on hand to do so? That’s where e-commerce funding comes in. You can take out a loan to purchase what you need, then pay it back from...
6 Things to Do After Receiving Your PPP Loan
You’ve gotten your PPP loan, spent it properly and hopefully qualify for full forgiveness. Congratulations! What’s next? StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here Here are six steps you can take now, after receiving and spending your PPP loan, to help ensure your business continues on the road to recovery:...
Restaurant Revitalization Fund to Provide $28.6 Billion in Grant Funding to Restaurants Hit Hard by COVID-19
No question, the pandemic has taken its toll on a lot of small restaurants over the last 12 months. For a lot of them, because of the way the Paycheck Protection Program (PPP) was structured, they didn’t get the help they needed. The American Rescue Plan includes the Restaurant Revitalization Fund, which is designed to...
General Liability Insurance: Protect Your Small Business
Like most homeowners who rely on their homeowner’s insurance to cover their liability in the event of an accident or some other unforeseen liability, many businesses rely on general liability insurance for the same type of protection. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here What is general liability insurance?...
New Paycheck Protection Program (PPP) Loans: How to Qualify and Apply
Updated January 11, 2021: The SBA has released guidance for new Paycheck Protection Program (PPP) loans available under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act). This article includes the latest guidance and the new application forms. What are Paycheck Protection Program Loans? The Paycheck Protection Program (PPP)...
How to Accept Credit Card Payments
Accepting debit and credit card payments can help your business make more money. The more payment methods you offer to customers, the more likely they are to shop with you. But if you’re new to running your own business, you may not know how to accept credit card payments or what your credit card processing...
Why Was My Business Loan Application Denied?
This is a pretty simple question with a more complicated answer. There are a lot of reasons why a business loan application might be denied, but what most small business owners should be asking themselves is, “What can I do to improve the odds of a successful loan application?” Lenders are basically trying to answer...
Further COVID Stimulus on Hold for Now: What Does That Mean for Small Businesses?
Last week, the president announced that COVID stimulus is on hold for now and that further negotiations on a comprehensive stimulus bill wouldn’t take place until after the election—just weeks away (at this writing). Although there has been a suggestion that some industry-specific relief for the airlines be pushed through, it’s doubtful that a second...
How to Pay Back an EIDL or PPP Loan
If your business received an Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) loan, you may have determined it isn’t a good fit for your small business for any number of reasons: You just wanted the EIDL grant and not an EIDL loan, You didn’t understand the loan terms when you applied, You...
5 Ways to Make Budgeting and Strategic Borrowing Easier
Over the nearly 40 years I’ve either owned or otherwise worked in a small business, I’ve observed that even businesses that might not be considered “seasonal” in the traditional sense ebb and flow over the course of the year, creating times when capital becomes tight and the cash flow pinch can cause an otherwise healthy...
5 Simple Ways to Organize Your Small Business Finances
Credit scores are often seen as the number one obstacle preventing small businesses from getting financing. But disorganized financials may be equally to blame. In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up-to-date finances are essential if...
7 Ways the Paycheck Protection Program Flexibility Act Can Help Your Business
Update 6/5/2020: President Trump signed the Paycheck Protection Program Flexibility Act into law. The legislation gives small business owners more flexibility in how they can use PPP funds and may make it easier to qualify for forgiveness. The House and Senate have passed the Paycheck Protection Program Flexibility Act of 2020 and the President is...
What Lenders Want to Know About Your Business Right Now
Whether you’re talking to an SBA lender or any other lender, they all are trying to get the answer to basically three questions. They might not all ask the questions in the same way, but they are all trying to find out the same thing: Can you repay a loan? Will you repay a loan?...
What You Need to Know About Managing Cash Flow Post-COVID-19
Poor cash flow management has rung the death knell for many small businesses over the years, making successful cash flow management a very important part of building a sustainable business. Like many business owners, 20 years ago when I was running my own business, I didn’t take my entrepreneurial leap because I was particularly excited...
Additional PPP Guidance for Seasonal Businesses
It took a while to get here, but the SBA has provided some additional PPP guidance for seasonal businesses to calculate the maximum loan amount for seasonal employers. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here How does the new guidance affect the calculation of the maximum loan amount? The...
COVID-19 Small Business Relief Funds Exhausted
You may have heard that the Small Business Administration (SBA) has run out of money to fund the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. In other words, at least for the time being, the COVID-19 Small Business Relief Funds have been exhausted. Congress is currently working on another appropriation...
COVID Disaster Loans vs. Paycheck Protection Program Loans
This article was updated on April 3, 2020 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that...
Frequently Asked Questions About Applying for SBA Disaster Loans (EIDL) Due to Coronavirus
This article has been updated April 23, 2020 to include additional funding approved by Congress. Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan. These loans are attractive for several reasons, including: Low fixed interest rates: 3.75 percent or 2.75 percent for non-profits Long-term repayment of...
Applying for a Business Loan is Changing Due to COVID-19: Here’s What it Means
As the coronavirus ravages businesses, small business lenders are re-evaluating their underwriting policies, along with reviewing their risk tolerances for those industries that look like they may be hit hardest by the disruption. Here’s what every business owner needs to know right now — even if your business hasn’t felt the pain of COVID-19 yet....
11 Ways Retailers Can Combat Coronavirus Fears
Rita Mitchell, Certified Counselor at the USM Small Business Development Center’s College of Business and Economic Development, compiled a great list of 11 ways retailers can combat coronavirus fears, the closures, and the financial decline those fears are causing. Related: How to Support Local Merchants While Social Distancing Below are her suggestions: Have VISIBLE and...