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Business Credit

39 posts
business credit
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Simple Ways to Establish Business Credit

It's practical to learn how to establish credit for your business. However, before you start applying for loans, weigh the costs as well as the impact on your business. Once you are approved for a loan, there is no turning back. Planning is crucial when it comes to operating with loans. You should consider how...
e-commerce financing
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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...
lenders
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7 Exceptional Ways to Make Your Business Stand Out to Lenders

Searching for a small business loan can feel a little bit like hitting the dating scene. You’re researching lenders wondering, “Will they like me? Or will they reject me?” Working at Nav, where we’ve played matchmaker between thousands of small business owners and lenders, I’ve observed several key steps small business owners and entrepreneurs can...
Trade References
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How Trade References Can Help Your Startup Get Financing

New businesses often find it challenging to get financing. Many lenders prefer to lend to businesses that are at least a year or two old and that have strong financial profiles. But if you wait until your business is a couple of years old, you may find yourself missing a key piece of your credit...
identity theft
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3 Ways to Help Protect Your Business from Identity Theft

As if the pandemic isn’t causing enough stress and anxiety for business owners, there’s another growing threat to worry about: business identity theft. KrebsOnSecurity, a leading security news source, recently warned of a “particularly aggressive business ID theft ring that’s spent years targeting small businesses across the country.” Even businesses that have slowed down operations due to...
business credit
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4 Things You Need to Know About Establishing Business Credit

Establishing a strong business credit profile is an important factor in how a business’ creditworthiness is evaluated when applying for a small business loan. Granted, different lenders have different thresholds for creditworthiness, but the business owner with a good credit profile will have more options available than a business owner with a weak profile. StartupNation...
business loan application
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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...
COVID Stimulus
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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...
EIDL PPP loan
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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...
business loan
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6 Steps to Take After Getting a Business Loan

Once you decide to finally launch the startup you’ve always dreamed of, you may need to take out a small business loan. However, this process doesn’t simply consist of obtaining a loan and repaying it over a stated period of time. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here After...
thriving business credit
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Leveraging Credit to Build a Healthy and Thriving Business in 3 Steps

Popular media would have entrepreneurs believe that money is the solution to all of their business problems. Although 84 percent of business failures can be attributed to being undercapitalized and suffering from inadequate cash flow, money isn’t always the answer. With that said, capital is an incredibly valuable tool, that if used correctly, can fuel...
small business finances
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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...
lender
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7 Steps to Get Your Business Lender Ready

For years, I’ve been encouraging business owners to line up financing before they need it. Whether it’s a crisis or opportunity, you want to be prepared so you can respond quickly—and that crisis is now a reality across the country. For some businesses, this will also be a time of opportunity. Aside from COVID-19 relief...
lenders
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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?...
COVID-19 business loan
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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....
small business aid
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Resources for Small Business Aid Amidst the COVID-19 Crisis

As local businesses close their doors amidst the coronavirus pandemic, entrepreneurs and business owners worldwide are scrambling to make ends meet. If you're in need of assistance during this time, consider the following resources for small business aid: StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here GRANTS AND LOANS Detroit...
coronavirus
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11 Options if Your Small Business Can’t Pay its Bills Due to Coronavirus

Coronavirus is having a significant impact on many small businesses already and no one knows how long or how hard the economy will be affected. If you are having trouble paying your bills due to a slowdown in revenues or higher than usual expenses related to COVID-19, here are 11 options to consider. Keep in...