Browsing Tag
credit
15 posts
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...
5 Tips for Keeping Your Business Credit Strong During Turbulent Times
No one knows how long it will take small and independent businesses to recover from the COVID crisis; at this point there is no timeline that allows for serious planning. But what is clear is that those businesses that are able to maintain good credit will find it easier to bounce back as they will...
3 Things That Could Cost Your Business its COVID-19 Loan
The Senate approved an additional $60 billion in funding for the Economic Injury Disaster Loan (EIDL) program and $310 billion for Paycheck Program Protection (PPP) loans on April 21, 2020. It now heads to the House and then, hopefully, to the President’s desk. Small business owners who missed out on the first round of funding...
How This Dance Company Choreographs Cash Flow with Credit
Lindsey Dinneen is the owner of VidaDance Studio in Leawood, Kansas. With students ranging in age from 2 to 73, Dinneen’s company aims to bring the joy of dance into the lives of all members of her community. VidaDance offers ballet, jazz, tap, modern, hip-hop and dance fitness classes. In business for three years, Dinneen...
Can You Get a Business Loan with Bad Credit?
Let’s say you’ve identified an opportunity for your business. It might be a bulk deal on inventory, a necessary equipment upgrade, or a great space for a second location. There’s just one problem: You don’t have the cash available to take advantage, and you have bad credit. But is all hope lost? The short answer...
Creative Funding Options for Startups and Entrepreneurs
Startups and small businesses are a vital part of the U.S. economy: they serve as an incubator for innovation, make a significant contribution to the national GDP, and provide opportunities for diverse groups of people. In fact, nearly half of the nation's private sector workforce is employed by small business and a 2015 SBA study...
5 Ways to Ensure the Financial Success of Your Startup
Running a startup isn’t easy, but having the right attitude makes a huge difference. Embracing change and seeking out good advice allows an entrepreneur's chances of financial success to skyrocket. Entrepreneurs encounter more than a few obstacles when putting a business idea into motion, but that’s not necessarily a bad thing. Every setback offers the chance...
4 Strategies to Get a Loan for Your Small Business
Obtaining a loan can be a challenge for many small business owners. Entrepreneurs don’t realize that even preparing to apply for a loan can take years of foundational work. Some others don’t know about alternative lending options that can help newly established businesses, or those with an immediate need to get the money they require....
7 Tips to Secure Financing for Your Small Business
Commercial lenders are conservative by nature. They want to know their money is secure. They need to be confident that the borrower will be able to repay the loan or that assets that can be liquidated in case of default. Securing financing for a startup is especially challenging, as it is inherently more risky than...
8 Funding Alternatives to Consider for Your Startup
When it comes to funding your startup, you may not know exactly where to start. While you could certainly seek out a small business loan, microloan or other program designed to get you the capital you need, there are other viable funding alternatives to get your business up and running. Should you be looking for funding,...
What Entrepreneurs Need to Know About Surety Bonds
Startups involve a lot of planning and organizing before you get to the fun of actually running a business, meeting new clients and connecting with peers in your industry. With all of the money, investments and infrastructure that go into setting up a startup, one thing you might miss is the requirement of obtaining a...
Does Outstanding Debt Affect Your Ability to Borrow?
Chances are you already know that having outstanding debt can affect your ability to secure additional borrowing. But are you aware that the type of debt can make a huge difference? Here’s an overview of different types of borrowing and how they can affect your creditworthiness. Business loans If you already have a business loan,...
Taxes, Credit and Hiring in the Process: All Part of Starting a Business
Thinking of Starting a Business? Remember to Consider Taxes, Credit and Hiring in the Process Have you decided to take the leap and start a business? Congratulations! While there are a variety of factors for business owners to evaluate when making the decision to start a business, there are three topics that are particularly important:...
Line of Credit: Advantages, Disadvantages & More
Is a Line of Credit the Right Solution for Your Startup? Running into cash flow problems from time to time is part the process of running a startup. Sales growth is never orderly and can happen in spurts. These inconsistencies can be hard to manage and often leave you cash-strapped, without enough money to pay...
Extra Credit
Like my cell phone and briefcase, credit cards are such an integral part of my life that I forget what life was like before I had one. In speaking with some of my younger friends here in the University of Michigan Entrepreneurs club and elsewhere, I realize that a LOT of 18-20 year olds don't...