Business Loan Blog
Resources for securing business loans
The financing world can be complicated. We are here to help you make sense of it all and stay on top of a rapidly changing industry.
How Lines of Credit Work
A line of credit or LOC is a loan offered by the bank that allows the borrower to withdraw and repay funds based on the client’s schedule and needs. This makes a line of credit ideal for both new businesses and existing businesses that need access to additional working capital. Understanding exactly how they work, why they are beneficial, and potential downfalls for LOCs will enable you to see if they are right for your business.
Which type of real-estate loan is right for you?
When a business needs to establish a physical location the first thing they consider is the old adage “Location, location, location”. What they should really consider is “financial, financial, financial”. Understanding the different types of real estate loans, which ones will apply to which properties, and how they will affect your business, is the first step to figuring out the best path forward for your company’s real estate needs.
The Value of a Business Plan: Why to Have One and How to Set It Up
A business plan is one of those tools that may seem tedious to create but will be essential to your company’s long-term success. As business owners, we often assume we that we know where our company is going, that the unexpected will never happen, that the company will grow as its expected to.
How to improve your FICO score in 5 steps
Our FICO scores impact our ability to borrow both as a business and as individuals. Traditional banks use them as the basis of many of their lending decisions, and a bad score can mean rejection before the ink has dried on the application. This is the reason so many...
Top Five Newsletter Secrets to Grow Your Business
A newsletter can be an amazing tool for growing your business. Or it can be an easy way for you to waste hours each week writing things no one will read. What makes the difference? These newsletter secrets will show…
What to do When the Banks Say No to Your Business Loan
It may seem odd that a bank would reject a small business for a loan, especially if that business has been successful and is looking to grow. Companies new and old often face this rejection, and it may feel like a death toll. But understanding why an application was...
What Tax Reform Means for Your Business
Tax reform has been on the minds of everyone recently. During a late August speech in Springfield Missouri, President Drumpf began his drive to change the tax code. The speech, which touched on many of his core campaign promises, discussed some generic ideas for what tax reform should entail, both for individual and business filings.
80% of small business have no connection to their SBA branch. Why that’s a bad idea.
around 80% of small business owners have never visited their local Small Business Association. This an abnormally high number, especially when considering the benefits of maintaining a connection with a local SBA branch. Doing so could be an essential asset your business has over the competition.
Lease or Own: Which is Right for Your Business?
The decision to lease or own the location a business is located in is one of the most important that many small businesses experience as they grow. There is a myriad of factors that can cause confusion in addition to the legal and financial aspects of the decision.
The 5 Main Reasons Banks Turn Down Small Business Owners for Loans
You were counting on that small business loan to help your business grow, but the bank said "no." If it makes you feel any better, you’re not alone. Over the last couple of years, large banks have been reducing the amount of loans that they’re issuing to small...
Leasing vs. Buying Business Equipment
Does it make more sense to lease business equipment or buy business equipment? You may be thinking about upgrading that outdated processing equipment and getting a new machine that’s better and faster. Perhaps you even see your backlog increasing again and you’re...
Don’t Be Afraid of Your Competition
Unless your business idea is so revolutionary that literally no one has done it before, you’re going to face competition. And that’s a good thing! Competition encourages us to constantly improve and do what it takes to be the best. Follow these tips to embrace small...
Can You Afford That Business Loan? Tips to Figuring It Out
Figuring out whether you can afford to borrow money for your business is a crucial step in the loan process and one you should definitely take before approaching potential lenders. But determining if you have the resources to make your loan payments can be a bit...
What is Purchase Order Financing and How Does it Work?
Purchase order financing helps businesses that need cash to fulfill product orders by paying your supplier for the manufacturing and transportation of goods up front, before you receive payment from your customers. The funds cannot be used for anything other than the...
5 Things to Avoid Before You Apply for a Business Loan
Lenders are going to looking at a number of factors to determine your eligibility for a loan, including your personal and business credit scores, your business banking information, personal and business tax returns, P&L statement and more. If this seems overly...
3 Federal Loan Programs Every Small Business Should Know About
When you’re considering a loan to take your business to the next level, you, like many entrepreneurs, may think first of your local bank. That makes good sense, given the relationship you may already have with them, and their knowledge of your goals and operation....
How to Repay a Business Loan and Remain Financially Stable
Just about every small business finds itself in a cash crunch from time to time. In fact, in 2015, small U.S. businesses borrowed almost $1.2 trillion, and in the last twelve months, 73 percent of small businesses used financing, according to the Small Business...
Bankers, Borrowers, and Alternative Lenders, Oh My!
* This blog is a special entry by our very own Darrick Brown - AFP Trainer, Broker, and Banker. In the famous 1939 film the Wizard of Oz, Dorothy finds herself in a real life dream whereby she is caught in a tornado that takes her on a life changing journey to the...
Business Loans That Take The Longest to Get
When it comes to financing your business, there’s an unfortunate tradeoff. Small business owners who need financing in a matter of days will likely pay a high price for the convenience of little paperwork and fast turnaround. There are generally less requirements to...
How Can My Startup Get a Business Line of Credit?
It’s no secret that starting a business has a big laundry list of items that need to be tackled. From tasks such as developing your business idea, choosing and registering a business name, deciding on a legal structure, preparing your paperwork, and the list goes on...