6 Confusing Small Business Loan Terms Defined

Getting a business loan can be tough. You know the ins and outs of your own business, but you might not know how to get the funding you need. To make matters worse, small business lending is full of confusing bank lingo that you may not understand. If you need a crash course in business lending lingo, here’s a quick rundown of five confusing small business loan terms. APR You see APR everywhere when applying for financing, but you might Read More

SBA Loan vs. Conventional Loan: Which Is a Better Fit for You?

When it comes to financing business growth, entrepreneurs have a growing number of options to consider, and determining which lender is right for you can be a bit of a headache. Two lending options that consistently make the top of the “best business loans” list are bank loans and SBA loans. They are generally the lowest cost options available, and offer the most flexible repayment terms, but are also the hardest to qualify for. SBA Loans vs. Bank Loans: What’s the Read More

The “Open to All” Coalition and Your Small Business

What if there was a way to communicate to your customers (and prospective patrons) that your small business was a welcoming environment that will offer service to anyone? Sounds like a great idea, right? One group of organized business owners are doing just that with their creation of the “Open to All” coalition. Is it truly, however, the answer to today’s polarized consumer? What is the Open to All Coalition? A recent AP article credits the movement to big brands Read More

Building for Success vs. Building for Luck for Your Small Business

Merriam-Webster defines “Luck” as an external force that brings circumstances into an individual’s life that either work for, or against, said individual in the form of good or bad fortune. Much is debated about how to succeed in business and the steps you should take to not become one of those startups that fail within the first one to five years. The role of luck and the degree of its impact on economic mobility is often discussed within this debate. Read More

4 Time-Saving Tips if You Need Cash for Your Business

For small business owners, it seems like there’s never quite enough money to go around. All of the bills, vendors, and other financial obligations seem to eat up any and all funds as soon as they come in, and there’s always need for more. If you’re looking for financing or just to fund a new venture on your own, that need for cash is immediate, and it usually takes a bit of time to save money or cut costs to Read More

This Entrepreneur Turned His Hobby Into a Business That’s Grown for 40 Years

Audio Den is a custom audio and smart home installation business that services customers in New York City, Long Island, and the Hamptons. The company began in the late ‘70s doing high-end audio for audiofiles. Over time, owner James Feldstein has grown the company by following the industry trends toward home automation. Starting Out Why did you start your company? My brother and I were ham radio operators when we were kids. I was always a tool guy – I Read More

The Productivity Apps That Will Change Your Life

Most of us have wished for a few extra hours (or days) in the week – a desperate plea for time to catch up on work, make more time for family, or get in some personal improvement time, but perhaps it’s the small business owners who really can benefit from that extra time. With an average work week of 50 hours (60 for some), many small business owners find themselves with little time for anything but operational basics – a Read More

The Fastest Way to Get a Business Bank Account

If you don’t have a separate bank account for your small business, you need one. Unfortunately, there is a significant portion of small business owners who haven’t taken this step yet. A Nav study found that 70% of business owners without a business bank account were turned down for a loan within the last two years. As well, 50% of those without a business bank account said they wanted to open an account, but hadn’t had the time to do Read More

4 Credit Scores That Matter to Business Owners

Not all credit scores are created equally. You likely already know that you have a personal credit score; it’s what you need to buy a car, get a mortgage, credit card, or even pass a background check. You probably also already know that there are three bureaus (Experian, Equifax, TransUnion) that report your credit scores. What you may not know, or are still learning about, is that your small business has a business credit score. Just like your ability to Read More

6 Ways to Fight Rising Business Interest Rates

The Federal Reserve voted against increasing the federal funds rate this week, and many small business owners have breathed a sigh of relief. An increase increase in the funds rate typically leads to an increase in the Federal Prime Rate, or the best interest rate at which borrows can get credit cards, mortgages, loans and other types of financing small business owners rely on. Even though the Fed didn’t vote to increase the prime rate this month, the prime rate Read More