What is a Letter of Credit?

What is a Letter of Credit?

If you’re a successful small business, you’ll be getting paid by customers quite regularly. We know about most of the common ways to receive payment, such as credit cards, cash, and even wire transfers. One method that’s new to many business owners, however, is a letter of credit. While this payment mechanism isn’t used as often by small domestic companies – it’s wise to understand how it works. If you’re an exporter, making it part of your accounts receivable toolkit Read More
12 Small Business Podcasts That Will Help You Sell More

12 Small Business Podcasts That Will Help You Sell More

Running a business is often about setting goals and putting in the long hours and hard work to achieve them. Regardless of what type of business you run, it’s likely that “selling more” has a frequent, if not long-term, place on your to-do list. It’s a goal that requires staying up to date on new techniques, honing strategies, and being in touch with the latest industry news. The sad part? It’s difficult for small business owners, many of whom have Read More
Where to Look to Find Easy Business Loans

Where to Look to Find Easy Business Loans

Getting a small business loan is easier now than it ever has been. Even if you own a brand-new startup and don’t have great credit, there are easy-approval business loans available to get you the capital you need. Before we dig into the details about easy business loans, note that many of these options typically charge high interest rates compared with traditional business financing. We’ll share a few loans that come with relatively good terms, as well as some that Read More
What is APR and Why Does it Matter to My Business?

What is APR and Why Does it Matter to My Business?

What Is APR?  APR, or annual percentage rate, is the price a lender charges you to borrow money on a yearly basis. In addition to including the interest rate a lender charges, APR considers certain fees that the lender may charge as well. As a result, APR can give a truer measure of the overall cost of financing than simply looking at the interest rate alone.  What Is a Good APR for a Credit Card?  According to the Federal Reserve, Read More
7 Ways Entrepreneurs Are Leveraging Age to Grow Their Business

7 Ways Entrepreneurs Are Leveraging Age to Grow Their Business

Entrepreneurship isn’t just for the young. Older adults are finding that starting a business can be the perfect way to turn a lifetime of experience into something meaningful, take control of their time, counter workplace ageism, and in some cases, make a lot more money. “In the U.S., the U.K., Ireland, and Australia, 50+-year-olds are launching more start-ups than any other cohort,” shares Kerry Hannon, the author of Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Read More
What Are the Best Business Loan Terms for Your Small Business?

What Are the Best Business Loan Terms for Your Small Business?

It can be confusing to navigate all the available loan products being offered by banks, lenders, and online financial companies these days. The best way to know which loan is best for your business situation, however, is to know about each of them in advance.  From long-term financing to a quick cash advance, the more you understand, the more likely you are to narrow down the long list to just those that work for you. Then, you can just apply Read More
Entrepreneurs Share 7 Smart Ways They Use Business Credit Cards

Entrepreneurs Share 7 Smart Ways They Use Business Credit Cards

A business credit card can be much more than a convenient way to pay for purchases. These cards can also provide lucrative rewards, superior fraud protection, and can smooth out cash flow. According to the Federal Reserve’s 2019 Small Business Credit Survey, 52% of firms with 1 to 499 employees use credit cards on a regular basis. Here, seven small business owners reveal the smartest purchase they ever made on a credit card, and why putting those purchases on plastic Read More
Wells Fargo Business Secured Credit Card Review

Wells Fargo Business Secured Credit Card Review

A credit card can be a useful business tool that makes it easier to keep track of finances or manage gaps in cash flow. However, if you have bad credit or limited credit, getting a business card can be difficult. Getting one with a rewards program can be even more challenging. The Wells Fargo Business Secured Credit Card, however, is an exception, offering cardholders a line of credit — as long as you can make a cash security deposit — Read More
Where to Find First Time Business Loans

Where to Find First Time Business Loans

Getting your first loan is a major milestone in the life of any business because it has the potential to breathe life into your dreams. Whether you’re looking to grow your business, buy equipment, or solve pressing cash flow issues, your business may need to borrow money to accomplish its goals. There’s just one problem. As a newer company, your funding options might be limited.  But there’s good news, too. It’s true that if your time in business and your Read More
How to Find and Apply for SBA Loans for Veterans

How to Find and Apply for SBA Loans for Veterans

Our military men and women are among the bravest and most dependable people we know. It should come as no surprise then, that this demographic often finds success in the small business world. The hard work and dedication they are used to giving to their country serve them well as small business owners.  Whether you’re a veteran looking to launch a brand-new business, buy an existing company, or expand the one you already own, there are many financing options available Read More