Category: Business Financing

Small Business Owners Guide to IRS Business Codes and NAICS Codes for Financing Success in 2024

Starting a small business exposes you to a whole new lexicon of acronyms from ROI (return on investment) to POS (point of sale systems). One that will no doubt be confusing the first time you come across is “NAICS codes”.   Ignore it at your own expense, because the wrong NAICS code may make it harder for your business to get funding. Here’s why.  What are NAICS Codes? NAICS codes refer to North American Industry Classification System codes. These codes are… Read More

How to Start and Finance a Mobile IT Support Business in 2024

If you’re great at preventing, troubleshooting and fixing IT problems, you may be able to turn your skills into your own mobile IT support business.  IT support professionals can make life a lot easier for those who don’t consider themselves tech experts— or who simply don’t have time to learn. They can help set systems up correctly from the start, or troubleshoot and fix issues when things go wrong. Here’s what you need to know about starting and financing a… Read More

Best Franchises to Own in 2024 and How to Finance One

Franchising is expected to continue to grow in 2024 according to the 2024 Franchising Economic Outlook, the International Franchise Association’s annual study in partnership with FRANdata  The number of franchise establishments will increase by more than 15,000 units, or 1.9%, to 821,000 units, according to that research. That franchise growth is expected to contribute to nearly 9 million jobs, and $545.8 billion in GDP.  Franchises allow you to own a small business with a blueprint that gets you started. But… Read More

Enhance Your Small Business Finances With 5 of Nav Prime’s Key Features

Managing financial goals is one of the many tasks business owners and entrepreneurs have on their plates on a daily basis. Nav Prime is a business bundle that helps you simplify your small business finances and build up credit to get better financing.  Nav Prime includes the Nav Prime Card, up to six detailed credit reports, and a business checking account. Brief Background on Nav Prime as a New Financial Solution Small business owners can think of Nav Prime as… Read More

Everything You Need to Know about the SBA EIDL Hardship Accommodation Program

COVID-19 Economic Injury Disaster Loans were a lifeline for many small business owners during the pandemic. More than 3.9 million businesses took out 30-year SBA EIDL loans at a fixed interest rate of 3.75% according to SBA data.   Payment pauses were offered during the pandemic, allowing businesses up to 30-months to postpone making their EIDL loan payments. But those EIDL deferment periods have ended.  Unlike Paycheck Protection Program (PPP) loans, COVID-19 EIDL program loans are not eligible for forgiveness and… Read More

Small Business Loans vs Business Credit Cards: Making the Right Financing Choice

It's great if your business grows without ever having to borrow a dime. But most businesses use some form of financing, whether it's a business credit card to pay for purchases, or a line of credit for times when cash flow is tight.  Deciding which type of financing to use when can feel daunting. Businesses are often flooded with offers for credit cards and financing. If you wait to look for financing when you desperately need it, you may pay… Read More