Category: Business Financing

Size Matters: Are You Really a ‘Small’ Business?

Size Matters: Are You Really a ‘Small’ Business?

Many small businesses depend on federal government programs to create a thriving business. But many programs are only for “small” businesses, which may seem like a vague requirement. However, there’s a clear-cut way to determine whether or not your business is small. Size standards determine whether or not your business qualifies for certain federal programs, such as federal contracts, financial assistance and innovation projects. The size standards are set by the Small Business Administration (SBA), which also has the authority to… Read More
7 Business Credit Card Perks You Never Knew Existed

7 Business Credit Card Perks You Never Knew Existed

There are a lot of great reasons to use a business credit card. Credit cards are the safest way to pay for business expenses. You can often earn valuable rewards for your spending in the form of points, miles, and cash back.  They are also convenient; it can be easier for you and your employees to make purchases with a business card than it is to use other forms of payment. And of course, business credit cards can serve as… Read More
4 Things Banks Want to Know About Your Business Bank Account

4 Things Banks Want to Know About Your Business Bank Account

There are over 44 types of financing available to small business owners, and each financing provider has its own formula for calculating how much money—if any—they’re willing to give your business. If you don’t initially qualify for the financing you want, it’s often hard to figure out what the lender identified in your profile that lead them to say no. And if you don’t ask the lender, you’ll likely fall into the same boat as the 23% of business owners… Read More
How One Woman Grew Her Business 6X in 2 Years

How One Woman Grew Her Business 6X in 2 Years

When Ingrid Murray took over Prospect Cleaning Service Inc. in 2014, she didn’t have direct experience in the janitorial industry. But she did have an accounting background and the drive to grow the business — a commercial janitorial service started by her husband — beyond the $75,000 or so a year it had been earning. While she knew she would do whatever it took to make it a success, she likely had no idea that in just a couple of years she… Read More
Can I Apply for a Second Business Loan?

Can I Apply for a Second Business Loan?

Let’s say you own a ski shop that sells 200 skis per year. Next year you expect to sell 300. That’s a 50% increase! How are you going to cover the purchase of those extra skis? Who is going to sell/fit all those skis to your customers? Many business owners opt to work with a business lender to finance growth rather than giving up some ownership of their company to an investor. But what would happen if, in our ski… Read More
How Do I Get a Business Loan to Start My Business?

How Do I Get a Business Loan to Start My Business?

For many budding entrepreneurs, a small business loan may seem like the best option for getting your endeavor off the ground. However, most banks and lenders require criteria that a newly launched business won't be able to meet. What are those requirements, and what are your alternatives if you can't meet them? Here's what you need to know. Requirements for Traditional Business Loans When you apply for a traditional business loan, a lender will look at your personal and business'… Read More