Category: Business Financing

Why Do Lenders and Vendors Want Personal Guarantees?

Why Do Lenders and Vendors Want Personal Guarantees?

Business owners are often asked to sign personal guarantees when they borrow or get terms from vendors for their business. It’s frustrating, but try not to take it (ahem) personally. Here’s what you need to know about personal guarantees from lenders and vendors: Lenders and vendors often require personal guarantees (also known as “PGs”) from businesses that are young, as well as those that lack strong business credit scores and/or solid financials (such as sufficient income or cash flow). If… Read More
LoanMe Small Business Loans Review

LoanMe Small Business Loans Review

LoanMe, founded in 2013, is lender offering both personal and small business loans. Their business loans division offers loans to small companies, including sole proprietorships, up to $250,000 that can be paid back over a repayment period up to 10 years. The loans are repaid via a fixed monthly payment and businesses can be funded as soon as the same day of application. What will a LoanMe small business loan look like? LoanMe offers loans from $3,500 - $250,000, with… Read More
How to Fund and Open a Franchise

How to Fund and Open a Franchise

In the eyes a potential business owner, an ideally-located, well-managed franchise is beautiful to behold. Serviced by friendly employees in crisp uniforms, customers entering and exit all day long, exchanging their hard-earned money for the cozy familiarity and uncomplicated convenience of a trusted and well-known establishment. As consumers we’ve all felt the pull of a franchise whose commercials are on every TV, whose stores are in every state; a business we’ve patronized countless times because it gives us what we… Read More
5 Hacks To Earn Reward Points And Miles On Business Credit Cards

5 Hacks To Earn Reward Points And Miles On Business Credit Cards

If you run your own small business, then you are probably making plenty of purchases each day. As a result, you have the opportunity to earn valuable points and miles from these transactions, but only if you use the right credit card. Thankfully, the credit card industry is fiercely competing for your business and each bank is continuously trying to outdo its competitors by offering small business owners the most rewards. Here are five ways that you can maximize the… Read More
How to Shop for A Business Loan Without Hurting Your Credit Scores

How to Shop for A Business Loan Without Hurting Your Credit Scores

A high credit score improves your chances of getting approved for a business loan, but credit inquiries during your loan shopping process could lower your scores – how does that work?! The situation sounds like a catch-22, but you can minimize the negative credit impact of your search with a few strategies. Understanding Inquiries Your credit score reflects multiple factors, such as your credit utilization, age, account diversity and ratio of revolving credit lines. Credit inquiries can impact your credit… Read More
Will The New Crowdfunding Rules Mean Money For Your Business?

Will The New Crowdfunding Rules Mean Money For Your Business?

The Securities and Exchange Commission recently announced long-awaited new rules affecting equity and debt crowdfunding. Entrepreneurs have every right to be excited, since these new rules will open up new avenues for raising money starting in the spring of 2016. But they also need to understand that with every new opportunity comes a cost, and this one is no different. What are these new rules and how do they affect your ability to raise money for your business? First, in… Read More