Category: Business Financing

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 might be unfamiliar to many small business owners, however, is a letter of credit. While this payment mechanism isn’t used as often by small domestic companies in the United States—you should understand how it works. If you’re an exporter, making it part of… 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 you… 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
The Most Common Business Loan Terms for Different Types of Loans

The Most Common Business Loan Terms for Different Types of Loans

It can be confusing for small business owners 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 explore all your options and understand the requirements and benefits of each.  Business Loan Terms Overview From long-term financing to a quick cash advance, the more you understand, the more likely you are to narrow down the long… 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