Business Loans for Bad Credit — What You Need to Know

Although it may seem like you need to have stellar credit and multiple years in business to secure financing, in today’s lending environment that statement is far from true. In fact, there are over 44 different financing options available to business owners, and not all of them require an A+ personal or business credit grade. Very poor credit will likely put you out of the running for the lowest cost loans such as bank loans and SBA loans, however you Read More

How to Create a Small Business Marketing Plan

You’ve created a business plan for your small business, in which you laid out your vision, strengths, resources and goals for the future. Now it’s time to think about a marketing plan. The two documents will work together in helping you realize your small business’s potential. In fact, your marketing plan will build on the goals you’ve already laid out in your business plan. Creating a marketing plan doesn’t have to be hard. The fact that a large and established Read More

How to Write a Business Plan

Starting a small business is hard work. The list of things you have to do in order to turn your dream into reality may seem overwhelming at first. Anyone who has searched “how to start a small business” online has seen page after page populate with articles on loans, investors, incorporating, credit scores, cash flow, taxes, permits—the list goes on and on. When faced with such a formidable to-do list, it is easy to think of a formal business plan Read More

SBA Loans — How Many Types Are There?

The SBA, Small Business Administration, provides loans to small businesses through financial institutions such as banks, microlenders, and online lenders. These SBA loans are government guaranteed, meaning lenders will offer them to small businesses at low interest rates because the government has promised to pay back 85% of the loan in the event of default. The three most talked about SBA loan types are: 7(a) Loans: the most popular loan provided by the SBA, available to new and established businesses Read More

The Truth About Business Tradelines

If you’re trying to establish business credit, you’ve probably heard the term “tradelines.” You know they are important, but you’re not sure how to get them and how they can benefit your business. Here we’ll demystify them: What Is a Tradeline? A tradeline is simply industry-speak for “account.” They may include business credit cards, lines of credit, and loans. They also include information from vendors who report to commercial credit reporting agencies. For example, you may have an account with Read More

What Is a Good Business Credit Score?

Most of us are readily familiar with the general structure of consumer credit, but if you’re a small business owner, becoming familiar with business credit is important to your overall success. Establishing and maintaining good business credit will help you build valuable relationships with vendors, suppliers, manufacturers, and financial institutions that are important to operation. For business owners, a good business credit score translates into lower interest rates, better trade credit, and access to the financial support necessary to grow Read More

The Five Main Credit Scoring Factors

It takes more than on-time payments to build a good credit score. Understanding the five main credit scoring factors can help you boost your credit scores. These five factors help explain how information in your credit reports will be evaluated when your personal credit scores are calculated. The better you score on each of these factors, the higher your credit scores. Using the FICO model, here are the five main factors that affect your credit score: Payment History (35%) Debt Read More

Payment History and Your Credit Scores

Whether you pay bills on time is the single most important factor that makes up your personal credit scores. It is also a major factor when it comes to your business credit, but there are some differences in the way it is evaluated. Here’s what you need to know. If you miss a payment on your personal credit card, car loan or mortgage by a few days, chances are it won’t hurt your credit scores. With personal credit reports, payment Read More

Debt Utilization and Your Credit Scores

While the amount of debt you owe is important, even more important is how you are managing your revolving accounts such as credit cards. Learn more now.

Credit Checks — How Credit inquiries Affect Your Credit Scores

Whenever someone accesses your personal credit reports or scores, the credit reporting agency that fulfilled that request must, by law, record that “inquiry” on your credit report. Because certain inquiries have been found to be associated with greater credit risk, they may affect your credit scores. In other words, recent inquiries on your credit reports can cause your credit scores to drop. That said, there are a few important things to keep in mind with inquiries. The impact of a Read More