When it comes to business lending, SBA loans are still very popular among business owners. SBA is appealing for small business owners because they tend to have longer payment terms and lower interest rates than many other types of business financing and loans. However, getting an SBA can be overwhelming for most but it is important to not let it be.
One of the biggest reasons that most small business do not get approved for business financing is because of their credit score. But disorganized financials are also another factor to blame. Lenders want to make sure that your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved.
The goal of any business is to make a profit. However, if your business is making sales but seeing little-to-no profit, you might be leaking cash. There are some financial statements that you would need to consider including your cash flow statement, balance sheet, profit and loss statement. These documents can help you see what areas need attention within your business.
As you look into tools to borrow money to grow your business, you might consider business financing options such as lines of credit, loans, and credit cards. Business loans are straightforward to understand but you might have questions about the difference between a line of credit and a credit card.
A Trade Reference is a report detailing the payment history between a business customer and its supplier or vendor. Trade references may be supplied verbally, in the form of a trade reference letter, or by reporting payment history to commercial credit reporting agencies such as Dun & Bradstreet, Experian or Equifax.
If you run a small business, there are many financial advantages that come with it. In this post, we will talk about several ways that having a small business saves you money.
Cash flow for a business is important but it does come with plenty of problems. Cash flow problems can happen to any business at any time and when they are not managed properly or addressed, they can be detrimental. According to statistics, over 80 percent of businesses fail do so because of cash flow management problems.
Running a business is no easy task. In fact, many businesses do not make it past the five-year mark. Staying in business request a lot of work and if you want your business to be always making a profit, you need to improve your business efficiency. In this article we discuss four strategies to help make your business more efficient.