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You might want to consider peer-to-peer loans if you want to increase your cash flow or grow your small business. Peer-to-peer loans can give entrepreneurs the chance to borrow money from private investors rather than banks, credit unions, and other traditional lenders.
Cash shortages can make it hard for you to buy inventory and supplies that your business needs and can even threaten the longevity of your business. Most business owners will pursue trade credit when they are low on cash. With this option, you can receive the goods or services you need and pay for them by an agreed upon date.
Declaring bankruptcy might be a viable solution if you are overwhelmed with business debt. However, it can affect your ability to get a small business loan. If you don’t have the cash to cover everyday business expenses and start or grow your operation, this can be problematic.
Having a credit card for your business can help you cover certain expenses; however, you have two credit card options to choose from: business credit card or personal credit card. On the surface, they both may seem the same, but they are quite different. So, what are those differences between the two credit cards? Here is what you need to know.
Having to provide collateral can be a deal breaker for most small business owners. Even if you don’t submit collateral, it doesn’t mean you can avoid recourse from your lender if you do not pay off your loan. Many business funding lenders require that you sign a personal guarantee which means the lender can come after your assets.
When you apply for a business loan, you might get approved but this doesn’t always happen for everyone. You might apply for a loan and get denied or offered a high rate and unfavorable terms. However, a cosigner can sign a loan and help you avoid this situation.
An SBA Microloan is a federally funded program that supplies information, support, and loans to businesses. The SBA offers several types of loans, today we will be focusing on an SBA microloan.
An angel investor can help a startup company who needs financing at an early stage. Early-stage financing is also provided to startup companies by venture capitalists. However, the difference between venture capitalist and angel investors is that a venture capitalist prefers to invest in large amounts who have high growth potential. If your startup company needs less than $2 million in venture capital, angel funding might be best for you.
If you do not want to put in a loan application at the bank, you can also ask for business capital from people you know. The good news is that you already have a personal relationship so chances are they will not run a credit check or ask you to put up your collateral and they might even give you a good deal with a low interest rate. The downside is that the whole process from asking to paying them back can be a hassle.
LLC business loans are similar to regular business loans. You get approved, get the funding, and then make the additional payments. The difference comes down to who is liable for the loan. With an LLC business loan, the LLC is technically the borrower.
