A common question I get is “How do I get a bank loan to fund my startup?” The default answer is that it probably won’t happen, because most banks just don’t make bank loans to startups. The failure rate is just too high, and startups typically don’t have the assets or revenue stream to back […]
Banking
Have Uneven Cash Flow? 5 Ways to Smooth It Out
Small businesses, freelancers and “solopreneurs” alike know all too well that steady, predictable cash flow is a peace of mind that is not always guaranteed. Luckily, there are some things you can be doing to mitigate those dips and help make your financials get into a more reliable state, month after month. Update Billing Cycles […]
Bankers: Love ‘em or Hate ‘em, They May Affect Your Future
Let’s get right down to it. Your banking relationship can be like a great marriage or a bad trip to the DMV. In most cases it is strictly your choice. But the results of that choice will reverberate for what could be years. For a start… How did you open your first bank account? Did […]
Financing Your Franchise Investment Through Bank Loans: What You Need to Know
Franchise ownership is an ideal way to make the leap to being a business owner. The great thing about becoming part of a franchise system is that your leap comes with the support and guidance of an established business. But, if you’re considering this path, you must think about the financing option that is right […]
Microloans: Are They Right for Your Small Business?
So, you took the plunge. You decided to start your own business. Every day you’ll wake up with the personal satisfaction of being your own boss—no more unfulfilling work, inflexibility, lengthy commutes or other hardships via conventional employment. But, unless you’re swimming in gold like Scrooge McDuck, you need to acquire funding to turn your […]
Can My Business Qualify for a Credit Line from the Bank?
One of my beloved business owners just asked, “Can my business qualify for a credit line from a bank, a traditional lender?” It matters because if your business can meet traditional lender requirements, your interest charges will be a WHOLE LOT LESS. You want this because it’s a better use to cash to find new […]
5 Benefits of Opening a Business Checking Account
One simple but critical action for any small business owner is opening a business checking account. This is especially true when launching a new venture. In fact, it is one of the first things an aspiring entrepreneur must have. Here are a few reasons for having a business bank account: 1. Avoids Co-Mingling Funds Any […]
5 Tips for Applying for an Online Loan
It’s no secret that small businesses are critical to the nation’s economic prosperity. After all, they employ nearly half of all U.S. workers. With so many relying on the success of small businesses, it’s more important than ever for owners to have quick and convenient access to funding that can keep their businesses running—and growing—smoothly. […]
What You Need to Know About Invoice Financing
Banks have been in business for a long time and they have only gotten more powerful as they continue to consolidate their hold on the nation’s wealth. Even after the 2008 financial crisis, Forbes reported that 5 major banks held almost half of the U.S. banking industry’s financial assets—up 400% from the early 90s. The point: Banks are […]
Why Banks Deny Small Business Loans
There are many reasons why banks deny an applicant’s small business loan request. Unfortunately, this happens too often, even when the business idea is a great one. Why does this happen? Why is it so hard for entrepreneurs and small business owners to gain the financing they need to start or run their business? Understanding […]
