Month: April 2020

Top Business Loans for Minority Business Owners

It’s no secret. Minorities suffer challenges that are unique to them.  Certainly, one of those challenges is how hard it is to find business loans for minority business owners.  So,how do you find loans for minority business owners? 

The 8 Best Business Loans for Minority Business Owners

To clarify, not all of these loans are loans only for minority business.  Nonetheless, they all tend to work well for minority business owners. 

1. SBA 7(a) Loans & 8(a) Business Development Program

These loans are open to all small business owners.  However, if a minority business owner takes part in the SBA Business Development program, they increase their chance of getting this type of loan.  

Honestly, about 80% of SBA loan applications from Hispanic and African Americans are for $150,000 or less.  This is according to the SBA itself. Surprisingly, these smaller loans seem to be harder to get. Honestly, this is probably because lenders don’t make as much money from them.

In fact, in late 2018, the SBA got rid of the 2% fee for loans that are less $150,000 to help with this.

Loans for Minority Business Owners Credit Suite

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2. SBA Community Advantage Loans

These are to meet the needs of small businesses in neglected markets.  Of course, that includes minorities. The goal is to get local lenders to increase loans up to $250,000.  It does this by backing up to 85% of the loan amount. It helps small business owners who might not be able to get traditional financing. 

3. SBA Microloan Program

First, business loans for minority business owners go up to $50,000 through this program. Secondly, funds come from a third-party lender.  Usually, these are community nonprofit organizations. Often, they offer management and technical assistance to business owners alongside the loan. These loans are available to all small business owners.

4. Accion U.S. Network

Accion offers loans in all states.  Funds are available to the following: 

  • minorities 
  • veterans
  • women
  • those with disabilities
  • and low to medium income business owners 

Generally, loan amounts start at $200,000 and go up to $300,000. In addition, Accion can put owners in contact with others to help build a network of support.

Comparatively, the minimum credit score for these loans is 575.  Also, you cannot be 30 days late on paying anything. Finally, you will not qualify if you have any late rent or mortgage payments over the past year.

5. Union Bank Business Diversity Lending Program

This program from Union Bank offers business loans for minority business owners. Indeed, this one is specifically for minorities. In fact, to qualify, you must be Hispanic, American Indian, Latino, Asian, Alaskan Native, African American, Native Hawaiian, or other Pacific Islander.    

Furthermore, a business that makes up to $20 million could qualify for a loan of $2.5 million.  However, you must be in business for at least 2 years. Likewise, the minority business owner must own at least 51 percent. 

6. The National African American Small Business Loan Fund

This is a partnership between JP Morgan Chase and the Valley Economic Development Centers .  It serves small businesses with minority owners that are in low income or medium income communities.  However, only those in New York, Los Angeles, and Chicago are eligible.  

Loans for Minority Business Owners Credit Suite

Keep your business protected with our professional business credit monitoring. 

7. Business Center for New Americans

Presently, The Business Center for New Americans offers minority business loans of $5,000 to $50,000.  They work with immigrants, refugees, women, and other minority entrepreneurs. They work with minority business owners who have not been able to get traditional financing.  

8. Camino Financial 

Camino Financial is an online lender.  In like manner, they offer business loans for minority business owners. Conveniently, their entire application process is online.  Microloans range from $5,000 to $50,000.  In addition, they also offer small business loans between $10,000 to $400,000. 

Loans for Minority Business Owners: Other Options

Chances are, you are going to need funding from more than one source.  Of course, loans are the top option, with grants coming in a close second.  Don’t underestimate angel investors and crowdfunding however, as they definitely have their place. 

The thing is, funding isn’t just a one and done thing.  You are going to need funding throughout the life of your business.  As a result, you need to make sure you have access to the most and best possible funding options available.  To do this, you must work on fundability.  

Loans for Minority Business Owners and Fundability 

Unlike many things in the world, the factors that affect fundability are the same for everyone.  It doesn’t matter if you are a minority or not. What is fundability? 

Fundability is the ability to get funding for your business.  How does a business become fundable? What makes this answer complicated is that there is so much it must cover.  Sure, a great business credit score is important.  In addition, many of the aspects necessary for a strong business credit score are necessary for fundability as well.  There is so much more though.

A potential creditor needs to see that your business is legit and profitable.  Many loan applications are denied approval due to fraud concerns.  Something as seemingly unimportant as an address that hasn’t been updated can cause a problem.

Still, it’s best to start at the beginning.   Before you can build fundability at all, you have to have a foundation of fundability. 

The Foundation of Fundability for Loans for Minority Business Owners and More

The foundation of fundability is in how your business is set up.  It has to be set up to appear to be a fundable entity separate from you, the owner.  How do you accomplish this?  Well, like any foundation, it is best to start at the beginning.  It will be faster and easier if you do. However, if your business is already up and running, then you may not have that option.  That’s okay.  It’s never too late to start, but start now. For several reasons, the longer you wait the harder it will be. 

To have a fundable foundation you will need the following. 

  • Separate contact information

  • An EIN

  • To be incorporated

  • A dedicated business bank account

  • All the proper licenses

  • A professional business website

In addition to a fundable foundation, there are many other factors that can and will affect the fundability of your business. 

Business Credit Reports

These are much like your consumer credit reports.  Except, they detail the credit history of your business.  Chiefly, they help lenders determine how credit worthy your business is.  

Basically, the main sources of business credit reports are Dun & Bradstreet, Experian, and Equifax.  You have no way of knowing if your lender will choose to use one of these agencies, or another, less commonly used option.  To that end, you need to make sure your reports with all the credit agencies are up to date and accurate. 

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Keep your business protected with our professional business credit monitoring. 

Other Business Data Agencies 

In addition to those agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. They collect data from a variety of sources.  These include public records.  This means they could even have access to information relating to automobile accidents and liens. Honestly, you probably will not be able to access or change the data these agencies have on your business.  Instead, you should focus on making sure new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  You need to be aware that these numbers exist.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. 

Business Credit History

This is where the rubber meets the road when it comes to credit reports.  Your business credit history has everything to do with everything related to your business credit score.  That in turn, is a huge factor in the fundability of your business.  

Your credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board.  However, things slip through the cracks when you make changes. An address or name change can cause a problem if you don’t change it on everything.

A ton of loan applications are turned down each year due to fraud concerns simply because things do not match up.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Some of your credit accounts could have a different name or phone number listed than what is on your loan application. Do your insurances all have the correct information?  

The key to this piece of the business fundability is to monitor your reports frequently for mistakes and updates.   

Financial Statements

This encompasses a broad spectrum of things.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Business Financials

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. Have professional statements prepared at least annually. 

Personal Financials

Often tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   Remember, this is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

There are many other agencies that hold information related to your personal finances.  You need to know about them as well.  Everyone knows about FICO. Your personal FICO score needs to be as strong as possible. Most traditional lenders will look at both personal and business credit.

In addition to FICO reporting personal credit, you have ChexSystems.  In the simplest terms, this keeps up with bad check activity. And it makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  In turn, that will cause serious fundability issues. 

For this point, everything comes into play.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  All of this can and will play into the fundability of your business. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You need good personal credit.  Certainly, it will affect the fundability of your business. In fact, now is the time to work on it. Don’t wait. The number one way to get a strong personal credit score, or improve a weak one, is the same. It’s to make payments regularly on time. 

Also, make sure you keep an eye on things. Correct mistakes.  Make sure there are no fraudulent accounts. Just keep a general eye on things. 

Application Process

Finally, even the application process can affect fundability.  First, consider the timing of the application.  Is your business currently fundable?  Next, make sure your business name, business address, and ownership status are all verifiable.  Lenders will check.  Lastly, make sure you choose the right loan. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choosing the right product to apply for is important. 

Loans for Minority Business Owners: Build Fundability 

There are some specific business loans for minority business owners available.  Nevertheless, the better option is to build fundability to increase your chances of approval for all funding options.  Obviously, the more fundable your business is, the better. Look for minority loans. Simultaneously, work on a fundable foundation.  Then, keep working. If your business is fundable, it can get the funding it needs to thrive and grow into the future. 

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Day Trading Penny Stocks – Is It Really Worth The Risk?

Day Trading Penny Stocks – Is It Really Worth The Risk?

Is day trading cent supplies actually a sensible relocation for your financial investment task? Many individuals watch out for this task, and also with great factor. While you definitely do listen to the beauty tales of the numerous capitalists that’ve made lot of money with cent supplies, you many times do not find out about the thousands that’ve shed a lots of cash at the same time.

Cent supplies are infamous for allowing you to make either massive gains or losses overnight. Many individuals listen to tales concerning someone that made a million bucks in a pair days day trading dime supplies, and also come to be so rapt with that said they do not understand these exact same financiers (casino players, truly) usually shed all that cash not long after.

Think it or otherwise, dime supplies are absolutely nothing even more, absolutely nothing much less than pietistic gaming. Yes, there are some capitalists that can make a great deal of cash with this method, yet just if they are definitely certain of what they are doing. The factor for their volatility is basic: each of these business that are trading for les than $1 per share entered into the scenario for a factor.

Typically, it was either negative monitoring, bad business economics, or a mix. You would certainly much better have an excellent factor for assuming a turn-around is concerning to take place prior to laying your cash down.

The primary factor day trading cent supplies is so dangerous is that it does not take much to influence your financial investment. If you get in at.25 cents, and also the supply goes up to.50 cents, you’ve simply increased your financial investment simply by a. 25 cent gain! Obviously, the very same threats make an application for it decreasing.

While a. 25 cent swing for many supplies would certainly be rarely recognizable, for dime supplies they can be either huge lucrative or self-destructive. If you do intend on getting in the amazing, continuous activity globe of dime supplies, you require to be definitely certain you are a specialist at looking at a firm as well as detecting a turn-around opportunity.

Think of this: a lot of the globe’s leading capitalists have actually specified they go to by purchasing excellent supplies that have actually displayed a long-term of success. You willingly take on your own out of that world as well as emphasis just on firms that have actually verified they can not transform a revenue when you spend in dime supplies. Yes, occasionally turn-arounds or wonders do take place, however seldom.

If you do intend on entering this globe of day trading cent supplies, you require to come to be a specialist at identifying business you make certain will certainly transform points about, and also enter at the correct time. No, generating income with cent supplies is absolutely possible, yet you have to recognize what you’re doing, and also check your financial investments carefully in all times.

Is day trading dime supplies actually a sensible action for your financial investment task? While you absolutely do listen to the beauty tales of the lots of capitalists that’ve made ton of money with cent supplies, you commonly times do not listen to concerning the thousands that’ve shed a load of cash in the procedure.

The major factor day trading cent supplies is so high-risk is that it does not take much to influence your financial investment. When you spend in dime supplies, you willingly take on your own out of that world as well as emphasis just on firms that have actually shown they can not transform an earnings.

The post Day Trading Penny Stocks – Is It Really Worth The Risk? appeared first on ROI Credit Builders.

Repl.it is hiring a support/QA/docs engineer

Article URL: https://repl.it/jobs

Comments URL: https://news.ycombinator.com/item?id=22750284

Points: 1

# Comments: 0

Relationship Hero (YC S17) Is Hiring Coaches – Full Time Remote

Article URL: https://relationshiphero.com/careers?role=coach

Comments URL: https://news.ycombinator.com/item?id=22773478

Points: 1

# Comments: 0

New comment by remotemonk in "Ask HN: Who is hiring? (April 2020)"

Here’s a public spreadsheet of 150+ remote job opportunities in April 2020. Search by skills, area of work, location.

The sheet includes the best jobs from who is hiring thread.

https://docs.google.com/spreadsheets/d/1RPk0Hc1jU83ynrpONcfU…

Please share to help others who are searching for jobs. Thanks.

Loss of pro days makes it harder for teams to find next Austin Ekeler

A lot of 2020 prospects are having to get creative with workout videos.

The post Loss of pro days makes it harder for teams to find next Austin Ekeler appeared first on Buy It At A Bargain – Deals And Reviews.

New comment by damirkotoric in "Ask HN: Freelancer? Seeking freelancer? (April 2020)"

SEEKING WORK | Product Designer | Remote (GMT+11) Multidisciplinary designer bringing digital products to life — for fledgling startups and Fortune 500 giants all around the world. http://damirkotoric.com/ https://www.linkedin.com/in/damirkotoric/

Recession Supply Chain Management in the Era of COVID-19

Conditions are changing on the fly. It’s hard to find certain products on the shelves. COVID-19 (the novel coronavirus) has utterly disrupted the supply chain. This is so even if you never received products or raw materials from Asia. And with the economy slipping, a recession seems a certainty. You need recession supply chain management.

Suddenly, You Need to Concern Yourself with Recession Supply Chain Management

Our world of business has changed. Right now, business owners are more concerned than ever before. Many are uncertain of what to do. It’s a time to be wondering about how to get the capital you need to grow, and whether it’s possible to survive and thrive. But you can!

Everything is Moving FAST These Days

Conditions are changing on the fly. Several states have already closed restaurants and bars and other nonessential businesses. Others are limiting gatherings, if they can get people to listen and do as requested. Still others have lockdowns in place. Stores are having trouble keeping stock on the shelves. Customers and prospects are getting jittery.  But you can still build business credit. In fact, you should.

Supply chains are breaking down. If you get goods from China, they you’re already feeling the pinch. This includes if you only get one raw material from China. It can be harder to get basic supplies. Unfortunately, hoarding is a very real problem right now. But did you know that starter vendor business credit can save you?

Building Recession Supply Chain Management Right into Business Credit Building

Here’s how business credit is built. Having an EIN doesn’t mean you have established credit. If you go to a bank to try and get credit using your EIN with no credit established, you’ll ALWAYS get denied, guaranteed! That is unless you have good personal credit and use it for approval while supplying your personal guarantee. It doesn’t have to be that way. Now is the perfect time to get rolling with business credit. Take advantage of changed circumstances and strike while the iron is HOT.

Let’s look at building business credit the right way. You cannot start with high limits. First you must build starter trade lines that report (vendor credit). Then you’ll have an established credit profile. Then you’ll get a business credit score. With an established business credit profile and score you can start getting high credit limits. Acting now can only help you later.

Recession Supply Chain Management with Starter Vendor Credit

What is starter vendor credit? These trade lines are creditors who will give you initial credit when you have none now. These are often vendors who can give you basic business supplies such as shipping boxes, Outdoor work wear, Ink and toner, Office Furniture, and yes, paper goods! They often offer terms such as Net 30, instead of revolving. However, there are some revolving accounts which are still considered to be starter vendors.

Details

Here are the typical details on vendor credit accounts. So, if you get approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account, or 60 days for a Net 60 accounts. Unlike with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you used. To start your business credit profile the right way, you need to get approval for vendor accounts that report to the business credit reporting agencies. Once that’s done, you can then use the credit, pay back what you used, and the account goes on report to Dun & Bradstreet, Experian, or Equifax.

Once on report, then you have trade lines, and an established credit profile and score. With your newly established business credit profile and score, you can then get approval for more credit under your EIN. For vendor credit, you can leave your SSN off of the application. Then the credit issuer then pulls your EIN credit, sees a solid profile and score, and can then approve you for more credit. No matter what the economy is doing, this is very doable.

Not Using Your Social Security Number

Let’s look at what it means when you’re not using your Social Security Number. You can’t leave your SSN off bank loan applications or many other credit applications, if that credit is ultimately issued by a bank. This is because federal law requires a Social Security number on the application. It’s to prevent fraud. But for starter vendors, so long as it’s not through a bank, you can leave your SSN off the application. Just leave that field blank. Don’t fill in any other number, because if you do so, you’ve just broken two federal laws.

Recession Supply Chain Management Credit Suite

Learn more here and consult with us about getting started toward growing small business credit in a recession.

Starter Vendor Credit Benefits and How They Can Help You with Recession Supply Chain Management

Check out these starter vendor credit benefits. Vendor Credit is an important step in building business credit. Vendor Credit is easier to get than store or fleet credit. It can lead to more credit. Establishing credit will lead to lenders approving you. This process is proven to work! As we pause and regroup, it’s the perfect opportunity to build starter vendor credit.

Consider the process of building business credit. You will need to have credit to get more credit. Getting initial credit is the hardest part. Many trade vendors who issue credit don’t report it to the business reporting agencies – as in over 90%! So, you must find sources which actually report.

Vendor Credit to the Rescue for Better Recession Supply Chain Management 

Here are three Companies which provide vendor credit and report to the business credit reporting agencies: Uline, Quill, and Grainger Industrial Supply. 

And they can ALL help you get basic supplies, no matter how well your current supplier is stocked.

Uline

We talk about Uline a lot, and it’s for very good reasons. They sell shipping, packing and industrial supplies. They report to Dun & Bradstreet and Experian. You must have a D-U-N-S number and an EIN before starting with them. You need for an order to be $50.00 or more before they’ll report it. Your first few orders might need to be pre-paid to initially so your company can get approval for Net 30 terms.

To qualify, you need an entity in good standing with Secretary of State, your EIN number with the IRS, your business address (matching everywhere), a D-U-N-S number, your business license (if applicable), and a business bank account. Your application may get approval for net 30 at time of order. Upon final review, their Credit Department may change to a few prepaid orders, before granting Net 30.

How Can Uline Help You with Recession Supply Chain Management?

Here’s how Uline can help. Among many other things, they sell toilet paper and paper towels. You can get retail bags. New Hampshire, for example, is going to single-use to slow transmission of COVID-19. Other states may follow suit. But you may have to wait a few weeks to get your delivery. This is not usual for them, it’s just the current circumstances. Deliveries should speed up in the future. Note: due to high demand, you can only order nitrile gloves if you already have ordered them from Uline before. You can visit them at: uline.com.

Recession Supply Chain Management Credit Suite

Learn more here and consult with us about getting started toward growing small business credit in a recession.

Quill

Let’s look at Quill. They sell handheld computers, shipping supplies, cleaning supplies, and more. They report to Dun & Bradstreet. If you are not given a Net 30, they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report. So you need for them to have given you a Net 30 account. Net 30 accounts require a $50.00 purchase to report.

To qualify, you need an entity in good standing with Secretary of State, your EIN number with the IRS, your business address (matching everywhere), a D-U-N-S number, your business license (if applicable), and a business bank account. A new business or businesses with no credit history may need to prepay until Net 30 approval.

How Can Quill Help You with Recession Supply Chain Management?

Here’s how Quill can help. Among many other things, they sell hand sanitizer, paper towels, and toilet paper. Due to high demand, delivery may be slower than usual. Currently, their $45 minimum for free shipping has been waived. Right now, everything they sell is shipping for free. You can visit them at: quill.com.

Grainger Industrial Supply

Check out Grainger Industrial Supply. They sell hardware, power tools, electrical supplies, pumps and more. And they also do fleet maintenance. They report to D&B. Orders must be $50.00 or more to go on report. Terms are Net 30.

To qualify, you need an entity in good standing with Secretary of State, your EIN number with the IRS, your business address (matching everywhere), a D-U-N-S number, your business license (if applicable), and a business bank account. They may ask for additional documents for approval. If a business doesn’t have an established credit, they will require additional documents like accounts payable, income statement, balance sheets, etc.

How Can Grainger Industrial Supply Help You with Recession Supply Chain Management?

Here’s how Grainger can help. Grainger remains committed to staying open. They’re currently sold out of hand sanitizer, and a lot of their face masks are sold out, but they do have toilet paper, Lysol, and rubbing alcohol. Some delivery estimates are faster than others. You can visit them at: grainger.com.

Recession Supply Chain Management: The Upshot

Times are changing rapidly. But one constant in life is business credit building. Starter vendors can supply a lot of what you need right now. So consider changing your supply chain and build business credit while weathering the current storm. Get paper goods, cleaning supplies, and so much more. Our Business Finance Suite has even more starter vendors. We’re all in this together.

Recession Supply Chain Management Credit Suite

Learn more here and consult with us about getting started toward growing small business credit in a recession.

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Beat Your Competition with These New Year’s Hiring Resolutions

Beat Your Competition with These New Year’s Hiring Resolutions An additional year has actually passed as well as it’s time to make your New Year’s resolutions. While others will certainly be munching and also striking the health club on pure nicotine gum tissue, you can obtain an upper hand on your competitors with these employing …