Mick Schumacher, the son of seven-time Formula One world champion Michael, will double up as a Ferrari reserve driver next season while also having a regular race seat at U.S.-owned Haas.
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The race is on to secure new encryption algorithms for DeFi, before quantum computers become a present danger
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Millions of people work a side hustle these days. There are tons of options. Companies like Uber, Lyft, DoorDash, Instacart and more have blown the market wide open and helped create a gig economy of temp workers. However, many still choose to work on their own to make money on the side.
People choose to make money on the side in all kinds of ways. Some examples include:
The thing is, running a hustle on the side isn’t free. Even though often the overhead is relatively low, there are going to be costs. Selling online requires fees. Shipping costs are an issue if you sell a physical product. Even services oriented hustles like cleaning will require supplies.
There are a number of options when it comes to funding for this type of work.
Check out how our reliable process will help your business get the best business credit cards.
In the beginning, bootstrapping is the obvious choice. Basically, this is when you do it yourself. By definition, a side hustle is something you do in addition to your regular job. So, it can make sense to invest an initial amount to get started from funds already available to you. Then, continue to use most of your proceeds to purchase more of what you need for the hustle. Hopefully, eventually you break even and then produce a profit.
If you want to expand with newer or better equipment, say a new embroidery machine, baking molds, or a new vinyl cutting machine, consider asking friends and family. They can make great birthday or holiday gifts. You could also ask them to borrow the money, or even sell them equity so they become angel investors if it grows into more than just something you do on the side.
If you have good personal credit, you may be able to find good terms on a credit card to fund what you need short-term. Still, financing a business with personal credit means using a high percentage of your credit limits. This is called high credit utilization, and it can lower your personal credit scores.
If you decide your hustle is strong enough to take on a life of its own, consider setting it up as a separate business. Even if you keep your day job, doing this opens up many more funding opportunities.
Once you see your side hustle taking off, go ahead and name it. Your state may require for every business name to be unique, so check with the Secretary of State’s office. Get a business phone number and list it in the 411 directory. Then, get an EIN using the business name, phone number, and a physical business address where you can receive mail. You can do this for free at IRS.gov. Note: Do not use a P.O. Box or an UPS box as your business address. You can use a virtual address, but some lenders will not accept those.
You also need a separate, dedicated business bank account. Even if you aren’t bringing in a lot yet, this is still a good idea. You will need to report the income to the IRS, and this will help you keep track. Beyond that, if you want to apply for vendor accounts and other forms of business credit, this is often a requirement.
Also, if you want to be able to take credit card payments, you will need a merchant account. You cannot get a merchant account, without a business bank account.
These are just the first steps in setting up a side hustle to be eligible for business funding.
Check out how our reliable process will help your business get the best business credit cards.
As you do this, don’t neglect the details. Small inconsistencies can cause big problems. For example, if you use an ampersand in your business name when you get your EIN, be sure to use the ampersand and not the word “and” when you open your business bank account.
This type of seemingly small detail can cause big problems when you apply for business funding later on.
Taking these simple steps in the beginning will ensure you are ready to roll when the time comes to expand and grow your hustle. It takes funding to do that, and these steps will help you qualify for funding in the name of the business.
One of the easiest ways to start is to apply for business vendor credit. But first, use the business information you set up to apply for a D-U-N-S number from Dun & Bradstreet. You can apply and get one for free on their website.
Then, you can apply for credit from vendors in the name of your business. This will allow you to buy items needed to fill orders before you get paid. Items like jewelry-making supplies or tools and materials for handyman work can be bought ahead of time using vendor credit. You won’t have to wait to take orders. It can also make it possible to pay for advertising materials, like ad designs and banners, or even print ads.
You can’t just start applying for business accounts with any vendor you want right away and expect approval, however. If there are vendors that offer personal accounts and sell what you need, that is fine. However, it’s wise to work with some vendors that will extend net accounts in your business’s name, and report them to the business credit reporting agencies like Dun & Bradstreet, Experian, or Equifax.
Then you build business credit for your hustle. Business credit opens up many more funding opportunities for the future.
There are a few vendors that will do this even if your business credit score isn’t great, or is currently non-existent. They use other factors to determine creditworthiness. This includes whether your business is set up the way described above, as well as time in business, and more.
These are not revolving accounts. Rather, they are net accounts, meaning you will have to pay off the total balance at the end of the net term period. However, this can be a way to get the materials you need to run your business before your customer pays you. You can expand and grow your side hustle without depleting cash reserves, or even if you have no cash reserves.
The fun part about doing it this way, instead of just funding your business with your personal credit, is that you can build on those initial vendor credit accounts and eventually have even stronger business credit. All you need is 3 to 5 initial accounts reporting to be able to apply for more advanced accounts.
Check out how our reliable process will help your business get the best business credit cards.
After you are bringing in money regularly, and your income is somewhat predictable, you may also be able to finance your new business with purchase order financing or a merchant cash advance.
For both of these kinds of financing, you get slightly less than the full value of any outstanding invoices, but you get it a lot faster!
If you have a business account with PayPal or Square, you may qualify for a loan from them that does not take credit score into account.
Another great option when it comes to funding a side hustle as it grows is the Credit Line Hybrid.
A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. You can get 0% business credit cards with stated income, and many of these report to business CRAs. That means you can build business credit at the same time. You get access to even more cash, and with no personal guarantee. You need a good credit score or a guarantor with good credit to get an approval. In this case, that is a FICO score of at least 680. There are no financials required.
Your side hustle can be as large or as small as you want to make it. You can keep your day job, or you can grow it into a full time gig and be your own boss. Regardless, you’ll need funding to make it happen.
The post How to Get Business Funding for Your Side Hustle and Make More Money! appeared first on Credit Suite.
Loan underwriting is the process lenders use to determine the risk that a borrower will not repay a loan. A higher risk of non-payment means higher interest rates or denial.
When it comes to business loan underwriting, underwriters are looking at the owner’s information as well as information related to the business itself. This is more complicated and usually takes longer.
Here are some common questions about the process, and some tips to make things go as smoothly as possible.
Loan underwriting is not a game of “gotcha. “ Lenders want to make good loans. After all, that’s how they make a profit. They need to see not only that your business can repay the loan, but that there is a high probability you will repay the loan. They also want to see how you will handle repayment if something unexpected happens. Do you have a plan for making payments if things don’t go as planned?
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Underwriters are asking themselves these questions when they review your application. If you know what they’re looking for, you can include all the information needed on the front end.
Each lender has different criteria when it comes to underwriting small business loans. There really isn’t a standard that applies to every lender. Still, generally lenders are looking at the same types of things when they look at your business. But be aware, they may not weigh all factors the same.
Generally, loan underwriting requires you to provide:
Write your business plan long before you apply for a loan. Have a mentor or the local Small Business Development Center help you. Also, gather records requested and review the details for accuracy.
The data you provide for loan underwriting will be used to do the following.
If there isn’t enough revenue to support debt payments, you aren’t getting the loan. Most lenders have a ratio that helps them calculate how much they are willing to lend to your business. That is, if they approve the application.
Generally, approval for any amount over 10% of your annual revenues is not likely. This is especially true for traditional lenders. Of course, it depends heavily on whether you have any other business debt.
Learn business loan secrets and get money for your business.
With traditional lenders, your personal credit score is going to be part of every loan decision. In fact, in some cases it will determine whether or not they will pursue your loan application at all.
Banks generally look for scores in the 700s, though some will go as low as 680. The SBA has a minimum threshold around 650. In contrast, online lenders will go as low as 600 or even 500 in some cases.
If you get approval, the lower your personal credit score, the more expensive the financing. You may also have to provide a personal guarantee or sign off on a UCC blanket lien if your personal credit scores are particularly low.
Not all lenders require collateral, but most banks and the SBA do. While the SBA doesn’t always require that you fully collateralize a loan, they will require any collateral you may have available.
Online lenders will often apply a general lien on business assets. Also, most will require a personal guarantee on small business loans.
Underwriters may want to see how much money you have invested in the business. Lenders want you to have some personal skin in the game. If the business defaults, you have something to lose too.
In addition, lenders may use the data to determine a number of ratios that can help them in the decision making process.
This is a calculation of your business’ income and the total amount of business financing you already have. It is calculated as Business Income/ Business Debt. If your ratio is below 1.25, it will be difficult to get more financing.
This is especially important to underwriting if there isn’t a collateral requirement. It shows whether you have enough assets to cover the loan in the event you default. For example, do you have enough equipment or property to liquidate and cover the loan if you can’t make payments. A ratio of more than 1:1 is favorable.
This only applies if there is a collateral requirement. Lenders really want to see that your collateral is worth at least 20% more than you want to borrow. That’s why you need a down payment of around 20% to buy a new car or purchase a new house. The lender wants to make sure you meet this ratio.
Since you now know the formulas often used in the loan underwriting process, you can have your accountant do the math. It doesn’t make any sense to apply if the numbers aren’t in your favor. If you are close, it may be worth a shot.
Running the numbers can also give you an idea of what may be required in terms of a personal guarantee or collateral. This is helpful information to have before you apply.
There are a number of issues that an underwriter may uncover that may can mean “end game” for your loan application. If you know of any of these issues before you apply, definitely disclose them. Knowing ahead of time will allow the underwriters to take note of mitigating factors as they go. If they come across any of these on their own, it is probably game over.
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Check the documents you’re providing and make sure they’re complete. Material omissions, such as new loans that are not yet on record, need to be disclosed.
That way, the loan manager has all of the information and won’t penalize you for omissions.
You provide the data to lenders that the underwriters use to make the loan decisions. It is imperative that the data you provide is as complete and accurate as possible. If they find inconsistencies, it is very likely they will simply deny the loan.
Something as small as using an ampersand in your business name in one place, and the word “and” in another, can cause enough doubt to deny a loan.
This is why building fundability is so important. Underwriters want to see your business is established as a separate entity from you, the owner. They need to see accurate and consistent information. Consequently, providing this from the beginning will make their job easier and save you a lot of time and frustration.
The post Top Questions About the Business Loan Underwriting Process Answered appeared first on Credit Suite.
Philadelphia Police and the FBI are teaming up in the hunt for an alleged serial bank robber believed to have targeted seven financial institutions in less than four months.