Month: January 2022

Top Options for $20k Loans If Your Company Has Been In Business for 3 Years or More

When we talk about building business credit and fundability, we do so with an end in mind. If you start working the process from the beginning, by the time you have been in business for 3 years or more you will have access to all the business funding you’ll need. That includes $20k loans or even higher.

Options for $20k Loans

If you follow the steps in order and handle credit responsibly, by the time you have reached this point you will be eligible for the best rates and terms available.

What are these options available to companies that have been in business for 3 years or more?

Term Loans

Banks are often the first place we think of when we consider financing. Yet, big banks only sign off on about 25% of the small business loan applications that come their way. Term loans often have lower interest rates than many other funding options. They also tend to be for higher loan amounts.

Generally speaking, the companies banks end up funding have:

  • Very strong financials and
  • Near-perfect credit scores
  • Owners with good personal credit
  • Collateral

You are more likely to meet these qualifications if you have at least 3 years in business and have been working on fundability and building business credit during that time.

Bridge Loans

A bridge loan is a short-term loan that a business or individual can use until they secure more permanent financing or remove an existing obligation. It allows the user to meet current obligations by providing immediate cash flow. Bridge loans are short term, up to one year. They have relatively high interest rates. Collateral such as equipment or inventory is common as well.

SBA Loans

Three years or more time in business will help make SBA loans a real possibility. It’ll be easier to get an SBA loan the longer you’re in business. This is because you can more easily show your business is established and making money consistently.

If you can show profitability and responsible credit and bank account management, your chances of getting an approval for an SBA loan will improve drastically.

SBA loans have great terms, so it’s worth it to work toward building eligibility.

SBA 504

The SBA 504 loan program is an economic development loan program that offers small businesses an avenue for business financing, while promoting business growth, and job creation.

This program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. Use it to buy currently existing buildings, construct new buildings, and more.

For corporations, anyone with a 20% ownership stake (or more) must fill out the application. This includes swearing they are not under indictment for any criminal offense. In general, the SBA provides 40% of the total project costs,  a participating lender covers up to 50% of the total project costs and the borrower contributes 10% of the project costs.

Under certain circumstances, a borrower may have to contribute up to 20% of the total project costs.

SBA 7(a)

This is the SBA’s most popular loan. The SBA guarantees 85% for loans up to $150,000 and 75% for loans greater than $150,000. The SBA makes the lending decision, but qualified lenders may be given authority to make credit decisions without SBA review.

Businesses must provide Articles of Organization, business licenses, documentation of lawsuits, judgments, bankruptcy, or other pertinent documentation. Also, lenders do not have to take collateral for loans up to $25,000.

For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount.

Online Lending

Online lending works well for those with less time in business, or in situations where traditional lenders will not work. Still, they will offer better terms and rates to those companies in business longer and with strong fundability. That means, it is best to not discount them even after you reach this point.

Some of our favorite online lenders are listed here.

After 3 Years in Business, $20k Loans May Not Be An Issue

If you are here looking for options for $20k loans for your business, and you have been in business for 3 years or more, you are probably going to be okay.  This is especially true if you have been working to build strong fundability and business credit as part of that.

If you are struggling to find $20k loans, start now building fundability, including strong business credit, and you’ll get there in no time.

The post Top Options for $20k Loans If Your Company Has Been In Business for 3 Years or More appeared first on Credit Suite.

Select A Business Credit Card Offer That Is Right For You

Select A Business Credit Card Offer That Is Right For You

Think it or otherwise, there are a great deal of company charge card provides readily available for you to select from. Whether you are a proprietor of a legit yet a small company or if you are a company exec that requires to have all the costs of his business on the best track, an organization bank card is certainly ideal for you.

The complying with are several of business bank card that you might select from as according to your choices and also demands.

The Platinum Advanta Rewards

This is a service bank card that includes an APR of absolutely no percent specifically for equilibrium transfers that are for fifteen months. After which, the APR is after that dealt with at a 7.99%. There is additionally a selection of a 5 percent traveling incentive or cash money back, whichever you would certainly like.

For this company bank card Platinum Advanta, there is no yearly charge nevertheless one requires to have excellent debt in order to use.

Business bank card CitiBusiness

For this specific sort of service charge card, any kind of acquisitions made and even equilibrium transfers within twelve months have absolutely no percent APR. This deal features no charge for the equilibrium transfer. There is additionally no yearly charge for this CitiBusiness card.

Think it or otherwise, these organization charge card enables endless charge card to its workers in addition to specific limitations on the credit score which you might establish. Recaps of business charge card accounts are supplied both each year as well as quarterly. When you require it, there is likewise a real-time 24/7 client solution prepared to help you as well as on-line support and also gain access to.

Once more, in order to use, CitBusiness charge card call for one to have excellent standing on his credit score.

Service charge card American Express

One more organization charge card is supplied by American Express’ Gold Business Reward card. The yearly cost for the initial year is definitely complimentary and also you reach conserve one hundred as well as twenty 5 bucks. American Express service credit scores card provides discount rates from solutions given by FedEx, Marriott or Delta.

Factors might likewise be retrieved for ay of the incentives in the top-tier that includes goods, traveling or perhaps devices for the workplace. Present cards are additionally consisted of which you might provide on your own or the staff members you have.

Once again, for such an elegant service bank card, one requires to have great credit scores standing in order to use.

Service bank card Platinum

Take note that this service credit history card is likewise from the elegant American Express. One is additionally given with extra organization credit scores cards for cost-free, this indicates the lack of a yearly charge.

Simply like American Express, there are discount rates supplied for Delta, FedEx and also Mariott amongst others. Once again, one requires to have great standing in his credit report to be able to use.

All in all, these are however a few of the readily available company credit scores card uses out there. Bear in mind that the ideal company credit scores card is one that fits your way of life, your choice as well as your demands.

Think it or not, these company credit history card permits endless credit score cards to its workers along with specific limitations on the debt which you might establish. One more service credit rating card is supplied by American Express’ Gold Business Reward card. American Express organization credit rating card uses discount rates from solutions supplied by FedEx, Marriott or Delta.

One is likewise offered with added organization credit scores cards for cost-free, this indicates the lack of a yearly charge.

All in all, these are yet a few of the readily available company credit rating card provides out there.

New comment by rootsanch in "Ask HN: Who wants to be hired? (January 2022)"

Location: Lagos, Nigeria

Remote: Yes

Willing to relocate: Yes

Technologies: Flutter/Dart, Node.js, Nest.js, Express, GraphQL

Résumé/CV: https://docs.google.com/document/d/1_8v5K-Mp4PdYxVRqJweYr2rw…

Email: chisomekwuribe@gmail.com

Hi, I’m a full-stack software engineer, currently focused on mobile development with Flutter.
If you’re looking for a developer with a good eye for design, excellent attention to detail, who writes clean, readable, maintainable code, and understands the full mobile development lifecycle, that’s me.
I’ve been working 100% remotely for over 3 years, and I demonstrate diligence and empathy. I’m a great team player and I’m also great at communicating. Shoot me an email!

New comment by tumancio in "Ask HN: Who wants to be hired? (January 2022)"

Location: Phoenix, Arizona

Remote: Yes

Willing to relocate: Yes

Technologies: PostgreSQL, Git, React, Spark, RESTful API’s, .NET, Java, Python

LinkedIn: https://www.linkedin.com/in/assad-y-aa4608146/

Colorado governor criticized by 2 district attorneys for intervening in trucker's sentencing

Colorado Gov. Jared Polis faced criticism from two district attorneys in the state – a Democrat and a Republican – who said his steep commutation of a truck driver convicted in a crash that led to four deaths before a judge weighed in could set a “troubling precedent,” according to reports.

Saudi F1 organisers to tweak circuit layout

Some minor adjustments will be made to the Saudi Arabian Grand Prix’s Jeddah street circuit to improve driver visibility around corners, organisers said on Thursday. The post Saudi F1 organisers to tweak circuit layout appeared first on Buy It At A Bargain – Deals And Reviews.

Saudi F1 organisers to tweak circuit layout

Some minor adjustments will be made to the Saudi Arabian Grand Prix’s Jeddah street circuit to improve driver visibility around corners, organisers said on Thursday.

The post Saudi F1 organisers to tweak circuit layout appeared first on Buy It At A Bargain – Deals And Reviews.

Jiga (YC W21) Is Hiring Their 3rd Full Stack Engineer

The Job:

Help hardware engineers ship products 3X faster!

Nowadays, the manufacturing industry is incredibly inefficient, costing the US economy billions of dollars every year, and making hardware products, like cars, planes, and medical devices that are expensive or unsafe/unusable.

In Jiga, we are working hard to fix this problem, by building a purchasing platform that talks to engineers.

You should apply if

– You love building UI components as much as building data structures and API endpoints, and there isn’t a task you can’t do.
– You are connected to the product side.
– You are not afraid to make mistakes and get your hands dirty.
– You have a get stuff done attitude.
– You love what you do.

Requirements:

– 3+ years of experience building full-stack web applications, end-to-end.
– Proven experience with React. – Proven experience with NodeJS, MongoDB, AWS S3.
– Deep love of startups and creating new products – Working blazingly fast.
– Independent and autodidact.

Would be nice to have also:
– Experience with Next.js

About Jiga

Jiga was started by our co founder, Assaf, who identified a need in the manufacturing market. After 6 years as a manufacturer himself, Assaf realized these inefficiencies had to be addressed.

We were founded in 2020, just before the first COVID lockdown. As we had to work remotely from day one, we learnt to communicate in an async way to allow everyone to focus and do what they do best, wherever they want and whenever they want.

We believe in flexible, remote work where each one of the team members has a voice and impact on the product. We don’t count hours, we take a no-nonsense approach, and we’re open to any new ideas and technology.

All religions/genders/races are encouraged to apply, we simply don’t care where you’re from as long as you do a good job and play nice.

Benefits

Fully flexible, location independent, parent-friendly remote work environment.
Internationally diverse and dynamic team with a clear vision and strategy.
Self-development budget.
Spotify/YouTube music subscription.
Generous stock options package.
Fast-paced environment with lots of room for creative freedom.
Opportunity to work on a real, painful problem together with an amazing team.

How to apply

Please send us an email to jobs@jiga.io with your CV, a short blurb and your favourite ice cream flavour (mine is cookies, obviously)

Comments URL: https://news.ycombinator.com/item?id=30113576

Points: 1

# Comments: 0

Kate Hudson says famous parents Goldie Hawn, Kurt Russell wanted to have 'the best family'

Kate Hudson said that her mother, Goldie Hawn, and her mom’s partner, Kurt Russell, made “amazing” parents who wanted “the best family.”

How to Use Tier 3 Vendors to Build a Strong Business Credit Portfolio

Hitting the 5 year mark is a tremendous achievement when it comes to running a business. Especially considering that nearly half of all companies fail in their first 5 years, and about ⅔ fail in the first 10 years. Truly, your company has beaten the odds.

Tier 3 Vendors are a Gateway to a Strong Business Credit Portfolio

With half a decade under your belt, your business should be profitable. However, you may still be using your personal credit on occasion. Maybe you built initial business credit and then stopped, thinking that you were done.

For example, maybe you already have several vendors reporting from the first couple of vendor tiers. Vendors such as Uline, Quill, and Grainger are great to work with. They offer net terms with fewer requirements than most business credit cards.  Even better, they report your payment to the business credit CRAs. Working with them helps you build an initial business credit score. But you can’t stop there.

Not only do you want to keep building your business credit score, but you want to build a well-rounded business credit portfolio. This includes much more than Tier 1 and 2 vendors, and even more than business credit cards.

Here are some other factors that you need to consider when it comes to a strong business credit score and portfolio.

Tier 3 Vendors

If you stopped at tier 2, thinking you were done, you are missing out. There are a ton of tier 3 vendors that can help you run your business more smoothly and manage cash more efficiently.

These are vendors that require a longer time in business and an established business credit score. They typically like to see regular business revenue before they will offer net terms. Some even offer revolving credit similar to a credit card. They are an important part of a strong business credit profile, and they are essential to building the strongest business credit score possible.

By the time you get to Tier 3 vendors, you should have at least 6 trade accounts reporting. That’s enough to help you get approval with vendors in tier 3, but not enough to be finished. You need at least 3 of these vendors reporting, making for a total of 9 trade accounts on your business credit report.

Here are some examples.

Crown Office Supplies

You can get paper and other office supplies through Crown Office Supplies. They report payments to all three of the major business credit reporting agencies. These are Dun & Bradstreet, Experian, and Equifax. The major benefit here is that it can be hard to find vendors that report to Equifax.

To qualify, you will need:

  • To be an entity in good standing with Secretary of State
  • An EIN
  • A business address that matches everywhere
  • A D-U-N-S number
  • Business license (if applicable)
  • Business bank account

There is a membership fee of $99 annually upon approval, but payment of this fee is reported to the business credit bureaus as well.

Gempler’s

Gempler’s sells work supplies and products, such as:

  • Outdoor workwear and safety supplies
  • Pest management products
  • Tires, and footwear

They report to Dun and Bradstreet. You have to place your initial order for over $50 and select the “Invoice me” option. Then, they will pull your credit. If you’re not approved, make sure to pre-pay for your order, and keep purchasing and choosing the “invoice me” option until you’re approved for a Net 30 account.

Summa Office Supplies

Along with the large variety of office supplies, Summa also offers a number of downloadable products. They offer Net 30 terms with up to a $2000 limit. A minimum $80.00 purchase is required,for the first order only, for them to report.

To qualify a business needs:

  • To be an entity in good standing with the Secretary of State
  • An EIN
  • Business address- matching everywhere.
  • D-U-N-S number
  • Business license- if applicable
  • Business bank account

After Tier 3 Vendors, Consider Working with Nonreporting Trade Accounts

Even nonreporting trade accounts are important to a business credit portfolio. Do not neglect them. There is no need to put everything on a credit card.  Even vendors that do not report can help you get the things you need without dipping into cash reserves, while allowing you to save revolving credit for larger concerns or times when trade credit is not available.

Don’t Stop Building Your Business Credit Portfolio

What’s the goal of a strong business credit score? It’s to help you build a business credit portfolio for your business. Of course, with a strong score, you can add lines of credit and credit cards to that portfolio.  However, the vendors you use to build your score, along with other vendors, are very useful additions.  A well-rounded business credit portfolio is key to business success, and Tier 3 vendors are a bridge to get you there.

The post How to Use Tier 3 Vendors to Build a Strong Business Credit Portfolio appeared first on Credit Suite.