There are Terrific Grant Funding Opportunities Out There for Small Businesses

Check Out Exceptional Grant Funding Opportunities

Are you looking for grant funding opportunities? Grants are exceptionally competitive, and they often require filling out a lot of paperwork. Still, if you can get them, they are essentially free money. So, if you feel you have a better than 50% chance, then it makes sense to go after appropriate grants.

It tends to help if you are a member of a minority or a protected class. Also, it can help if you are bringing in something new to an area that needs it. For example, rural electrification grants seem to always be available.

Let’s start with entrepreneurs who are members of minorities and protected classes.

Business Grant Funding Opportunities for Women

As female entrepreneurs continue to come into their own, the government and private ventures offer more grant funding opportunities. Here are a few to get you going.

Amber Grant

Women have some great grants open to them. The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See ambergrantsforwomen.com/get-an-amber-grant/apply-now

Cartier Women’s Initiative Award

Businesswomen can also try for a Cartier award. This award is for women of all classes and groups. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, with $30,000 for second and third place.

The award goes to three women from each of seven international regions. This award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See cartierwomensinitiative.com/about-us

Cartier Science and Technology Pioneer Award and Fellowship

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will be recognized for a new thematic award. Open to women entrepreneurs from any country and sector, this award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances.

The laureate will be awarded a $100,000 grant. Each of the two remaining finalists will receive a $30,000 grant.

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This program aims to equip the fellows with the necessary skills to grow their business. Also, it helps them to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grant Funding Opportunities for Black Business Owners

Entrepreneurs who are African American have other choices when it comes to grants. And for persons who are members of more than one minority – such as black women or people who are both Asian and Native American – there are more choices.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association states its purpose is to help newer businesses that have an African American ownership. This is a pitch competition for startup businesses. See nbmbaa.org/scale-up-pitch-challenge.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is for both men and women. Grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See mbda.gov/grants.

Enterprising Women of Color Initiative

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative works to focus on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment, by supporting efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See mbda.gov.

Grant Funding Opportunities for Native American Entrepreneurs

The Native American Business Development Institute (NABDI) Grant

Are you all or part Native American? Then check out this grant.

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, the program provided more than $727,000 to 21 indigenous tribes, to support economic feasibility studies for specific economic development projects or business startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding that can be requested, but most awards range in value from $25,000 to $75,000. They only fund projects for one year at a time, which is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

For business owners with Native American heritage, there is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get financing from the federal government through the Indian Affairs branch. An individual can fill out an application for up to $500,000, but business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. There are additional requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. They help in the application process in addition to funds. First Nations also helps point individuals to appropriate grants offered by other organizations, including the US government. This includes help with writing grant proposals. See firstnations.org/grantmaking.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grant Funding Opportunities for South Asian Entrepreneurs

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re also of South Asian descent, then check out this fund. The fund is run by the India Center Foundation. It supports US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature with heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.

Eligibility for The South Asian Arts Resiliency Fund

To be eligible, applicants must be of South Asian descent. Also, they must work in the arts and demonstrate loss of income due to COVID-19. Also, applicants must be:

at least 21 years old
not enrolled in a degree program, and
able to receive taxable income in the US

You can put grant funding toward any artistic project you can develop, create, and present. It must be within four to six weeks of getting funding. See theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grant Funding Opportunities for Science-Based Businesses

The National Science Foundation supports small businesses with contracts and grants. They award nearly $190 million annually to startups and small businesses. This is through the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program.

The idea is to support transforming scientific discovery into products and services with commercial and societal impact. These grants support R&D across almost all areas of science and technology. To learn more about SBIR/STTR, visit https://seedfund.nsf.gov. See also nsf.gov/funding/smallbusiness.jsp.

Grant Funding Opportunities in Response to the Pandemic

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund

Grant Funding Opportunities from the US Government

Grants.gov

Grants.gov is a running list of more than 1,000 available federal government grants. The website compiles grants from over two dozen government agencies. Such as the SBA, USDA, and the US Department of Commerce. To find a grant right for your business, use the Search Grants tool on the website. You can sort through the list of grants by keyword or opportunity number.

The USDA is where those rural electrification grants are.

Once you have located the grant you wish to apply for, click the opportunity number for more detail. There, you will find more information about the specific grant as well as any associated documentation you may need. To apply for a grant through Grants.gov, you must first register. Then, you can download an application package for the grant you want to get. Be ready for a lengthy process. See grants.gov.

Alternatives to Grants: Crowdfunding

If you would rather not rely on grants so much to fund your business, crowdfunding is a viable option. Keep in mind, not everyone with a campaign on a crowdfunding site is successful. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates than others.

Alternatives to Grants: Angel Investors

Angel investors are informal investors. Essentially, you are selling a part of your business to them. They tend to not want a huge percentage of your business. Also, they won’t pass by more conventional businesses, like with crowdfunding and venture capital. Hence they can be another supplement or replacement for grants.

Alternatives to Grants: Loans

If grants aren’t an option, loans might work for you.

Business Center for New Americans

If you’re an immigrant, try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest. Loan repayment term goes up to a year. See accompanycapital.org.

Grant Funding Opportunities: Takeaways

The government and private organizations want to GIVE you money! Grants are a great way to supplement other business funding. And they are still worth the effort to apply. So there really isn’t anything to lose except time – it’s free money.

There are several grant funding opportunities out there for entrepreneurs. Members of minorities and protected classes tend to get some preference. But all entrepreneurs should apply for whichever grants they feel they are most likely to get. Also, other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post There are Terrific Grant Funding Opportunities Out There for Small Businesses appeared first on Credit Suite.

What’s This? The Paycheck Protection Program is out of Money Again?

What is Going on with the Paycheck Protection Program?

According to the New York Times, “Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.”

Unfortunately, this is nothing new. The Paycheck Protection Program has run out of money before – almost exactly a year ago, to be precise, on April 16^th.

And then in August of 2020, that round for the PPP ended with money left over. So, in essence, the amount has gone up and down, regardless of who has been occupying the White House or which party is controlling Congress.

Paycheck Protection Program Fraud Does Not Help Matters

According to the National Law Review, by last month, the SBA, “provided a total of $934 billion in funding to companies impacted by the COVID-19 pandemic. As of September 2020, Congress had already identified billions of dollars in suspect loans issued under the PPP; and, in the months since, the U.S. Department of Justice (DOJ) has continued to pursue fraud investigations targeting PPP loan recipients across the country.”

In fact, it turns out to be good employment news for lawyers. The Department of Justice is currently hiring trial attorneys to prosecute loan fraud cases. But there are more reasons why the Paycheck Protection Program may have burned through its funds more quickly than its expected end date of May 31^st.

Paycheck Protection Program Loans Going to Places That Do Not Need Them is Another Issue

In a paper published by NBER.org, that organization found, “funds were targeted towards areas less severely affected by the virus, at least initially.” While things have changed, and the distribution process has improved dramatically, there may still be some questionable places where PPP funds went but were not needed – at least not as desperately as they have been needed in other industries and other parts of the country.

PPP Set Aside Still Has Some $$ – For Now

Also per the New York Times, “Some money — around $8 billion — is still available through a set-aside for community financial institutions, which generally focus on lending to businesses run by women, minorities and other underserved communities. Those lenders will be allowed to process applications until that money runs out…”.

Hence if you are a member of a protected class, you may be in luck. If you want a Paycheck Protection Program loan, and you have not acted yet, then your best (and only) bet is to go through a community financial institution. And you had best hurry.

Will more money be released to bolster this program for yet another round of funding? It is hard to say. Given that there was an April hiring boom, it is entirely possible that Congress and the President will decide to wait and see. Or, maybe, forgo another round while the economic recovery stays strong. As always, that could change at any time.

As a result, it is probably a good idea to look at alternatives to the Paycheck Protection Program.

Demolish your funding problems with 27 killer ways to get cash for your business.

3 Great Alternatives to the Paycheck Protection Program

3. 401(k) Financing

This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

Credit Suite offers 401(k) financing.

401(k) Financing: Terms and Qualifying

The Credit Suite 401(k) financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. In as little as 2 weeks you can invest a portion of your retirement funds into your business, giving you more control over the performance of your retirement plan assets and the working capital you need for business growth.

401(k) financing is easy to qualify for as you won’t need financials or good credit to get approval.

To qualify for 401(k) financing all any lender will require is a copy of your two most recent 401(k) statements. If your 401(k) has a value more than $35,000 you can get approval, even with severely challenged personal credit.

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it.

Can usually get up to 100% of what’s “rollable” within your 401(k). The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Do You Have Credit Issues Now?

Our 401(k) financing program is perfect for business owners who have credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval for a low-interest credit line, even with severely challenged personal credit and low credit scores.

You can get approval for a credit line, regardless of personal credit quality, even if you have recent derogatory items and major collections on your credit report.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems. You will need to pay a lender fee; it will include 5 years’ worth of management and consulting.

Demolish your funding problems with 27 killer ways to get cash for your business.

2. Account Receivable Financing

Many businesses wait weeks, even months to get paid on their outstanding account receivables. This typically creates major cash-flow issues as they provide their goods and services and absorb those costs until they eventually get paid sometimes 90 days later.

Hence another funding option is to use outstanding account receivables as collateral for financing. Receivables should be with the government or another business. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so. You can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing: Terms and Qualifying

Use your outstanding account receivables for financing. Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates as low as 1.33%. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing Through Credit Suite

With Credit Suite Account Receivable Financing you can get rates less than 2% and financing as high as $20,000,000 even with severely challenged personal credit.

Easy Qualification Process

To qualify for AR Financing your business must be open for at least 12 months. The lender will review your existing receivables or purchase orders and will look into the company that your receivables are with.

If the companies who owe you money have a good history of paying their debts, you can easily get approval regardless of your personal credit quality.

Do You Have Credit Issues Now?

The Credit Suite Account Receivable Financing program is perfect for business owners who have credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval and be advanced 80% of your receivables, even with severely challenged personal credit and low credit scores.

Get approval with a personal credit score lower than 500, even if you have recent derogatory items and major collections on your credit report. Lenders truly don’t care about your personal credit; they care more about the credit of the company where you have the receivables.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems.

You can get paid tomorrow instead of waiting weeks or months for payment. And you can do this for less than the cost of you accepting a credit card payment from your customers.

There are very few other programs in existence that can give you these low rates even if you have severe personal credit challenges.

Demolish your funding problems with 27 killer ways to get cash for your business.

1. The Credit Suite Credit Line Hybrid is a Terrific Alternative to a PPP Loan

A credit line hybrid is a form of unsecured funding.

Our Credit Line Hybrid program is extremely popular due in part to how easy it is to get approval. To qualify lenders will look solely at your or your credit partner’s personal credit quality. They are looking for very good personal credit with no derogatory items reporting.

Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. You can get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). Your credit utilization on each of your revolving accounts has to be less than 40%. You can have no more than six inquiries per bureau in the past six months. Fewer inquiries are preferable. You cannot have more than four unsecured accounts opened within the past 12 months. And you cannot have any bankruptcies in the previous seven years.

Plus, there can be no open (unpaid) collections, liens, or judgments. And no late payments in the last 24 months. You will need to have a seasoned bank card trade line with a $2,000 limit or higher. A higher limit is preferred.

Plus, you must have at least two open revolving accounts with a good payment history spanning a year and a half to two years.

No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Do You Have Credit Issues Now?

If you have good credit there is a good chance you can get approval for our Credit Line Hybrid. But even if you have personal credit issues now and no established business credit, we still might be able to help.

You can qualify for our Credit Line Hybrid program with a personal guarantor. If you have someone such as a business partner who does have good personal credit, they can apply and qualify for unsecured financing for the business.

Our collateral-based financing programs are perfect for consumers with personal credit challenges. Get approval with great terms and get approval even with severe credit issues. You can also qualify for financing with us if you have been open more than a year and have active cash flow for your business now.

You can use our Business Credit Building Program to help quickly establish a business credit profile and score so you can qualify for unsecured financing based on your business credit. We even work with a powerful network of credit improvement specialists who can help you repair your personal credit damage.

Paycheck Protection Program and its Alternatives: Takeaways

The Paycheck Protection Program has been in flux ever since it was first announced over a year ago. And the fact that it’s again out of funds should come as no surprise.

But don’t despair if you feel you’ve missed out on business financing. Try any of our alternatives to the PPP – and these three just scratch the surface when it comes to all that Credit Suite has to offer.

You can get business funding and stay afloat – no matter what’s going on with the PPP. Why not reach out today to find out the details on what you can get for your business?

The post What’s This? The Paycheck Protection Program is out of Money Again? appeared first on Credit Suite.

AtoB (YC S20) – Stripe for Transportation – hiring early engineers and operators

Article URL: http://atob.com/careers

Comments URL: https://news.ycombinator.com/item?id=27074944

Points: 1

# Comments: 0

New comment by guhsnamih in "Ask HN: Freelancer? Seeking freelancer? (May 2021)"

SEEKING WORK | NOIDA, India | REMOTE Only Skills: Python, Perl, JS, SQL Incompetencies: Frontend Development, Teamwork Résumé/CV: http://himanshugarg.github.io/assets/cv_4.pdf

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How to Run a Breakeven Analysis for Paid Marketing

Starting a new paid marketing campaign is no easy feat. There are logistical considerations, financial considerations, audience considerations, duration considerations. Let’s imagine you’ve decided to start a new Google Ads campaign. You have a vague idea how much everything will cost, and you’re eager to get started. Before you hit the green light on your …

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How to Launch a Business With PPC Ads

You came up with an idea, did your research, maybe even found some funding. You are ready to launch a business — but how do you get people to your website or store?

Pay-per-click (PPC) ads are one of the most effective ways to drive growth for your new business. Unlike brand building, content marketing, and social media, PPC ads can drive traffic today. There’s no need to wait weeks or months for your efforts to pay off.

Even if you have years of business experience behind you and are pretty well-versed in marketing, PPC ads for a new business need to be handled differently. Below, you can learn more about why PPC ads may be the way to go for your business and find tips for to make the most of them.

Why Should You Launch a Business With PPC Ads?

PPC ads can be a great way to launch a business because they allow you to reach your specific target market through keywords and target demographics.

With PPC ads, you create an ad and pay only when someone clicks on it. The ad should do something to draw the audience’s eye and make them want to click.

This type of ad is for new businesses for a variety of reasons, not the least of which is since they’re paid, you don’t have to wait to get to the top of search engine results organically. They show up at the top of the list automatically.

Some other reasons include:

Reach Only Your Target Audience

PPC ads are highly targeted. When creating a PPC ad, you get to enter a ton of details about who you want to see the ad. The ad is then shown to people who fit that description. For example, you can target people based on their location, age, income, likes, family status, and even what shows they like.

Budget-Friendly

While the platform requirements vary, you can set a budget limit upfront with PPC ads. You know the absolute max you’ll spend on an ad campaign when you start, then you can track the success of your PPC ad and make alterations for future ones.

This also makes it easy to scale; when you a ready for more traffic, just up your budget.

Trackability

Because PPC ads are based on each click or interaction with the ad, you can follow how people respond. If an ad isn’t getting the responses you want—though remember, Rome wasn’t built in a day—you can alter the way the ad looks and see if that works better.

Being able to track the ROI of your ads directly makes it easier to pivot if things aren’t going well — or spend more money when they are.

How Are PPC Ad Campaigns for Launching a Business Different From PPC Ad Campaigns for Existing Businesses?

Existing businesses have name recognition working in their favor, while new companies don’t. So, your PPC ads need to work a bit differently. While both types involve keyword research and target audiences, your research and focus on both factors need to be more intensive.

Keywords and PPC Ads for New Businesses

You need to use keywords specific to your brand and products in your PPC ads. Businesses that have been around for a while already know what keywords drive their traffic; you need to do a lot more digging as a new business owner.

Start with a keyword research tool. Search for words relating to your brand, determine which combinations seem to drive the most traffic for other brands, and tailor them for your needs.

Once you’ve chosen your keywords, make sure they’re in your copy so potential customers know exactly what it is you’re selling, why they should choose you, and call them to action.

Here’s an example. When we search for tomato seeds, we get a selection of ads from various sellers:

PPC Ad Campaigns for Launching a Business - tomato seed PPC ads on Google

The ones that stand out showcase the tomato seeds keywords, as well as related keywords such as heirloom and organic. Unless a user searched for a specific brand, they’re likely to be drawn in by your keywords and not your brand name.

Target Audiences and New Business PPC Ads

Your target audience is the group you want to see your ads. You can define them by location, age, gender, income, and more. Again, this is about being as specific as possible, figuring out who you want to buy your product via intensive research.

Your potential customers are more than just data, though. They like specific things. When you launch your first campaign, you should find out what types of ads they’re most likely to click on and create ads lining up with those details. You also need to find out where they’re most likely to click on them. Are they on Google or social media?

If they’re on social media, use strong visuals to stand out. As a bonus, you can often have a bit more copy with social media PPC ads than with search engine PPC ads. To grab their attention, use your picture and content to make it clear your new business meets your audience’s needs.

Let’s take TapRm. When you see this ad, specially targeted for those who live in NYC, you know immediately what they are all about. The various selling points, such as same-day delivery, may entice you to click and learn more.

PPC Ad Campaigns for Launching a Business - TapRm Facebook PPC ad

5 Tips for Launching a Business With a PPC Ad Campaign

Are you ready to dive into PPC ads to launch your business? Here are some actionable steps.

1. Get Really Focused

One way to ensure you’re getting the most out of your PPC ads is to zone in on exactly who you are targeting and what you want them to do right now. Don’t get distracted by possibilities down the line.

Stay focused on the market your business is best designed for and limit your reach to the most qualified buyers. These early days are the time to build buzz among your most potentially loyal customers, who will fall in love with your business.

2. Decide Where Your Audience Should Go

Your audience likely found you because they searched for a resolution to a specific problem, so avoid the temptation to send them to your homepage.

Instead, think through exactly where you want them to go when they click your ad. Maybe it’s a product page, sign-up page, or landing page created just for this campaign. Since customers are likely new to your website, you want to keep the conversion journey short and straightforward.

3. Start Small

You could create a wide range of PPC ads when you launch a business, focusing on different aspects of your business and showing up in various online spaces. But in these early days, keep it simple. Choose one of the platforms where your target audience is likely to be, either on social media or search engines, and focus on solving specific problems your customers have.

Keeping things this focused at first can help you figure out what types of ads people click on to find your site and whether or not they convert. Later, you can use this information to expand your types of PPC ads.

4. Analyze the Data

Once you launch your PPC campaign, keep an eye on how your ads perform. Luckily, most paid platforms track this data automatically, making it relatively easy to see how many people see the ads versus how many click.

Are people seeing the ads but not clicking? Maybe you aren’t speaking to your customers’ needs.

Are people clicking but not converting? Maybe you’re sending them to a page that doesn’t immediately solve their problem.

Keep watching the ads, figure out when and how people are converting, and change tactics accordingly.

5. Build on What’s Working

As you continue your PPC efforts, create campaigns using campaign strategies that worked in the past, making them better each time. If you had a copy-only ad at first, you could take that copy and use it to create a PPC ad with a photo or video, for instance.

Measuring the Success of Your PPC Campaign When You Launch a Business

Watching your PPC campaign’s metrics can provide the feedback you need so you can create paid ads that actually convert.

The metrics you should pay attention to include:

Impressions

These tell you how many people see your ads. Knowing how many people see the ad lets you know if your audience is too broad or narrow, particularly when compared to the number who click.

Click-Through Rates

Click-through rates show you how well your ad design and copy are performing. If people are clicking through, you’ve made a good first step.

Conversion Rates

Once you notice those click-throughs, you’ll need to watch for conversion. Are people buying, signing up, or other actions? If not, find out why and change accordingly.

Social Interactions

If your ads are on social media, look for interactions such as likes or shares. With your new business, these metrics may not be about conversions but to show some growth in brand awareness.

When you launch a business, you’re bound to try things that aren’t going to work. Don’t be afraid to scrap an idea and start fresh. Success in PPC ads involves trial and error until you connect with your ideal target market with a message they respond to.

Conclusion

You’ve launched your big idea. As a struggling startup, what’s next?

It’s time to get out there and start advertising. PPC ads can help you narrow down your focus, provide valuable feedback about how customers respond to your new business, and help you understand how to meet their needs.

What kind of PPC ads are you going to use for your next business venture?

Laylo (YC S20) Is Hiring

Article URL: https://www.ycombinator.com/companies/laylo/jobs/ZVMFWsc-growth-marketing-lead Comments URL: https://news.ycombinator.com/item?id=27070751 Points: 1 # Comments: 0

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What are the Different Types of Business Loans and How Can You Tell What’s Best for You?

What are All the Different Types of Business Loans?

There are several different types of business loans out there.

All Businesses Need Funding

It’s that simple. You would be hard-pressed to find a business owner that doesn’t know that. What many do NOT know is that there are many more types of small business loans out there than the traditional banks loans everyone knows about.

Choosing Among the Many Different Types of Business Loans Means Knowing What’s Right for You

Knowing the different types of small business loans is only half the battle. You have to know how to figure out which one is right for you. The answer to that will vary based on a number of factors, and it may even change over the course of your business.

But the right type of loan for your business now may not be the right type for your business later. The best way to start figuring out which loan is right for your business is to figure out what’s available. Did you know that traditional bank loans are not the only option?

Types of Small Business Loans

There are many more, including:

SBA loans
401(k) financing
Merchant Cash Advances
Equipment Financing
The Credit Line Hybrid
Traditional Lines of Credit

Let’s dive in to each one and figure out which one is best for your business right now

Different Types of Business Loans: SBA Loans

Guaranteed by the federal government. Issued by participating lenders, usually banks. They offer a lot of the perks of traditional loans, such as lower interest rates and favorable terms. Due to government guarantee, lenders are able to offer them to those with a lower credit score than would typically be required.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Hence even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See www.sba.gov/document/support–table-size-standards.

More About Eligibility for SBA Loans

General eligibility also includes:

Being a for-profit business – the business must be officially registered and operating legally
Doing business in the US – the business must be physically located and operating in the US or its territories
Having vested equity – the owner must have invested their own time or money in the business
Exhausting other funding options – the business must not be able to get funds from any other financial lender

Ideal credit scores for an SBA loan are 680 or above. There are a number of SBA loan programs, each one designed to work for different needs and situations. Some of the most common SBA loan programs include:

7(a) loans
504 loans
Microloans
Disaster loans
Express loans

These are just a few the of the options available. Find out more at SBA.gov.

Demolish your funding problems with 27 killer ways to get cash for your business.

Which SBA Loan is Best?

The thing about SBA loans is that they each have a specific purpose. For example, if your business has suffered due to a natural disaster, you need a disaster loan. If you need $50,000 or less, a microloan may be the best option. But the 7(a) loan program is the most versatile.

SBA 7 (a) Loan Program Details

A standard 7(a) loan can be for up to $5 million. The maximum SBA guarantee is 85% for loans up to $150,000 and 75% for loans greater than $150,000. The interest rate varies but cannot exceed the SBA maximum. The turnaround is 5 – 10 business days. These funds can be used for a number of things, and the minimum credit score is 640. But of course the higher the better.

Who Do SBA Loans Work Best For?

These loans work well for those that are not in a hurry to get funding

The approval and funding process can take a while, especially with the government red tape required for the government guarantee. If you can wait, meet all the requirements, and want a more traditional type of loan, SBA loans are an option.

Demolish your funding problems with 27 killer ways to get cash for your business.

Different Types of Business Loans: 401(k) Financing

If you have an eligible 401(k), you can use those funds to get money for your business. You must not be currently contributing. You must not longer be working for the company that the 401(k) is under. And you must have a balance of at least $35,000.

You can even still earn interest on your account, and there are no tax penalties. Personal credit doesn’t really matter much. Interest rates are usually low.

401(k) Financing Details

In fact, they are often less than 5%. Close and fund in less than 3 weeks. Can usually get up to 100% of what’s “rollable” within your 401(k). This type of loan works well for anyone that has an eligible 401(k) account.

Different Types of Business Loans: Merchant Cash Advances

Businesses that accept credit cards as a form of payment may qualify for a merchant cash advance. This means your business must have a merchant account in order to be able to accept credit card payments. Your business must bring in $100,000 or more per year in credit card sales. Typical approval is equal to one month’s credit processing volume. The minimum credit score is 500.

Qualifying for a Merchant Cash Advance

They do not ask for a lot of documents. This is not like what most conventional lenders will want. You won’t need financials, business plans, or resumes. You don’t even need collateral.

Your business’s credit card receipts and business bank statements tell lenders all they need to know. These loans work well for businesses that qualify and need funds fast, and those with credit that is less than perfect. It’s a great way to get money for your business fast with few requirements.

Different Types of Business Loans: Equipment Financing

Businesses looking to buy or lease equipment can use equipment financing. Rates vary widely depending on risk factors. Usually can get approval with a 650 or better credit score. This is for major equipment only, not a combination of a lot of small equipment. These loans work well for those that have good credit and just need to financing equipment. The equipment is the collateral, so that helps out some with rates.

Credit Line Hybrid

It can provide some of the highest loan amounts and credit lines for startups. You can get 0% business credit cards with stated income. There are no financials required. These report to business CRAs; you can build business credit at the same time. This will get you access to even more money without a personal guarantee.

Credit Line Hybrid Details

You can usually get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000. Easily five times what you could get on your own when applying for cards. You can get cash out on this program as well.

Credit Line Hybrid Benefits

There will be no impact on your personal credit with this type of financing. You need a 680 credit score or a guarantor with good credit to get an approval. In addition, this type of financing report to the business credit reporting agencies. This means you can build stronger business credit while funding your business.

Who Does the Credit Line Hybrid Work Best For?

This is a good option for virtually everyone. Because even if you have bad credit, you can get funding by using a credit partner. Works especially well for those who need to build business credit. See www.creditsuite.com/business-loans.

Demolish your funding problems with 27 killer ways to get cash for your business.

Different Types of Business Loans: A Traditional Line of Credit

This is similar to a traditional term loan in terms of where you get it, and approval requirements. However, it is revolving financing more like a credit card. Typically have better interest rates that credit cards. They work well for those who qualify for traditional term loans but want revolving credit rather than a term loan.

Which Types of Small Business Loans are Best for Your Business?

If you know what types of business loans are available to your business, you can make a more educated decision about which types of business loans will work best for you. Knowing what’s out there is only half the battle. You also have to understand your own eligibility and funding needs.

The Different Types of Business Loans: Takeaways

All businesses need funding. Traditional term loans are not the only option. Other options exist to help you money faster. Or funding despite bad credit. And you can better rates and terms than you would get with a traditional term loan.

The post What are the Different Types of Business Loans and How Can You Tell What’s Best for You? appeared first on Credit Suite.

New comment by HTG in "Ask HN: Who is hiring? (May 2021)"

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