Category: Business News

Business News

6 Things You Need to Know About Alternative Business Lending

Alternative business lending rose from the ashes of the 2008 crash. This was a time when lenders were giving almost no one money.  It was virtually impossible to get a loan of any sort for any reason. Business loans were extremely hard to come by, and when you could get one, rates were terrible. 

Alternative Business Lending: Your Questions Answered

Find out why so many companies use our proven methods to get business loans. 

As a result, alternative lenders began to pop up. Funding Circle is credited with being the first, but others soon followed. That means this is a fairly new game.  It can be hard to figure out if it is one you should play. This should help. 

  1. What is alternative business lending? 

alternative biz lending Credit SuiteThis type of lending is offered through private companies, not traditional financial institutions like banks and credit unions. They can be an option for those who do not qualify or who do not have the time to wait for a bank loan. These lenders explore other ways of verifying creditworthiness and other forms of collateral. 

Collateral may include credit card transactions, open invoices, equipment, real estate and more. 

  1. How much is alternative business lending?

This is a question asked by many when they first start considering alternative lending options.  The truth is, it depends. That’s the case with any loan.  There are fees, and interest is a factor.  Typically interest is higher with alternative lending. But if you can’t get anything else, you can’t really compare.  

  1. What are the pros of alternative business lending? 

So, why choose alternative lending? Well, if you can’t get a traditional business loan you may need to consider this option. However, there are other reasons as well. For example, alternative lenders typically fund much faster. So, if you need fast cash, this could be the way to go. 

Also, the application process is usually faster and easier. Often you can apply online in a matter of minutes. Repayment terms are usually more flexible as well. 

  1. What are the cons of alternative lending?

As already mentioned, interest rates with alternative loans are usually higher. There is also a breeding ground for scammers in this industry.  It’s important to know how to recognize predatory lending practices to avoid being taken advantage of.

  1. Is alternative business lending right for you? 

If something is blocking you from being approved for a loan through a bank or credit union, then the answer to this question is probably yes. It is highly likely that this is a type of lending that can work well for your business. This is especially true if you have invoices, accept credit card payments, or need to finance equipment. Common types of alternative loans include: 

  • Merchant cash advances
  • Invoice financing
  • Equipment financing
  • And  real estate financing

There are other options as well, and they vary between lenders. These are some of the most 

common however. 

  1. A credit expert can help you find the best alternative business funding for your business. 

Now you need to figure out which lender and which products from that lender will work best for your specific business needs and goals.  The best choice is to work with a business credit expert.  This is someone that can help your maneuver through the process in the most effective and efficient way.  That will help immediately.  Beyond that, into the long-term, an expert in business credit can help you figure out why you are being denied funding, and help you fix the problem. 

Where should  you start when looking for alternative lenders? Here are some options to consider. 

Find out why so many companies use our proven methods to get business loans. 

Fundbox

Fundbox offers a line of credit rather than a loan.  Still, it is a great funding option because there is no minimum credit score requirement. 

 They offer an automated process that is super-fast. Repayments are automatic, meaning they draft them electronically, and they occur on a weekly basis.  One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, as the repayment period is comparatively short.  This means you need to be sure you have enough funds in whatever account you connect them to so that it can cover your payment to Fundbox  each week. 

 BlueVine 

You will find with most any online lender, they often offer options more similar to invoice factoring and lines of credit.  This is because those options present fewer risks than straight term loans.  BlueVine is no different. 

Upstart

Upstart is an online lender that uses a completely innovative platform for loans.  The company itself questions the ability of financial information and FICO on their own to truly determine the risk of lending to a specific borrower.  Instead, they choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data for use in making credit decisions.

This may include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances.  The software they use learns and improves on its own. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities.  

Upstart’s innovative platform makes them one to research for sure. 

Fora Financial 

Founded in 2008 by college roommates, online lender Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify. 

 OnDeck 

Obtaining financing from OnDeck is quick and easy. First, you apply the OnDeck website and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The loan amounts range up to $500,000.

 Lending Club

Popular online lender Lending Club offers term loans.  You can get a quote in less than 5 minutes. Funds are available in as little as 48 hours if approved. There are no prepayment penalties.

Kiva 

Kiva is an online lender that is a little different. For example, the interest rate is 0%.  That means even though you have to pay it back, it is absolutely free money. They don’t even check your credit. However, there is one catch.  You have to get at least 5 family members or friends to throw some money in the pot as well. In addition, you have to pitch in a $25 loan to another business on the platform. 

Find out why so many companies use our proven methods to get business loans. 

Accion 

If your personal credit is okay, Accion may be a good fit for small business startup loans. It is a microlender, a nonprofit, that offers installment loans to both startups and already existing businesses. 

 Credibly 

Credibly is also a good option for business loans if you are already generating some revenue. They offer short term loans for both business expansion and working capital. You must be in business for at least 6 months to qualify, and Credibly will approve loans to those with credit scores as low as 500. 

Alternative Business Lending Is a Great Tool, but Not a Forever Answer

I mean, it could be a forever answer, but there is a better way.  If you work to build up your fundability, you can get a lot of perks offered by alternative business lending with the interest rates offered by traditional loans.  You could have the best of both worlds.  It takes time to get there however, and alternative loans are the best option for many in the meantime. 

The post 6 Things You Need to Know About Alternative Business Lending appeared first on Credit Suite.

From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business

If you are thinking about starting a business, there is a lot you need to know. Our business experts can walk you through the entire process to ensure you have the fundability you need to succeed. From how to set up your business as a fundable entity to making sure you have what lenders are looking for when it comes to approving start up business loans, here is what you need to know. 

How to Get Start Up Business Loans and Other Funding

If your business isn’t fundable, you will not get startup business loans, plain and simple. Of course, if you are a start up you aren’t going to have a ton or revenue or business credit history.  So, what can you do to ensure you have a fundable business that can get the money needed to get up and running? 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

The Set Up, and Why it Matters

Fundability starts in the very beginning.  How you set your business up can make or break your ability to get business start up loans.  Here’s why. Lenders want to see that your business is a stand alone entity, fundable on its own apart from you as the owner. It lends credibility to your business as one that is strong and able to survive on its own merits.

start up loans Credit SuiteTo start this process, you need to make sure your business has its own name and contact information. Do not use your own phone number,  address, or email address. You also need to apply for an EIN. It’s free on the IRS website. This is an identifying number for your business that’s similar to an SSN for an individual.

After that, it is vital that you incorporate. Choose whichever options works best for your budget and liability needs, S-corp, LLC, or corporation.  But, you must do it. It makes all the difference when applying for business start up loans. 

Then, you need to have a separate, dedicated business bank account. It further lends credibility to your business as one that is legit, and there are a number of other benefits that will serve your business well in the future.  For now, just know it is preferred by lenders. 

Business Plan

If your business is properly set up, you will need a business plan. Most business loan applications have a place where you can just fill in the blanks for this part, but that is not what you want to do. You need a professional, well put together business plan that shows you know what you are doing with the money you are asking for. 

You can find templates online, including at SBA.gov.  However, it’s even better if you can hire a professional business plan writer. You will also likely have to hire other professionals to help you complete each part of the business plan. 

For example, you will need a marketing specialist to help you with the market research and an accountant to help with the forecast and other financial sections. The better your business plan presentation is, the better off you will be. 

Business Start Up Loans and Other Funding

Ok, so now for the nuts and bolts. You cannot start a business without money. If your business is properly set up and you have a solid, professional business plan, you have given yourself a great start. It’s time to find the money. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Business Start Up Loans

There are a few different options when it comes to business start up loans. Traditional loans are the most common and typically the first on the list with new business owners. It’s just what everyone knows. If you want to start a business you go to the bank and get a loan.  That works for a lot of people. 

Generally these are all secured loans. That means you put up collateral. However, if you have fabulous personal credit, you might be able to get an unsecured business start up loan. The thing is, you may not want to. You are almost always going to get better rates and terms if you use collateral. 

SBA Loans

For most, SBA loans are going to be the way to go.  These are business loans that have a government guarantee. Because of this, lenders are able to offer them to business owners with lower credit scores than they would otherwise, and the interest rates tend to be better as well. 

Credit Line Hybrid

This is a great option for those needing business start up loans for a number of reasons. First, if security is an issue, this is totally unsecured business financing. You do not put up any collateral, and you can get up to $150,000. It is also no-doc financing, meaning you do not have to provide banks statements or financials of any kind. 

All you need is to have a personal credit score of at least 680 and meet a few other requirements. However, if you do not meet those requirements, you can take on a credit partner that does. You can use the credit of a friend or family member to apply for the credit line hybrid, and the payments will still report to your business credit report, thus building your business credit score. 

Investors and Crowdfunding

Even though business start up loans are where most new business owners head first for funding, they are far from being the only way.  Of course corporate investors are an option. Similar to a business plan, you need a pitch. Angel investors are an option as well. While debt free and effective, neither of these are particularly easy to come by. 

 Another option when it comes to looking for investors is Crowdfunding. It’s not a huge success rate, but there are some businesses that are able to get all they need from this form of funding. You’ll never know if you don’t try. 

Help Through the Weeds

The biggest issue when it comes to business start up loans, and really any other part of starting a business, is getting through the weeds. It can be overwhelming to try and figure out what you need to do to qualify for the funding you need, and then figure out what funding will actually work best for you. A business credit expert is vital to this process. While it is possible to do it alone, it is well worth any expense to get things done not only faster, but the right way to ensure nothing is missed. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Business Start Up Loans: Fundability Matters

The truth is, fundability matters regardless of the type of start up funding you use. The reason is, you are likely going to need to access funding of some type throughout the life of your business. If your business is not fundable, you will not be able to get it. So, the best option is to work with a business credit expert now, to get you on the path to fundability while helping you find business start up loans and other types of start up funding to get you up and running. Building fundability and business credit takes knowledge and intentionality. Don’t try to do it alone. You don’t have to. 

The post From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business appeared first on Credit Suite.

Solugen (YC W17) is hiring a director of marketing

Article URL: https://www.workatastartup.com/jobs/42586

Comments URL: https://news.ycombinator.com/item?id=26379723

Points: 1

# Comments: 0

A2 Hosting Review

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission. For reliable hosting that focuses on speed, A2 Hosting provides plenty of options to get your site up and running. If you’re familiar with SEO and the ranking factors Google uses to decide where …

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A2 Hosting Review

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission. For reliable hosting that focuses on speed, A2 Hosting provides plenty of options to get your site up and running. If you’re familiar with SEO and the ranking factors Google uses to decide where …

The post A2 Hosting Review first appeared on Online Web Store Site.

A2 Hosting Review

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

For reliable hosting that focuses on speed, A2 Hosting provides plenty of options to get your site up and running.

If you’re familiar with SEO and the ranking factors Google uses to decide where your site shows up in search results, you know speed is one major factor in securing higher rankings and increasing traffic and revenue.

This is one big way A2 differentiates itself from other standard web hosting options–it puts speed at the forefront of all its services.

A2 Compared to The Best Shared Hosting Companies

A 99.98% uptime guarantee, free automated backups, and free site migration are only some of the features that set A2 apart as far as reliable web hosting goes. As one of the oldest providers on the market, it’s a solid option for both new and veteran websites. WordPress users will especially love A2, as it has pricing packages specifically tailored for WordPress sites. 

Before you make any solid decisions for a hosting provider, it’s always a good idea to know what your options are. I spent hours making sure the top list page contained only the best web hosting services according to a wide variety of needs and features. To see the full rundown, check out that post to see all the top picks.

Who is A2 Best For?

It’s simple. Any website that is designed to drive sales and conversions can benefit from a hosting service like A2. I’ve mentioned it before, but I don’t get tired of saying speed is the name of the game if you want to capture new leads, retain existing customers, keep your Google rankings, and maintain a great brand reputation. 

Now, there isn’t a web host on the planet that doesn’t come with a set of pros and cons. But one thing’s for sure: No website visitor wants to land on a website that takes forever to load. They’ll bounce right off your site faster than you can say web hosting. 

While you can try to install cache plugins that slow down your site and claim to improve your website speed, a host like A2 that’s built with a focus on speed can be a better place to start. 

A2: The Pros and Cons

Pros

Exclusive web servers: Global web servers that are exclusive to A2 give you a leg up in the speed game with speeds that can be up to 20 times faster than the competition. 

24/7 live chat and support: A 24/7 live support feature is valuable if your site runs into any kind of technical issues or downtime. A2 has specialists standing by ready to walk you through any troubleshooting issues. 

Free site migration: If you need to migrate your site to A2 from a previous web host they help you get the job done for free. Unlike other providers, there are no extra fees necessary. 

Compatible with a variety of platforms: A2 Hosting works great with a number of CMS solutions like WordPress, Drupal, Joomla, Magento, and OpenCart. You can one-click install them once you sign up. 

Free SSL certification: SSL certification is essential for site security and to ensure your visitors trust your site enough to keep coming back. Thankfully A2 offers this feature for free. 

24/7 malware scanning and monitoring: You can sleep soundly at night knowing A2 is ready to alert you on any attempts at your site with their 24/7 monitoring feature, which other hosting services might not provide.  

Free Cloudflare CDN: To keep adding to their speed features, A2 provides you with a free Cloudflare CDN for any hosting package you choose for added speed and loading times. 

Carbon-neutral hosting: As the world evolves, A2 evolves with it through its carbon-neutral hosting option. A2 supports carbon-neutral hosting, meaning all of their servers are deemed ‘carbon-neutral’ by purchasing carbon offsets. With A2, you can be sure you’re hosting your site without adding to your carbon footprint. 

Can handle websites of all sizes: If you’re planning on growing your website traffic, it doesn’t matter if you’re starting out with a website from scratch or you’re a big business reeling in plenty of traffic and sales, A2 can handle your site’s growth with a wide variety of hosting packages that are all geared for speed.  

Cons

Doesn’t provide a free domain: While this isn’t a requirement for any hosting service to work properly, it’s nice to have the option to register a free domain like other hosting services do, especially if you’re working with a shoestring budget. 

Increased renewal fees: For the most part, increased renewal rates can be expected from just about any hosting provider, but it’s still worth mentioning if you’re thinking and planning long term. Upon renewal, A2’s hosting packages do increase in price. 

A2 Pricing

A2 doesn’t only differentiate itself as a speedy host. They also have a ton—and I mean a ton—of web hosting options from which you can take your pick.

To start, their general hosting services fall into eight distinct categories and subcategories:

  • Shared hosting – best for hosting personal sites and blogs
  • Managed WordPress hosting – perfect for WordPress sites
  • Managed VPS hosting – has more power than shared hosting
  • Unmanaged VPS hosting – Unmanaged VPS for developers
  • Reseller hosting – best for hosting your own customers
  • Dedicated hosting (unmanaged servers) – best for developers
  • Dedicated hosting (core servers) – managed server with root access
  • Dedicated hosting (managed servers) – managed server with no root access

You can definitely start with one of their base options for each category according to your site needs. Especially if you’re a startup on a budget. 

But if you want to take it a step further or want additional features, you can choose a more specific plan within the category of your choice. 

Here’s how their most affordable plans stack up:

Shared Hosting

  • Startup – $2.99 monthly paid upfront for a three-year plan
  • Drive – $4.99 monthly paid upfront for a three-year plan
  • Turbo Boost – $9.99 monthly paid upfront for a three-year plan
  • Turbo Max – $14.99 monthly paid upfront for a three-year plan

Shared hosting works best for small websites that are just getting their start and beginning to see traffic. As you can see, their cheapest plan adds up to only $107 plus some change for a reliable three-year hosting plan. 

Beginner deals like this compete with offers from the likes of Bluehost who offer similar prices but without the speed guarantee, which is a big plus on a shared hosting plan.

As you go up the price ladder, you can host an unlimited number of sites, get unlimited storage, and within the last two tiers, you’ll get a 20X turbo boost for faster site speeds. 

Note that these pricing tiers are the exact same for a Shared WordPress Hosting plan. 

Managed WordPress Hosting

  • 1 site – $12.99 a month paid upfront for three years
  • 3 site – $22.99 a month paid upfront for three years
  • Unlimited – $43.99 a month paid upfront for three years

Managed WordPress hosting is a step up from shared hosting with enhanced WordPress features that ensure security and speed. The biggest difference between the three different options you get within this category is the number of sites you need to manage and the amount of storage you need. It’s as simple as choosing the tier that fits your hosting needs. Thankfully, they all come with the 20X faster turbo speed feature. 

Managed VPS Hosting

  • Lift 8 – $46.99 a month paid upfront for a three-year plan
  • Lift 16 – $57.99 a month paid upfront for a three-year plan
  • Mach 8 – $59.99 a month paid upfront for a three-year plan
  • Mach 16 – $89.99 a month paid upfront for a three-year plan
  • Mach 32 – $99.99 a month paid upfront for a three-year plan

When you start getting into managed VPS hosting territory, you start looking at increased RAM capabilities and storage capacity. It’s a great option right before you’re ready to step into a dedicated server plan. I recommend you see their pricing page for a full look at what each plan offers. 

Unmanaged VPS Hosting

  • Runway 2 – $7.99 a month paid upfront for a three-year plan
  • Runway 4 – $9.99 a month paid upfront for a three-year plan
  • Supersonic 8 – $34.99 a month paid upfront for a three-year plan
  • Supersonic 16 – $54.99 a month paid upfront for a three-year plan
  • Supersonic 32 – $74.99 a month paid upfront for a three-year plan

An unmanaged VPS plan ensures your site runs at fast speeds with additional RAM, storage, and root access. Needless to say, this VPS plan is definitely developer-friendly. 

Reseller hosting

  • Kickstart – $18.99 a month paid upfront for a three-year plan
  • Launch – $24.99 a month paid upfront for a three-year plan
  • Grow – $34.99 a month paid upfront for a three-year plan
  • Scale – $44.99 a month paid upfront for a three-year plan
  • Turbo Kickstart – $29.99 a month paid upfront for a three-year plan

With reseller hosting you get additional SSD storage, WebHost manager, cPanel, Free Blesta billing system, free SSL certificate, around the block guru support, and free website migration too. The more storage and transfer GB you need the more you’ll have to pay monthly. 

Dedicated Hosting (Unmanaged Servers)

  • Sprint – $99.59 monthly
  • Exceed – $165.99 monthly
  • Mach – $248.99 monthly

As you can see, the more storage, RAM, or transfer TB you need the more you’ll have to pay monthly. Dedicated hosting with unmanaged servers is a great option for developers wanting more control. As with any other plan A2 Hosting offers, each tier also includes super fast site loading speeds. 

Dedicated Hosting (Core Servers)

  • Sprint – $141.09 monthly
  • Exceed – $207.49 monthly
  • Mach – $290.49 monthly

Much like the previous tier category above, the more RAM, storage, and Transfer TB you need, the more you’ll need to pay monthly. With a dedicated hosting plan with core servers and root access, you also get all the HostGuard management features. This means:

  • Daily automatic and rebootless updates
  • Managed installs and upgrades of core software
  • Smart system notifications
  • 99.9% uptime commitment
  • Security patches

Dedicated Hosting (Managed Servers)

  • Sprint – $141.09 monthly
  • Exceed – $207.49 monthly
  • Mach – $290.49 monthly

Finally, if you’re running a site that simply can’t afford any downtime and that needs the best A2 Hosting offers, you’ll want to look at their managed dedicated server solutions. But you’ll have to be willing to pay the price tag to get access to perks like lightning-fast speeds, and a dedicated crew you’ll jump at the sight of any hosting issues no matter the time of day. 

Their most affordable managed dedicated server solutions start at $141.09 a month. You can always try them for 30 days to experience their features first hand. If you’re not happy with A2 Hosting’s performance, there’s a 30-day money-back guarantee for all their hosting plans. 

A2 Hosting Offerings

At this point, you’ve learned about A2 Hosting’s dedication to speed, uptime, customer support, and a variety of hosting options you can choose from.

However, they do offer additional tools and solutions. You can shop for your preferred domain directly through them and you can also explore their highly specific additional hosting solutions. Here’s what I mean:

Domain

With A2 Hosting you’re definitely going to get the speed and the uptime but you can’t forget about your domain. You can either register a new domain or transfer an existing one to get your site up and running.

Their most popular extensions breakdown as follows:

  • .biz – $17.45
  • .com – $14.95
  • .io – $49.95
  • .net – $14.95
  • .org – $14.95

While you might not get the cheapest deals on domains directly through A2 Hosting, it’s definitely an option that’s there for you if you don’t feel like going through the hassle of transferring one. 

Additional hosting solutions

Yes, you’ve read that right. While we went over plenty of hosting plans and packages earlier, A2 Hosting lets you dig deeper into a seemingly endless rabbit hole of software and hosting solution combinations according to even more specific website needs.

Once you pick the appropriate solution for you, A2 Hosting lines up a combination of the best hosting options and software available to meet your specific needs. 

For instance, if I’m going to be running a classified ad site through them, once I click on that option I’m greeted with a list of popular classified ad software that’s highly compatible with A2 hosting services. I’m also given a comprehensive list of the best web hosting plans perfect for classified ad sites. 

This is an extremely useful feature if you’re running a site with more detailed needs and want to tackle them head-on. Features like these are yet another reason why A2 stands out as a powerful hosting solution for a wide variety of sites in a wide variety of niches. 

The Best Shared Hosting Companies

Don’t forget to read through our in-depth review of the best shared hosting companies. See all of our top picks to make sure you’re making the best choice possible. 

  • Hostinger – The best cheap shared hosting plans
  • Bluehost – The best shared hosting for WordPress
  • A2 Hosting – The best hosting company for speed
  • DreamHost – The best shared hosting features
  • GreenGeeks – Best eco-friendly hosting
  • TMDHosting – The best fully-managed plans

Without question, A2 Hosting is one of the fastest providers I have experience with. It provides around-the-clock support, exclusive global servers, and works great with a number of CMS solutions. What’s more, A2 Hosting even goes out of its way to lessen its carbon footprint. As a hosting provider that’s been around for as long as WordPress has, it stands solidly in our list of top picks as one of the best web host solutions out there. 

The post A2 Hosting Review appeared first on Neil Patel.

CareRev (YC S16) Is Hiring Technical Project Managers

As a technical project manager at CareRev you will be apart of 2 product delivery teams comprised of client app engineers, back end engineers, product managers, and designers. Within these teams you will be responsible for driving projects to delivery. You will sniff out and help resolve/route project blockers both within the team itself and from cross team dependencies. You will manage project expectations across the company. You will organize and optimize communications about projects to expedite delivery.

We operate mostly within Kanban method and focus on process flow optimization, though some projects may also use a 2 week scrum approach when a particular project suits that better. Right now we have 3 product teams, and we are growing to 6 as a goal by end of q2. Some teams will track to business metrics/KPIs and others will be more exploratory with new features that don’t have a proven business value. We are fully remote and intend to stay that way post pandemic. The entire team is in the USA, and we anticipate 2 individual team meetups a year and 1 or 2 whole company meetups a year.

CareRev builds products/services for the Healthcare Industry helping to optimize the delivery of healthcare services. Visit www.carerev.com for more details.

Required Skills

    Ability to drive projects to conclusion
    Ability to organize and catalog project details
    Ability to manage expectations about projects across the company
    Understanding of web/internet technologies
    Ability to run meetings effectively - even when the conversations are difficult ones
    Ability to converse about and drive conversations to make decisions around scope, time, cost and derivatively about resources, quality, and risk to a project.
    Clear and succinct writing

Useful Knowledge

    One or more ticket tracking systems - Clubhouse, Jira, Fogbugz, Trello, Asana, etc
    Kanban and process flow/JIT delivery processes
    Agile Manifesto and related process offspring

Qualifications

    2 or more years experience as a project manager
    2 or more years experience with internet technologies as a project manager or as an engineer, product owner, designer, hacker, etc.
    College Degree

Apply here:

https://boards.greenhouse.io/carerev/jobs/4382861003

Comments URL: https://news.ycombinator.com/item?id=26368731

Points: 1

# Comments: 0

The post CareRev (YC S16) Is Hiring Technical Project Managers appeared first on ROI Credit Builders.

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5 Steps to Get a Business Credit Card, Bad Credit or Not

If you have bad personal credit, you may find yourself struggling to get a business credit card. The key to getting a business credit card, bad credit or not, is business credit. 

You Can Get a Business Credit Card, Bad Credit Not Being an Issue

You’re likely aware business credit is a good thing.  You know you need it to help you fund your business.  But do you know how it helps you specifically get credit cards, even if you have bad personal credit? Furthermore, do you know how to get it? 

How Do You Get Business Credit? 

Business credit doesn’t just happen like personal credit does.  You have to work to build business credit intentionally. While not hard, it is a process, and a time consuming one at that. The sooner you start the better, especially if you need a business credit card, bad credit being an issue. 

Business Credit Card Bad Credit: Separation is Key

First thing’s first. You have to establish your business as an entity separate from yourself the owner. This means not using your own name or address. That doesn’t mean you have to get a separate phone line, or even a separate location.  

You do need separate contact information however.  You can get a business phone number pretty easily that will work over the internet instead of phone lines.  In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want.  Whenever someone calls your business number it will ring straight to you. 

You can use a virtual office for a business address. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services.  In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person. 

Learn more here and start building business credit with your company’s EIN, not your SSN. 

Business Credit Card Bad Credit: EIN not SSN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  Some business owners used their SSN for their business. This is what a lot of sole proprietorships and partnerships do.  However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up.   You can get one for free from the IRS.

This step is vital.  When you apply for a business credit card, bad credit can get in the way mainly because your SSN signals a look at your personal credit.  If you use your EIN instead of your SSN, the lender will only be seeing the credit attached to your business. 

Business Credit Card Bad Credit: Incorporation is Not Optional

Incorporating your business as an LLC, S-corp, or corporation is necessary for separation of business from the owner, and many other things. .  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Which option you choose does not matter as much for these purposes as it does for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.  

Business Credit Card Bad Credit: Separate Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First it helps solidify the separation between yourself and your business.  Also, it will help you keep track of business finances. This is important for tax purposes. 

There’s more to it however.  There are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Learn more here and start building business credit with your company’s EIN, not your SSN. 

Business Credit Card Bad Credit: Starter Vendors

Now, once you have these things in place,  you need to get accounts that will report your payments to the business credit agencies. It sounds easy enough, but the catch is, you have to find vendors that will extend credit without you first having credit. 

We call these vendors starter vendors.  They will extend net terms on invoices with little requirement. They don’t check credit. Typically, they require a certain number of days in business, a minimum average balance in a business bank account, minimum annual revenue, or some combination of these things. 

Extending the credit isn’t enough however.  There are some that do this, but there are far fewer that will actually report those payments.  You need vendors to report payments to the business credit reporting agencies, thus building your business credit score. 

The Snowball Effect

Of course you are wondering what any of this has to do with applying for a business credit card, bad credit being in the way. Here’s how.  Once you have several of these starter vendor accounts reporting, your score will be strong enough to support store credit. 

A business store account is usually issued for that specific store or website specifically.  Their limits are usually on the lower side as well.  However, after you get a few of them and use them responsibly. Your score will grow even strong. These are cards from places like Home Depot, Staples, or Best Buy. 

Then, you should qualify for fleet credit. These are cards from places like Shell that are used specifically for gasoline and automotive repair and maintenance.  

After a few of those are reporting your consistent, on-time payments, you should have a strong business credit score and be able to apply for standard business credit cards that are not limited by where you use them or what you use them to buy. By using your EIN and not your SSN, you can get a business credit card, bad credit on your personal credit report and all. It’s all a big snowball effect. 

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Learn more here and start building business credit with your company’s EIN, not your SSN. 

In the Interim

In the meantime, you can give your business credit building efforts a kickstart with a card like the Brex card for startups.  It  is one of the few true options if you are looking for a business credit card, back credit not being an issue.  Even a FICO as low as 300 may qualify.  There is no annual fee, and you can apply with your EIN rather than your SSN.  There is no personal guarantee requirement. 

The only catch is, not all industries qualify, and some industries require more paperwork than others.

You could also try getting accounts that you already have a relationship with to report to the business credit reporting agencies. This could be vendors you work with already. Maybe ask them if they will consider net terms and reporting payments. If you already make your payments consistently on time, they may be willing to do so without a credit check. 

You could also consider asking utilities that you already pay regularly to report your payments.  They may say no. They don’t have to do it. But they might, and if they do it can only help your business credit grow faster. 

A credit line hybrid can be another great option to help speed things along. You have to have a 680 or better personal credit score, but you can take on a credit partner if you don’t meet that. The account still reports to your business credit, so you can keep building your score. And, you can get up to $150,000 unsecured financing for your business. 

An Expert Can Help You Through the Steps 

It sounds easy enough to do all of this on your own.  However,  there are some steps that are easier than others. Specifically, it can be very difficult to find starter vendors that will report to your business credit. For this and other difficult steps, it can be very helpful to have a business credit expert help you out. It’s definitely worth considering. 

 

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How to Recognize Predatory Practices in Business Loan Companies, and How to Get Help

The world of business loan companies is full of predatory lenders.  If you are desperate for business funding, it can be easy to take the bait and fall into their trap. You need to know how to tell predators from legit creditors, especially if you need to veer away from traditional financing.  You may think you know what to look for, but there are some predatory secrets that a lot of business owners are not privy to. 

How to Avoid Predatory Lenders When Looking for Business Loan Companies

It can be helpful to work with a business credit expert. Not only can they steer you toward responsible lenders, but they can also help you choose the type of funding that will work best for your needs.  A good one will help you build business credit at the same time.

Still, you need to know the signs of a predatory lender for yourself.  If you do not, you will not even be able to tell if you are working with a good business credit expert, or not.  

Signs of a Predatory Lender

Can you tell the difference between legit creditors and predatory lenders? 

According to Investopedia:

“Predatory lending benefits the lender and ignores or hinders the borrower’s ability to repay a debt. These lending tactics often try to take advantage of a borrower’s lack of understanding concerning loans, terms, or financial literacy.”

Predatory lending when it comes to business loans is becoming an increasingly prevalent problem

How do you keep yourself from wading off into shark infested waters?

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Find out why so many companies use our proven methods to get business loans. 

Avoid Business Loan Companies That Focus on Monthly Payment Rather Than Actual Loan Amount

They may insist on one large payment at the end of the term with only interest payments being made each month until that point. This is known as a balloon payment. In business lending, this can be useful if you are waiting on large sums of money at the end of the contract to repay the loan, so it isn’t necessarily a deal breaker. However, you do need to know that your payments are only paying interest and not reducing principal.

Recognize if this is really the type of loan that you need. Lenders should always be willing to disclose your total loan amount and terms. You should not have to beg for this or search for it. Lenders that focus only on the payment may be sketchy.

There are many things they can do to make a monthly payment lower, like extending the loan period, adding a large payment at the end (a balloon payment), or making adjustments to loan terms. All of these things can make your monthly payments look low, while in reality you are getting stuck with a bad loan. 

Note that while a balloon payment should be an automatic deal breaker, insistence on a balloon payment is an extra red flag. 

Good Business Loan Companies Will Not Add Unnecessary Extras Without Your Knowledge

Another common practice of predatory lenders is adding extras onto the loan. These are usually things the borrower does not need. Furthermore, the borrower will not even know they are there. The most common “extra” seems to be insurance products that do not offer any benefit.

Business Loan Companies and Confessions of Judgement

New York plays a unique role in the world of predatory lending. Understanding this can help you understand if you are about to become the prey. It all comes down to a confession of judgement. If a borrower signs a confession of judgement, they are basically agreeing to lose in a court battle if there is a dispute about repayment.  Many cash-advance companies, which make up a large faction of predatory lenders, have their borrowers sign one of these.

New York state law is friendly to this type of contract. Regardless of where a loan takes place, it may include a “New York confession of judgement.” 

This could also mean you are agreeing that any lawsuits will be handled in New York state. That could greatly increase expenses if you do not live near there.  If you see one of these in your loan documents, do not sign it.  It is of no benefit to you. It only benefits the lender.

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Find out why so many companies use our proven methods to get business loans. 

Don’t Accept Punishment for Early Payment

Prepayment penalties should definitely be a red flag.  Early payment is good, period.  Even though the lender may lose some interest, they should not be too opposed to early repayment. By itself, it should not be the reason you do not take a loan. But it should make you continue with caution and look for other red flags. 

Good Business Loan Companies Do Not Have to Seek the Weak 

Business loan companies that specifically seek out underserved populations, such as minorities and immigrants, and those with bad credit should be considered carefully. This may include contacting business owners that fit into these types of categories directly, or targeting them with marketing campaigns designed for them specifically.  If the focus is meant to make them think they are getting a great deal because they are in an underserved market, it could be sketchy.  While there are programs designed to help serve underserved populations, if something seems too good to be true, it likely is.

In fact, those that fall into these categories are more likely than others to fall prey, according to a 2015 Center for Responsible Lending Report.

A Good Business Loan Company Will Not Start With a Bad Deal

Some predatory lenders will try to earn trust by admitting they are offering a bad deal, then promising to fix it in the future. They claim they will allow for a refinance that will be a better option. Don’t fall for it. A bad deal is a bad deal.  Just walk away. 

Loan Flipping is a Classic Move for Predatory Business Loan Companies

This  is not the same as house flipping. Flipping a house can be very profitable. Loan flipping is actually a classic predatory lending tactic. When a predatory lender sees that you are struggling, they will offer a refinance. However, you end up paying points and fees again.  As a result, before it is over, you end up owing more than your original loan. Sometimes you may end up owing even more than your collateral is worth. It is a vicious cycle, and it can bury you quickly.

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Find out why so many companies use our proven methods to get business loans. 

The Responsible Business Lending Coalition

This is a network of nonprofit and for-profit lenders, investors, and small business advocates. They have a common commitment to innovation in the small business lending industry. They also have serious concerns about the increase of irresponsible small business lending. 

In 2015 they drafted the Small Business Owners Bill of Rights.  When searching for a small business lender, look for those that have signed this.  There are many members of the Small Business Lending Coalition.

Here are a few examples: 

What is the Easiest Way to Avoid Predatory Business Loan Companies? 

Look for help when you can find it. Working with a company that specializes in helping small businesses find the funds they need can help you avoid predatory lenders. For example, Credit Suite works only with reputable lenders. With our Credit Line Hybrid and many other products, we connect businesses with lenders that we know to be safe to work with.  Not only that, but we help you assess your fundablity at the same time, and work with you to figure out how to best fill in your business’s fundability weaknesses. If business credit is an issue, we can help you build that too!  The time to take action is now, before you look for business loan companies. Don’t take the chance of falling prey.

The post How to Recognize Predatory Practices in Business Loan Companies, and How to Get Help appeared first on Credit Suite.

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