Tag: Better

Just How Wealth Tax Is Better Than Income Tax

Just How Wealth Tax Is Better Than Income Tax

Wide range Tax

Do you wish to relocate cash from the well-off to the inadequate? Well, tax obligation riches.

Riches tax obligation creates much less market distortion, and also for this reason, much fairer than earnings tax obligation. Wide range tax obligation pain performance much less. Riches tax obligation dissuades efficiency much less than revenue tax obligation.

Wide range tax obligation additionally has meritocratic validation that can really boost performance. Residential property civil liberties are successfully agreements in between the culture as well as an individual. Component of the agreement is that the culture will certainly secure the individual’s building.

Wide range tax obligation is after that efficiently defense charge we pay to our regional gangs we call federal governments. Just how a lot a culture should obtain paid for shielding riches?

Allow’s analyze this problem.

Wide Range Tax as Protection Fee

The peasants do not trouble combating. The lands belong to property managers anyhow. Simply allow the property manager battle.

The Sung court gave land sharing to peasants. Currently the peasants have something worth passing away for, land. There goes Sung empire, the most flourishing nation in the globe at that time.

Claim an international financier places 1 million bucks in 2 nations each. In which nation the $ 1 million generate greater return?

Currently, state Singapore tax obligations riches by 1% yet provides 16% return. State Somalia has no riches tax obligation however supply 0% return.

Nations will certainly take on various other nations in attempting to offer much better defense for capitalists. Nations that do it well can escape even more wide range tax obligation as well as still be extremely eye-catching for financiers. Financiers will certainly still place cash because nation despite the fact that the nation tax obligations a tiny portion of riches tax obligation.

That’ll supply rewards for residents all over the globe to elect in support of totally free market, privatization, or anything that obtains cash in. The even more investor-friendly the nations are, the even more cash obtains in, the extra reward those residents will certainly obtain.

Some unique plans must be around to stop residents from abusing the system by simply making even more youngsters to gather even more rewards, yet that’s very easy to address.

Much Less Market Distortion

You would not pay a lot greater tax obligation than your peers due to the fact that you’re similarly bad. Riches tax obligation do not penalize the thorough as a lot as revenue tax obligation.

You can construct manufacturing facilities instead than manors when you’re richer. You do not pay added charge for acquiring revenue. You will certainly pay the very same quantity of tax obligation whether you develop estates or manufacturing facilities.
It takes the exact same quantity of army power to safeguard a manufacturing facility as well as an estate. Why in the planet manufacturing facilities pay even more tax obligation?

Much Less Repulsive Than Income Tax

Will you spend cash in a nation with 30% earnings tax obligation or in a nation with 2% wide range tax obligation? If you have a great service strategy, after that wide range tax obligation is better than revenue tax obligation.

Trading revenue tax obligation right into wide range tax obligation will certainly injure rewards forever company strategy a lot less. You’re not mosting likely to be punished for having much better company strategy and also making even more revenue.

Earnings tax obligation urges all services to be like that. Wide range tax obligations do not punish revenue and also thus will certainly enhance revenue.

Excellent capitalists would certainly like it much more as well as spend even more cash if riches tax obligation is done in exchange of earnings tax obligation. Poor capitalists that federal governments will certainly wind up releasing with IMF’s assistance can spend elsewhere.

Does Not Go Berserk

No individuals in any kind of nation, in their ideal minds, would certainly require also much wide range tax obligation. Some nations can require larger riches tax obligation however just if they do their research well, such as keeping safety and security and also specific constant policies.

At the end, there will certainly be a good supply and also need partnership where all nations attempt to supply the most effective funding security and also effective financial and also funding development at the minimal price or tax obligation. The residents in such nations can merely pocket the distinction, which will certainly be called revenue. After that political leaders will certainly assume like CEOs when residents assume like supply owners.

Riches tax obligation triggers much less market distortion, as well as for this reason, much fairer than revenue tax obligation. Wide range tax obligation inhibits performance much less than earnings tax obligation.

Wide range tax obligation do not penalize the thorough as a lot as revenue tax obligation.

Will you spend cash in a nation with 30% revenue tax obligation or in a nation with 2% wide range tax obligation? If you have a great service strategy, after that riches tax obligation is better than revenue tax obligation.

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Mapping Out the Steps to Building Better Credit

Traveling isn’t hard right? I mean, you just jump in your automobile of choice and hit the road.  It’s a whole lot easier however, if you map out your trip. The same is true of building better credit.  It isn’t hard, but it is easier if you map out the steps you need to take first .

If you are going on a trip, you map out your route, right? You plan your stops along the way.  You research potential roadblocks, and you estimate the time you will arrive at your destination.  The same things need to happen when working on building better credit. 

You Can Be Successful at Building Better Credit; You Just Have to Know the Steps

Before you can map out your route, you have to know where you are and where you are going.  Sometimes, especially when flying, the best route is from an airport other than the one closest to you.  You have to be sure you start from the right spot. That is the first step in building better credit for your business as well. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Building Better Credit: The Starting Point

Of course, the best place to start is from the beginning.  This isn’t always possible however. Sometimes, you have to backtrack.  Take stock of your surroundings and determine where you are, versus where you need to be to get the best start. 

That sounds complicated, but it isn’t really.  Fundability is key. If your business is already fundable, you are set.  If not, then you have a little extra work to do, but you can do it. We’ll show you how.  The first thing to do is take stock and ensure your business is fundable.  

What is Fundability? 

This step is much easier to take if you understand exactly what fundability is. Fundability is, for our purposes, how desirable an entity is for funding.  When we want to talk about building business credit, we mean funding from creditors. Some things that make you appear fundable you can control. Somethings you cannot control.  For example, you can control whether your business has its own separate contact information. However, you cannot control the length of time you have been in business. You have to work with what you can control.

Building Better Credit: Checklist for Fundability

Okay, so the first step in mapping out the steps to building business credit is to check the fundability of your business.  This includes more than you may think. Of course, it is related to the financial standing of your business, like whether or not you can pay back debt.  However, many businesses are turned down for business credit not because they cannot repay the debt, but because of fraud concerns.  

Making sure your business is set up as a separate, fundable entity that is separate from the owner will not only help with this, but it will also ensure that business credit accounts are reported properly. This too is a big part of building business credit.   So, let’s get to it. Here is your business fundability checklist. 

Business Fundability Checklist

This is like tuning up your car before a trip.  You need to work down the list to ensure everything is in working order. The first things to check off the list are related to how your business is set up: 

  • Separate address and phone number from the owner. 
  • EIN
  • Formally incorporated as an LLC, S-corp, or corporation
  • Separate business bank account

If you set your business up in this way when you first opened, you’re good.  If not, you may need to backtrack to get things how they need to be.  

The next steps have to do with the information that is out there on your business both online and offline. 

  • Make certain all licenses, insurance, public records, and anything else related to your business are recorded with the proper information. This includes the business phone number and address as well as the EIN.  Everything needs to be in the business name, and all contact information has to be in the business 411-directory. 
  • Have a professional website.  Lenders may or may not research your business before approving a loan, but if they do, having a poorly put together website or no website at all will not bode well for your chances. 
  • Make sure you have a dedicated business email address that has the same URL as your website.  
  • Get a D-U-N-S number.  If you do not have one, you will not have a credit profile with Dun &Bradstreet. Since they are the largest and most commonly used business credit reporting agency, you need to have a profile with them. That means you must have the number. 

Where Do You Stand? 

At this point you see you are either in good shape, or you have some work to do.  The next step, if you need to get yourself in a position more useful for building business credit, is to do whatever you need to do to take care of those items listed above.  Once you are good there, move on to the rest of the checklist. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Building Better Credit: Fundability Checklist Part 2

Evaluate the following and see where you stand. 

Make Sure You are Turning a Profit, or at Least Have a Plan to Do So

Lenders aren’t in the business of giving handouts. Rather, they need to know you can pay back the funds they lend you. Thus, if you are bleeding funds, you are going to have a hard time getting approval.

How do you turn it around? Do some financial triage. Look for ways to cut expenses.  Do you need to close a location, cut some hours, or explore other options? Maybe leaning harder on your clients with unpaid invoices would help.

Have a Plan for Borrowed Funds 

Lenders will want to see that you have a clear strategy for how you intend to use the funds they lend you.  First of all, they want you to demonstrate you will be responsible with their money. In addition, they also want to know how you will use the money they give you to make more money. 

Why is this important to building better credit?  You need accounts reporting to the business CRAs. To do this, you will have to use vendor and retail credit.  They will not ask how you intend to use the funds, but you need to have a clear idea of how you are using the funds to build your business other than for building credit. 

Here’s what I mean.  You will need to get a business credit card that will report to the business CRAs.  You will need to charge things on that card. What you do not want to do is charge things on that card that you do not need or will not benefit your business at all. 

Check Your Growth Strategy

If you do not have a plan for success, you will not appear fundable to lenders.  They’ll want to see that you have a clear strategy for taking your business all the way.  

Building Better Credit: Mapping the Route

Okay, so you’re all tuned up and ready to hit the road.  Now you need to check your route. It can be tempting to take the most direct route, but often that is not the best route.  When building credit, it can seem that simply using your personal credit is the best way. It’s not. You can’t just willy nilly start applying for business credit cards though either.  You’ll get denied, and that won’t do you any good. 

We know the best route, and while it doesn’t appear to be the fastest, it is.  This is because it is really the only route. The others are viciously misleading and will not take you where you want to go. 

Building Better Credit: The Vendor Credit Tier

This route to building business credit travels across what we like to call the credit tiers.  The idea is that you get accounts reporting in tiers, so that they can build on each other. You have to do it in order, because if you apply to a higher credit tier first, you will not have strong enough credit to get approval.  

The first of these tiers is the vendor credit tier. Here is why it is the best way to start building business credit.  This tier is made up of retailers that will extend net 30 terms without even checking your credit. Not only that, but they will report your payments on these invoices to the business credit reporting agencies.  This is how you get positive accounts reporting on your credit report before you actually have a credit score. Find a few to get started with here. 

As you get more and more of these accounts reporting, you credit will grow stronger and stronger. If you want to work toward building better business credit even faster, consider talking to those you already have a relationship with.  Sometimes vendors you already work with will extend credit without a credit check. You can also ask utilities, telephone companies, and your landlord to report payments you make to them. They don’t have to, but some will if you ask. 

Building Better Credit: The Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then you can move on down the road to the retail credit tier.  These companies are retailers also, but they do not extend credit so easily as those in the vendor credit tier. They include those retailers that issue credit cards that can only be used at their own stores such as Office Depot, Staples, and Lowes. 

For example, Lowes reports to D&B, Equifax, and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or more.  You cannot get that 78 PAYDEX without accounts first reporting to the CRAs. That’s why you have to hit the vendor credit tier first.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Building Better Credit: The Fleet Credit Tier

After 8 to 10 accounts are reporting from the retail credit tier, you can follow the route to the fleet credit tier. It includes companies like BP and Conoco that limit the expenses their cards can be used for.  Fleet credit cards can only be used for fuel and vehicle repair and maintenance cost. 

The Final Destination: The Cash Credit Tier

The final destination along the route to building better business credit is the cash credit tier.  These are those credit cards with higher limits, lower rates, and nice rewards that do not limit the place they can be used or the type of expense they can be used to pay.  If you stay on the path, you should reach this destination with no problem. 

Staying on the path means, of course, that you handle your credit responsibly and make your payments on time.  You also need to monitor your progress along the way, and make sure nothing is slowing you down.

Building Better Credit: Monitoring

Know what is happening with your credit. Make sure it is being reported and attend to any mistakes as soon as possible. We can help you monitor business credit at Experian and D&B for only $24/month. Go to www.creditsuite.com/monitoring to find out more. You can also monitor with the CRAs directly, but it will cost considerably more.  

You are looking for a few things when monitoring your business credit.  First, you want to see that each of your accounts are reporting payments.  If they aren’t, contact them to find out why. Next, you want to make sure all of the information is correct.  If you see a mistake, send a letter to the reporting agency in writing, along with copies of backup documentation. 

Lastly, you need to see how many accounts are reporting so that you will know when it is time to start applying for cards in the next credit tier. This will save you a lot of time, because you will not be applying for cards for which you cannot yet get approval. 

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The Path to Building Better Credit is Wide Open if You Know Which Direction to Go

Building better credit is possible if you know the steps.  Once you make sure your business is set up properly to begin building business credit, you have the whole road open to you.  Along the way, as you are working, you can take any other steps necessary to ensure your business is fundable. When the time comes to apply for loans, you will be set because you will have built the best business credit score possible for your business. 

 

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How to Get a New Small Business Loan  and Why It’s Better Than Crowdfunding   

Why It’s Better Than Crowdfunding

When you own a business there is only one thing for certain.  You are going to need funding.  Where you get that funding is another story.  There are a ton of options, and choosing the one that will work best for your needs is sometimes the most difficult part.  Two of the most common options are small business loans and crowdfunding. For most, a new small business loan is going to be the best bet.  We’re going to tell you how to get a new small business loan, and why it’s a better choice than some other funding options, specifically crowdfunding.

How to Get a New Small Business Loan: Business Funding Options

First, it can be helpful to know what your options are.  There are many, but all are not created equal. Complicating things even more, there are multiple subtypes within many of the different available types of funding. Here is a quick overview.

Loans

This is money that you borrow and pay back over time, plus interest.  The rate of interest, time you have to pay back the money, and the requirements to qualify for the loan vary widely between loan types and lenders. All of the variance is why many are so unsure of how to get a new small business loan.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business.

Lines of Credit

If you are trying to figure out how to get a new small business loan, there is no doubt you are going to start wondering about lines of credit also.  A line of credit is similar to a loan in many ways.  You apply for it the same way, generally through the same type of lender.  The difference is that this is revolving credit, similar to a credit card. You only pay back what you use, and you use only what you need.  The funds are there to draw from. But you do not have to pay back the full amount.   Typically, the interest rates and terms are better than that of a credit card.

Factoring

Invoice factoring, or receivables factoring, is sort of a cash advance on outstanding accounts.  If you need cash and have a ton of outstanding invoices or receivables, you can factor them and collect a portion of the cash.

The lender will pay you the value of the invoices, less a premium, and then collect cash on those accounts from the customers directly.  The older the account is, the higher the premium is because there is a greater risk they will not collect. Therefore, if most of your accounts are 60 days or less, you may want to increase collection efforts on your own first and see what you can get.

Credit Cards

Most everyone knows how credit cards function.  They are revolving credit, just like a line of credit.  The difference is generally a higher interest rate, and sometimes there is an annual fee.  One point that team credit card gets, though, is that some of them offer rewards such as cash back or airline miles.

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Crowdfunding

Crowdfunding is a way to raise money for your business through investors.  These are not your standard investors though.  You choose a platform, like Kickstarter or Indiegogo, and create a campaign for your business.  Platform users can then choose campaigns they wish to contribute to.  Contributions range from $5 to $5,000 or even more. This is completely free money that you do not have to pay back, though you may need to offer an incentive or profit sharing of some sort to your investors.

Angel investors

These are investors, but they often function differently that regular investors as well.  There are angel investment firms, where you can present a pitch and see what happens, but also a friend or family member can be an angel investor.

Grants

Grants for small business are just like grants for school.  They are free money that you do not have to pay back.  Sometimes they come in the form of an award for some type of contest. Competition can be fierce when it comes to grant funds.  There is only so much money to go around and everyone wants it.

Grant funds are also often reserved for specific types of businesses based on who the owner is or the mission of the business.  For example, a grant may be specifically for businesses that are environmentally minded, or for those businesses run by veterans, minorities, or women.

Which Funding Option is Best?

If you were wondering how to get a new small business loan, you may not be wondering if crowdfunding is better.  Upon first glance it can appear that this is the case. Free money is always best. And if all you have to do is convince people to give, that’s even better, right? Crowdfunding offers seemingly unlimited free funds.  You can collect whatever the people will give.  In theory, this is true.  If you look just a little deeper however, below the surface, there are some details that may surprise you.

First, you need to know that all crowdfunding platforms are different. The rules for how long a campaign can run and when you can collect your money vary from platform to platform.  For example, Kickstarter will not allow you to collect your money until your reach your goal.  If you do not reach your goal, you do not get any money.  Indiegogo, on the other hand, allows you to choose if you collect as you go, or after you meet your goal.

The problem then becomes predictability.  If you have time to sit back and leisurely raise money, this may work.  Still, most people who need business funding need it like, yesterday.  Waiting around for a campaign to reach its goal, or even collecting small amounts here and there will probably not cut it.

Another issue is the incentive that is often required.  While incentives can range from a free product or some bauble like a keychain or even a thank you note, the most successful ones are substantial.  More than one business has found itself in trouble trying to make good on crowdfund campaign promises.

What You Need to Know

Loans are truly a better option for most, so you do need to know how to get a new small business loan when the time comes.  They are  predictable and, while you do have to repay with interest, you have some control over the terms and rates.

Not only that, but those payments can help you build credit.  That, in turn, will allow you to get better terms and rates, as well as potentially more money in the future. In addition, an institution where you already have a loan will be more likely to approve you for additional loans, assuming you consistently pay on time.  Running a second crowdfunding campaign may not be as fruitful, even if you have success with the first one.

How to Get a New Small Business Loan

The process of getting business loans can be overwhelming.  We break it down for you so you can get the funds you need to start or grow your business as soon as possible.

Shop Around

The first step when considering how to get a new small business loan is to shop around.  Find a lender that has the loan product that best fits your needs.  Find the loans with the best terms and interest rates, then check their eligibility requirements to see if you apply.  There are a few different types of lenders you can choose from.

  • Large banks
  • Smaller community banks
  • Credit Unions
  • Online Lenders

Which one you choose will depend on a number of factors.  Large banks do not typically work well with small businesses. But that does not mean you shouldn’t see what they have to offer.  In general, small banks and credit unions will have the best terms and rates, in that order, but the process can still be lengthy.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business.

If credit or timing is an issue, online lenders may be the best bet. While their interest rates are not typically as low, they are often more flexible on minimum credit score than traditional lenders.  The option with most to do the entire application online means you can get your funds quicker as well.  In some cases you can get funds in as little as a few days with approval in as little as 24 hours.

The Small Business Administration

It is impossible to figure out how to get a new small business loan without a discussion about The Small Business Administration, or SBA.  This is a government agency that offers support and resources to small businesses.  Though they do not directly lend funds, they do work with local lenders to help small businesses get the money they need.

When you are looking at how to get a new business loan, you definitely need to consider researching lenders that work with the SBA.  While not all small businesses will benefit from an SBA program, many will.  Their programs are meant to make it easier for businesses that may not qualify for loans on their own to get the funds they need.

Pay Attention to SBA Loan Programs

You can’t figure out how to get a new small business loan without knowing what programs the SBA offers.  There are those meant specifically for working capital, as well as those designed more for equipment and real estate purchases. Following is a breakdown of a few of the most popular SBA loan options.

7(a) Loans

This is the Small Business Administration’s main loan program. It offers federally funded term loans up to $5 million. The funds can be used for a number of things including:  expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

There is a minimum credit score requirement of 680 to qualify.  In addition, they also require a down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. A business must have been in operation for 2 years to qualify. In the case of startups, business experience equivalent to two years will work.

This is the most popular of the SBA loan programs. Funds are available for a broad spectrum of projects, from working capital to refinancing debt, and even buying a new business or real estate.

504 Loans

504 loans are available for up to $5 million.  Funds from these loans can buy machinery, facilities, or land. They are generally used for expansion, and private sector lenders or nonprofits process them. 504 loans work especially well for commercial real estate purchases.

Terms range from 10 to 20 years, and funding can take from 30 to 90 days. The minimum credit score is 680, and collateral is the asset the funds are financing. There is also a down payment requirement of 10%, which can increase to 15% for a new business.

This loan requires you to be in business for at least 2 years, the same as the 7(a) program, or management has to have equivalent experience if the business is a startup.

Microloans

Microloans are available in amounts up to $50,000. They are best for starting business purchases such as equipment, inventory, or just general working capital. Community based non-profits administer microloan programs as intermediaries, with financing coming directly from the Small Business Administration.

Interest rates on these loans are 7.75% to 8% over the lender’s cost to fund.  Terms go out to 6 years. They can take 90 days or more to fund. The minimum credit score is 640, and the collateral and down payment requirements vary by lender.

SBA disaster loans

Available in amounts up to $2 million, these loans are actually processed directly through the SBA. They are available to small-business owners that have been affected by natural disasters.  Terms go up to 30 years. The maximum interest rate is 4%. You can apply for disaster loans directly at SBA.gov.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business.

The minimum credit score for disaster loans is 660. Collateral is necessary if the loan goes over a certain amount, usually $25,000.  If collateral is not available at the time, then it is can wait until it becomes available. For a military economic injury disaster, the amount at which collateral is necessary increases to $50,000. A down payment is not a requirement either way.

SBA Express loans

Express loans from the SBA max out at $350,000.  Interest rates are capped at 11.50%. Terms range from 5 to 25 years.  The SBA guarantee is less than with their other loan programs at 50%. You must have a credit score of at least 680 to qualify.  If your debt-to-service ratio is less than 1:1, you will not be eligible. Depending on the lender, there may be a collateral requirement for loans over $25,000.

They are not called express loans for nothing.  The turnaround time is substantially faster than others, with the SBA taking up to 36 hours to give a decision. There is less paperwork with the application process as well, making express loans a great option for working capital, among other things, if you qualify.

SBA CAPLine

There are 4 different CAPLine programs that vary mostly in the expenses they can fund. Each allows a maximum amount of $5 million and an interest rate that ranges from 7% to 10%. It can take 45 to 90 days to get funding.

The four different programs are:

  • Seasonal CAPLines – Financing for businesses preparing for a seasonal increase in sales.
  • Contract CAPLines – Financing for business that need funding to fill a contract.
  • Builder’s CAPLines – Financing for businesses taking on a real estate or construction project.
  • Working capital CAPLines – Financing for businesses that are struggling with a short-term slump in sales.

You must have at least a 680      credit score to apply. But there is no minimum time in business requirement unless you are getting a seasonal CAPLine, which carries a one year in business requirement.

SBA Community Advantage Loans

This is a pilot program set to either expire or extend in 2020. It’s designed to promote economic growth in underserved markets. Credit decision makers overlook factors such as poor credit or low revenue if the business has the potential to stimulate the economy or create jobs in underserved areas.

Loan amounts range from $50,000 to $250,000 with a maximum interest rate of 11%, while terms range up to 25 years.

How to Get a New Small Business Loan with Other Programs

The SBA also offers these additional programs that may be helpful.

  • Veterans Advantage– General-use business loans with no guarantee fee for majority veteran-owned small businesses.
  • International Trade– General-use financing for businesses actively involved in international trade or hurt by competition from imports.
  • Export Working Capital Program– Short-term working capital for exporters backed by invoices or other business assets.

How to Get a New Small Business Loan: Be Prepared

After you choose which loan or loan program will work best for your business, it’s time to dig in.  Unless you are using an online lender where the entire application process takes place online, you are likely going to spend a significant amount of time on this process.

Regardless of the lender, preparation is key to time savings and success.  While all lenders are different, some information is pretty standard across the board. You almost always need to have ready information related to:

  • Past 3 years tax returns (business and personal)
  • Business financial statements for the past 3 years, or 3 years’ of projections for startups.
  • A professional business plan.
  • A budget for the loan funds.

Of course, this is not an exhaustive list, but having these things ready to go will save you significant time during the application process.

Keys to How to Get a New Small Business Loan: Shop Around

There is no doubt that, for many reasons, a business loan works better than crowdfunding in almost every case.  It is both more reliable and more predictable.  Very few crowdfunding campaigns work out, while there are lenders with loan products for almost every situation.

Rather than creating elaborate crowdfunding campaigns, spend your time researching lenders and loan programs that best fit your needs.  Once you find what you are looking for, gather the information you know they will need, and be prepared to provide anything else they may ask for.  This is a great place to start when trying to figure out how to get a new small business loan.

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