Tag: Finances

Protecting Your Business Finances During Times of Economic Uncertainty

Economic Uncertainty Isn’t on the Horizon—It’s Already Here

It’s an understatement to say that times are uncertain right now. Inflation, the (hopefully) winding down pandemic, current supply chain issues, and the situation in Ukraine are all creating massive global economic uncertainty. There’s even economic policy uncertainty in our government.

As a result of this kind of instability, protecting your business assets should be up there. Markets are changing rapidly, as are consumer attitudes toward spending. Succeeding just might get a bit tougher. There is always risk and uncertainty in economics. But now, it’s on steroids.

Protecting Your Business Assets During Economic Uncertainty Should be Top of Mind

Fortunately, there are ways to protect your assets. And yes, business credit and financing are the way to go. Right now is the time when good business credit and a Fundable™ foundation are key.

Spend Better During Times of Economic Uncertainty

While no one knows what the future will bring, one thing is for certain. Prices are going to be in flux, because economic uncertainty can influence the price of just about anything. Is it better to stock up now, expecting a price rise? Or is it better to try to wait it out and see if prices will get better?

Whichever decision you make, business credit and financing can help.

Stock Up Now with Inventory Financing

If you want to stock up now, then you might not have enough cash on hand to cover a big purchase. This is where inventory financing can come into play. It can make it possible for you to buy big today in anticipation of bigger sales tomorrow.

Inventory financing is a revolving line of credit, or a short-term loan acquired by a company so it can purchase products for sale later. The products serve as the collateral for the loan. There may be restrictions on the type of inventory you can use. This can include not allowing cannabis, alcohol, firearms, etc., or perishable goods. There can be revenue requirements. And there may also be minimum FICO score requirements.

Get approved for a line of credit for 50% of inventory value, regardless of personal credit quality.

Rates are usually 5 – 15% depending on type of inventory. You can get funding within 3 weeks or less. But note that it can’t be lumped together inventory, like office equipment.

Or Wait Out Economic Uncertainty With Merchant Cash Advances

If you want to wait, then a good use of your time can be to enhance your relationships with your preexisting customers. This can include offering better payment terms. But it can hurt your bottom line if you end up waiting for payments from your customers. Not to worry. MCAs can make it possible for you to give your customers more time to pay without harming your own bottom line.

Details on Merchant Cash Advances

An MCA technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA and have an advance deposited into its account fairly quickly. So you can offer Net 30 terms, but not have to wait a month to get paid.

A merchant financing program is ideal for business owners who accept credit cards and are looking for fast and easy business financing. An MCA program works to help you get funding, based strictly on your cash flow as verifiable per your business bank statements. Hence lenders in general will not have any burdensome document requests.

A lender will review three months of bank and merchant account statements. They are looking for consistent deposits. There should be deposits showing revenue is $50,000 or higher per year. A lender also verify time in business of six months or more.

Lenders also want to see that you don’t have a lot of Non-Sufficient-Funds (NSFs) showing on your bank statements. You shouldn’t have a lot of chargebacks on your merchant statements. And you should have more than ten deposits in a month going into your bank account.

In essence, a lender wants to know that you manage your bank and merchant accounts responsibly. And they want to see that have a decent number of consistent credit card transaction deposits each month.

Save More During Times of Economic Uncertainty

How can you save more money when you’ve still got to get supplies for your business? Putting everything on credit is a recipe for a future default. But what about saving when you spend? Or getting rewarded for spending?

The Wex Fleet Card and Wex Flex Card

These are great cards for business credit building because they report to Experian and D&B. Wex offers universal fleet cards, heavy truck cards, and universally accepted business fleet cards. Their cards have features supporting a small business, including a rewards program. But before applying for multiple accounts with WEX Fleet cards, only apply for two cards at a time. Then, make sure to leave at least two months between applications so that they don’t red flag your account. This will not mean an automatic decline, but it could reduce the amount of credit for which you are approved.

Apply online or over the phone. Terms are Net 15  for the Wex Fleet Card, and Net 15 or revolving for the Wex FlexCard.

To qualify for either card, you need a business entity in good standing with Secretary of State. You also need your EIN and D-U-N-S numbers. Plus you must have a business address which matches everywhere, and all necessary business licenses, if applicable. You’ll need a business bank account, and your business phone number must have a listing on 411. Apply online or over the phone, at (800) 395-0812 (then select option 3).

Economic Uncertainty The Wex Fleet Card

You must be in business for at least one year, with a strong business credit history. In addition, you will have to provide your Social Security number for informational purposes. But if a pull on your personal credit concerns you, contact their Credit Department before applying. Also, they want you to have a good PAYDEX score of 80 or better.

However, if you are in business less than four years or your business credit history is too sparse for the approval to hinge on it, they will require a Personal Guarantee or a deposit of $500 to secure the card.

With this card, you will need to pay it off in full each month.

The Wex FlexCard

There is no minimum time in business requirement. However, you must provide a Personal Guarantee.

Get a rebate of up to 3 cents per gallon on gasoline. Pay no annual fee. You can carry a balance with this card, if necessary.

Brex

Another great card to help you save more as you spend is the Brex card. It is a particularly good card for startups.

Brex is a business money management system that integrates with your accounting software. It allows you to track expenses and, depending on the level of service you choose, can also help with paying bills and controlling spending.

The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Brex is not a bank, but rather a banking alternative. They have a partnership with the FDIC and your funds are secure.

Everyone that opens a Brex cash account gets a corporate card. It works just like a debit card, drawing from your Brex Cash balance daily. However, unlike a debit card, Brex reports these payments to Dun & Bradstreet, Experian, and Equifax every month, thus helping build your business credit score.

Since this card is secured by the balance in your Brex cash account, and limited to that balance, you do not have to worry about underwriting.

This card offers rewards in terms of points that can be redeemed for travel, cryptocurrency, cash back, statement credits, gift cards, and more. There are even virtual card options for online spending. Brex integrates with common accounting programs including Quickbooks, Xero, NetSuite, and Gust.

Since the card is paid off monthly, you do not pay interest. There is no fee for standard service, but you can upgrade to premium at a cost. Currently premium accounts start at $49.99 and offer more expense management options. And you can even use rewards points to pay for it.

Terms

This card is paid daily from your balance of money deposited into a Brex Cash account. No minimum balance is necessary.

Brex does not offer balance transfers from other cards to Brex, due to not requiring a personal guarantee. However, they will perform balance transfers within Brex accounts.

Qualifying

To qualify for a Brex card, you need a business entity in good standing with Secretary of State. You also need your EIN and D-U-N-S numbers. Plus you must have a business address which matches everywhere, and all necessary business licenses, if applicable. You’ll need a business bank account,

In addition, you will have to provide your Social Security number on your application, for informational purposes. But if a pull on your personal credit concerns you, talk to a representative before applying.

Apply online.

Protect Your Business During Economic Uncertainty: Takeaways

While our economy is in flux, your main focus should be to maintain and grow your business’s assets. Good business credit will help your business now and, in the future, when economic uncertainty starts to diminish.

The post Protecting Your Business Finances During Times of Economic Uncertainty appeared first on Credit Suite.

Women and Finances: Secrets from the Battleground

The relationship between women and finances has always been shaky at best.  At most, it is definitely misunderstood.  To some, women will never live up to men in this area. However, history is full of real life examples of the fact that this is, indeed, not true. 

Since ancient times women have contributed to the incomes of their homes.  Whether by selling goods, investing, or offering a service.  These were the first women-owned businesses.  

 Women today run multi-million dollar companies and support other women in doing the same. 

Learn About Women and Finances from the 2020 Cartier Women’s Initiative Winner

According to Fundera, the United States alone has 12.3 million businesses owned by women.  These businesses generate $1.8 trillion a year.  In fact, 40% of businesses in the US have female owners. That’s just the United States.  Worldwide the numbers are even bigger, and growing daily. What’s changing? What’s causing the increase, and where are they getting the money to open these businesses? 

There are many answers, but the two main ones relate to education and financial support.  Women are more educated now than they have ever been.  Not only that, but they are training each other to do better.  In fact, many grant opportunities have popped up in recent years.  Most of them not only help women finance their businesses, but they also offer training and support along the way. 

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

No one does this better than the Cartier Women’s Initiative. Since its creation in 2006, the program has helped more than 240 businesses owned by women entrepreneurs.  These ladies come from 56 different countries and their businesses have created more than 7,000 jobs.  During this time, the CWI has granted more than $3 million in funding.  This makes it one of the largest and most generous female-focused entrepreneurial competitions in the world.

It is our delight to get the opportunity to interview one of this year’s winners, Anna-Sophie Hartvigsen from Denmark, about women and finances.  Her business, Female Invest, is a women and finances double whammy.  Not only does it have female owners, but it’s main purpose is to help women with investing. Here’s what she has to say. 

Women and Finances: Inspirationfemales and finances Credit Suite

Credit Suite:   Where did your inspiration come from for both starting your own business and the business you chose?

Anna-Sophie:  Growing up, I didn’t know any entrepreneurs, so I never thought about becoming one myself. I also didn’t know any women who actively invested, but I always had a fascination with money, so I taught myself to invest at the age of 19. I quickly fell in love with it, but as none of my friends shared my passion, it became a lonely love affair. 

Puzzled by this lack of female investors,  I started researching the topic. I learned that women are falling financially behind. They earn less, save less and fail to invest their money. Among the key drivers of this problem is widespread financial illiteracy and a lack of targeted offers and role models.

I didn’t know how to solve this problem, until I started university and met my Co-Founder Emma Bitz. She shared my passion for investing and had been working as a certified stockbroker since the age of 20. We immediately bonded, and the idea to start Female Invest arose in our first-ever conversation. 

When we started Female Invest, we initially thought it would be a hobby project, uniting a smaller group of women with an interest in investing. However, we quickly realized that the demand was much larger than anyone could have anticipated. We then decided to take the leap, found a company and become full-time entrepreneurs. The rest is history. Today, Female Invest is Northern Europe’s leading financial educator targeting women. We have helped more than 25,000 women across 33 countries get started investing. 

Women and Finances: Influences

Credit Suite: Who were the female influences in your life and how did they help you in your business endeavors? 

Anna-Sophie: While I may not know many female entrepreneurs or investors, I know many women who are fierce and inspirational in different ways. Emma, Camilla and I often talk about how we find inspiration in different people at different points in time, depending on the challenges we are facing. We also use each other as role models within different areas, and I highly value that. 

https://mail.google.com/mail/u/1/#all/FMfcgxwHNqCSLBRGqrPxDdZTsgkPffMV?projector=1

Women and Finances: Balance

Credit Suite:  What are your tips for work life balance? 

Anna- Sophie:  My best tip is to find a job you love, so you don’t live your life waiting for the weekend. The term “work-life” balance insinuates that work should be a separate entity. But in my experience, being truly passionate about your work makes it possible to build a harmonic life where work is not something to escape.  In our team, we are living for the mission to financially empower women and that passion doesn’t stop when the workday does. 

Women and Finances: Challenges

Credit Suite: What are the specific challenges women face when trying to get funding versus men? 

Anna- Sophie: Today, female founders receive less than 2% of venture capital funding.  That is despite performing better over time following funding. Research shows this might be because female founders are often held to different standards. This is seen as female founders are more likely to be asked about risks and to be judged on current achievements. Male founders are more likely to be asked about and judged upon their potential. At the same time, the venture capital world is heavily dominated by middle aged men, who may struggle to recognize the potential in products outside their own target group.

Credit Suite: There are aspects of our culture, certainly in America, where negotiating is the norm and not the exception. In the US, that’s particularly true for buying a house or a car, new or used, and for starting a new job or asking for a raise. At the same time, a lot of women aren’t taught to question prices. What sort of tips would you give to women who want to learn how to effectively negotiate?

Anna- Sophie: Women face a unique set of challenges when negotiating. Firstly, women are not taught to question prices/wages in the same way as men. Secondly, research shows that women are perceived differently when they do. This is a societal problem that women cannot solve alone. However, when navigating this unfortunate reality, my best advice is to base negotiations on facts rather than feelings. 

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

Women and Finances: Lessons to Future Generations

Credit Suite: What sorts of financial lessons should we be imparting to our daughters and granddaughters? How do we help them become financially literate?

Anna- Sophie: We need to break the stereotypes around women and money and teach our girls that they are fully capable of handling their money. In order to do this, we need to change the way we communicate about money to girls. 

Following extensive linguistic research, money and personal finance is communicated very differently to men and women. Communication aimed at women tend to define them as “spenders” who need to limit their outgoings in order to save. 

By contrast, communication targeting men tends to portray them as skillful investors, highlighting the financial landscape as packed with opportunity rather than risk. Therefore, the first step to increase financial literacy among women is to give them confidence and make them feel capable. Because they are. In fact, female investors achieve higher average returns than male investors.

Women and Finances: More About Female Invest

Female Invest is run by co-founders Emma Bitz, Anna-Sophie Hartvigsen , and Camilla Falkenbert. They share the work equally and have a team of employees. More than 25,000 women have physically attended their educational events. In order to scale faster, they have now transitioned into a subscription platform with members in 33 countries.

Women and Finances: Funding

Anna-Sophie and the team at Female Invest got a great jump on funding and support with the Cartier Women’s Initiative.  However, grants of any sort are rarely enough for completely funding a business.  Often, there is a need to combine with financing and even other grants, crowdfunding, or investors to fully get the job done.  Let’s explore some of these options. 

Other Grants for Women Business Owners

It’s no secret that grant programs are highly competitive.  Still, they are usually worth the effort to apply.  You really do not have anything to lose except time, and maybe an application fee.  If you win, it’s free money.  Still, as I said above, grants are rarely enough to fully fund a business.  They are a fabulous option to supplement other funding types however. Here are a few more to check out.

SBA Women’s Business Centers

The SBA Women’s Business Centers not only help with loans.  They also help women entrepreneurs access other business funding options. Some lend money or award grants directly.  Others help connect women entrepreneurs with lenders.  Their website offers many resources and opportunities to find out more. 

Eileen Fisher Women Owned Business Grants

Eileen Fisher hands out $100,000 per year to 10 businesses owned by women. A woman must have at least 51% ownership.  Also, the business must be in operation for at least three years. Lastly, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.  

Amber Grant 

The Amber Grant awards $500 to $1,000 per month to a business owned by a female. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.   

Crowdfunding

One way to reduce the amount of loans you need to start and run your business is crowdfunding.   It gives today’s business owners a new way to build a successful business. Of course, not everyone with a campaign on a crowdfunding site is successful.  Funding a business with crowdfunding doesn’t happen without a lot of hard work and a fair amount of luck. Unfortunately, it often doesn’t happen at all. To succeed at crowdfunding, you have to research what works, what doesn’t, and then cross your fingers. Truthfully, it may work, and it may not.

If you decide to go for it, make sure you have incentives ready.  This can be what makes or breaks a campaign. 

Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some work better for specific types of businesses than others.  In addition, some may have higher success rates for women than others. Research is key.

The Small Business Administration

Female business owners in the United States can benefit from the help of the Small Business Administration. Though not specifically for women alone, the SBA offers government backed loan programs.  

7(a) Loans

This program offers term loans up to $5 million. You can use them  for expansion, purchasing equipment, working capital and more. Financial institutions in partnership with the SBA process these loans and give out the funds. 

504 Loans 

These loans are also available up to $5 million.  They can buy machinery, facilities, or land. Generally, borrowers use them for expansion.  Private sector lenders or nonprofits process and disburse the funds, and they work especially well for commercial real estate purchases. 

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

Microloans 

Microloans are available in amounts up to $50,000. They work well for startup, equipment purchases, inventory purchases, or for working capital. Community based nonprofits handle microloan programs as intermediaries.  Unlike other SBA programs, financing comes directly from the Small Business Administration. 

Angel Investors

These are informal investors.  They generally invest in the start of a company, typically in exchange for equity.

The best way to find these kinds of investors is to ask. Try an angel investors website or an angel investors network. Also check out  Gust, which used to be Angel Soft. They keep a database of investors, companies, and programs. 

To land an angel investor, you are going to need an awesome pitch deck.  Do not just jump into a project like that.  Take the time to research what a pitch project involves.  It has to pop. 

Women and Finances: You Can Survive the Battleground

Anna-Sophie is a warrior.  She saw a need, seized and opportunity, and made it happen.  She didn’t do it alone however.  It took the help of her partners.  It also took here willingness to seek out and go after the funding necessary to run and grow her business.  You can be just as successful.  Find the help and support you need, find the business funding necessary, and make your dreams come true. 

The post Women and Finances: Secrets from the Battleground appeared first on Credit Suite.

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education
In instance you are not able to pay them on your own, or you have not been able to prepare for a government finance, you can choose for the numerous exclusive trainee financings. There are a number of personal trainee financing lending institutions all throughout the United States that can give you with these trainee car loans.
The personal pupil finance lending institutions offer various kinds of car loans. They consist of the undergraduate exclusive education and learning finances as well as graduate exclusive trainee fundings.
The loan providers additionally supply proceeding education and learning car loans. These financings offer you with adaptable car loan quantities that vary from $1,000 to $40,000. The optimum lending quantity that you can obtain under such a lending is $150,000.
The funding quantity supplied by the personal loan providers is implied to take treatment of the tuition charges and also the living costs. The ideal point concerning obtaining the financings from any of the personal lending institutions is that you have to begin the repayments just after you finish your researches.
In order to make use any one of the above discussed financings, the personal lending institutions require you to accomplish particular qualification needs.
If you get a grad or under graduate financing program, you need to be an undergraduate/graduate pupil, 18 years old or older. You must be registered at the very least half-time in a specific certification or level program if you are an undergraduate trainee. Occasionally the loan providers just think about the certification or level program given by an organization accepted by the loan provider.
You ought to be signed up at the very least half-time in a graduate or expert program if you are using for a graduate pupil lending or a proceeding education and learning trainee financing. Once again the lending institution might take into consideration whether you are researching in an establishment accepted by the loan provider.
You require to be a U.S. Citizen to be qualified for the car loans. Also if you are a non United States person, you require to have a legitimate unexpired Alien Registration Receipt Card or INS develop I-151 or I-551.
In instance you do not have a credit rating, or your credit report is unsatisfactory, you will certainly require a co-signer. You can ask among your moms and dads or any kind of various other individual to be your carbon monoxide endorser. The only point is that the carbon monoxide endorser needs to be debt worthwhile.
Several of the most significant exclusive trainee funding lending institutions that you can get in touch with are Chase Private Student Loans, Act personal trainee fundings, National City Direct Student Loans. Take a look at the different finance programs supplied by them as well as pick one of the most appropriate one on your own. Louis Zhang, Ezprivatestudentloans dot com

In situation you are not able to pay them on your own, or you have not been able to set up for a government finance, you can choose for the different exclusive pupil finances. There are a number of personal trainee financing lending institutions all throughout the United States that can supply you with these trainee lendings. The exclusive trainee financing lending institutions give various kinds of fundings. They consist of the undergraduate personal education and learning lendings as well as graduate exclusive trainee lendings. Some of the most significant exclusive pupil finance lending institutions that you can speak to are Chase Private Student Loans, Act personal pupil financings, National City Direct Student Loans.

The post Exclusive Student Loan Lenders – A Way to Get Finances For Your Education appeared first on ROI Credit Builders.

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education

Exclusive Student Loan Lenders – A Way to Get Finances For Your Education
In instance you are not able to pay them on your own, or you have not been able to prepare for a government finance, you can choose for the numerous exclusive trainee financings. There are a number of personal trainee financing lending institutions all throughout the United States that can give you with these trainee car loans.
The personal pupil finance lending institutions offer various kinds of car loans. They consist of the undergraduate exclusive education and learning finances as well as graduate exclusive trainee fundings.
The loan providers additionally supply proceeding education and learning car loans. These financings offer you with adaptable car loan quantities that vary from $1,000 to $40,000. The optimum lending quantity that you can obtain under such a lending is $150,000.
The funding quantity supplied by the personal loan providers is implied to take treatment of the tuition charges and also the living costs. The ideal point concerning obtaining the financings from any of the personal lending institutions is that you have to begin the repayments just after you finish your researches.
In order to make use any one of the above discussed financings, the personal lending institutions require you to accomplish particular qualification needs.
If you get a grad or under graduate financing program, you need to be an undergraduate/graduate pupil, 18 years old or older. You must be registered at the very least half-time in a specific certification or level program if you are an undergraduate trainee. Occasionally the loan providers just think about the certification or level program given by an organization accepted by the loan provider.
You ought to be signed up at the very least half-time in a graduate or expert program if you are using for a graduate pupil lending or a proceeding education and learning trainee financing. Once again the lending institution might take into consideration whether you are researching in an establishment accepted by the loan provider.
You require to be a U.S. Citizen to be qualified for the car loans. Also if you are a non United States person, you require to have a legitimate unexpired Alien Registration Receipt Card or INS develop I-151 or I-551.
In instance you do not have a credit rating, or your credit report is unsatisfactory, you will certainly require a co-signer. You can ask among your moms and dads or any kind of various other individual to be your carbon monoxide endorser. The only point is that the carbon monoxide endorser needs to be debt worthwhile.
Several of the most significant exclusive trainee funding lending institutions that you can get in touch with are Chase Private Student Loans, Act personal trainee fundings, National City Direct Student Loans. Take a look at the different finance programs supplied by them as well as pick one of the most appropriate one on your own. Louis Zhang, Ezprivatestudentloans dot com

In situation you are not able to pay them on your own, or you have not been able to set up for a government finance, you can choose for the different exclusive pupil finances. There are a number of personal trainee financing lending institutions all throughout the United States that can supply you with these trainee lendings. The exclusive trainee financing lending institutions give various kinds of fundings. They consist of the undergraduate personal education and learning lendings as well as graduate exclusive trainee lendings. Some of the most significant exclusive pupil finance lending institutions that you can speak to are Chase Private Student Loans, Act personal pupil financings, National City Direct Student Loans.

The post Exclusive Student Loan Lenders – A Way to Get Finances For Your Education appeared first on ROI Credit Builders.