Tag: Inflation

Kuster, Burns focus on inflation, abortion in race for New Hampshire's 2nd Congressional District

U.S. Rep. Annie Kuster said her Republican challenger was concealing his position on abortion legislation, while Robert Burns accused the five-term Democratic incumbent of not doing enough in Congress to deal with rising costs during their second and final debate Friday.

The two candidates for New Hampshire’s 2nd Congressional District agreed during their WMUR-TV debate on tax exemptions and credits for people who are making their homes more energy efficient, but differed on the Low-Income Home Energy Assistance Program for families.

Burns, who runs a quality control and pharmaceutical safety company, said he would not support the program. “What we need to do is lower the cost of energy for everybody, not just a select few that are going to get a $500 voucher,” he said. Kuster supports the program and asked for more money.

DEMOCRATIC PAC POURS THOUSANDS INTO AD BOOSTING FAR-RIGHT, PRO-TRUMP CANDIDATE IN LATEST MEDDLING ATTEMPT

In bringing down costs overall, Kuster said she believes in a multi-pronged approach, including the production of lower-cost food closer to home. Burns said he is in favor of opening up more gasoline production in the United States and building new plants to process diesel fuel.

“The Biden administration was in complete denial over the inflation and the oncoming economic disaster that we’re heading towards right now,” Burns said. “She’s been in there for 10 years. They haven’t been able to take care of these problems.”

Kuster responded that New Hampshire is “woefully behind” neighboring states in using solar energy. She said she was pleased about the passage of the Inflation Reduction Act, which includes investment in renewable energy.

“We can’t keep chasing oil and gas and pipelines forever,” she said.

Burns said Congress should have been working on investing in nuclear power and advancing battery technology years ago, but now, “it’s a little late.”

“But why is the state dragging their feet on the net-metering? That’s a big problem here,” Kuster said.

“Are you running for governor or Congress?” Burns said.

On the subject of abortion, Burns, who is pro-life, said he supports a federal “heartbeat bill” banning abortion at 12 to 15 weeks. He said he has always agreed there should be an exception for the life of the mother.

NEW HAMPSHIRE BATTLEGROUND POLL SHOWS KEY SENATE SHOWDOWN IS DOWN TO THE MARGIN OF ERROR

Kuster, who supports the Women’s Health Protection Act, which would protect the right to access abortion care nationwide after the overturning of Roe v. Wade, said Burns was attempting to change his position.

She said Burns has described himself as “100 percent pro-life at conception” and that Republicans in Congress are sponsoring a bill that would ban abortion at conception. She said the legislation that Burns supports would criminalize abortion, putting women and doctors in jail.

“Well, of course, that’s completely untrue,” Burns, adding, “this is absolute fear-mongering.”

NEW HAMPSHIRE BATTLEGROUND POLL SHOWS KEY SENATE SHOWDOWN IS DOWN TO THE MARGIN OF ERROR

On other topics, both candidates disagreed with a decision by Florida’s governor to pay for flights from Texas to Martha’s Vineyard that carried migrants who entered the country illegally. They also were against the setup of immigration checkpoints on New Hampshire highways.

How inflation is affecting your wallet at MLB concession stands

The effects of inflation have rippled through consumer prices, from gas to groceries to stadium concessions. ESPN polled food and beverage vendors and reps for MLB’s 30 teams to find out how much fans are paying for their favorite ballpark eats.

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U.S. Stocks Fall as Inflation Weighs on Markets

Stock indexes pointed to another day of turbulence in markets driven by stronger-than-expected U.S. inflation.

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Recent Business Credit Questions: Can Business Credit Ease Inflation?

Your most recent business credit questions have been weighing on our minds. So, let’s talk about that — and inflation. There’s more of a connection than you may think. What better place to start than at the beginning?

Basic Business Credit Questions

Here are answers to some core business credit questions that the others build on. 

What is Business Credit? 

Business credit is credit in the name of the business. Every business owner should work to establish business credit and build a credit history. 

There are a few reasons for this. First, it protects your consumer credit. Trying to make business purchases on personal credit can have a negative impact. The truth is, that’s the case even if you make your payments regularly and on time.

What Can Business Credit Do for Small Business Owners?

Creating a business credit profile means both your business and you can have a separate score. As a result, your ability to purchase a home or car will not be affected by your business expenses. Furthermore, your ability to get funding for your business will be less affected by your personal financial situation.

Your consumer credit report will have information on payments made, or missed, to your company’s creditors. The more positive history you have, the higher your score will be with whichever credit bureau the lender decides to use.

Why Should Business Owners Want to Have Business Credit Separate From Their Personal Credit?

With a separate profile, small businesses can get approval based on the financial health and well-being of the small business. Whether it is a business credit card, a line-of-credit, or a loan, approval will not be impacted as much by your personal finances. With business credit, it’s a truly separate credit score versus personal credit.

This not only makes it easier to get funding for your business, but it can open doors for you to get even more funding. For example, with a strong business credit profile, you are open to a higher limit and lower rates on a business credit card, lines-of-credit, and even vendor credit. Often, you can get these things despite bad consumer credit and without a personal guarantee.

Do Business Entities Matter When it Comes to Business Credit?

Absolutely—all business entities are not created equal. A sole proprietor can end up being personally liable for business debts. But in a business that is incorporated with its own tax ID, the owner’s personal assets are less likely to be on the line in case of default.

In addition, lenders want to see that a business is a separate entity from its owner. For that to happen, a business needs to have a Fundable™ Foundation. And that requires incorporating.

What Does a Small Business Owner Need to Do?

To have a Fundable™ Foundation a business must be set up a certain way. For example, you need to incorporate. A sole proprietorship or even a partnership doesn’t work so well for Fundability™.

You also need to have a name for the business that is consistent in all places, and that doesn’t warn of a high risk industry. So, “Bob’s” is better than “Bob’s Gas Station.” And, if it is “Bob & Joe’s,” do not list it as “Bob and Joe’s” somewhere else. Yes, even something as tiny as an ampersand can cause a problem.

Then, get an EIN and a D-U-N-S number. The EIN is like a Social Security Number for your business. You can get one for free on the IRS website. The D-U-N-S number is an identifying number you need to get in the Dun & Bradstreet system. You can get this number for free as well from their website.

A separate business bank account in the name of the small business is also necessary. Keeping business funds and personal funds separate is a good idea anyway. It makes tax time easier for sure. However, some credit providers make it a requirement for approval as well.

It’s also important to have a professional business website. The URL should have the name of the business if possible, and get a business email address that has the same URL as the website.

What Do Business Credit Bureaus Look for When Calculating Scores on a Business Credit Report?

A credit report will show a company’s pay history, even for items as seemingly inconsequential as office supplies. The exact way a score is calculated depends on the specific credit bureau. They each use a different formula.

Dun & Bradstreet is the largest and most commonly used business credit bureau. That’s why getting a D-U-N-S number is so important. You cannot be in their system without one.

That said, Equifax, Experian, and FICO SBSS are also used often. Generally speaking, the main factor that comes into consideration for the score on each of these reports is payment history. However, Experian and FICO SBSS use your personal score in the calculation of your business score. It’s not just about business credit card payments.

Inflation Related Business Credit Questions: What is Inflation?

According to Investopedia, “Inflation is a decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services in an economy.”

In essence, your money does not go as far as it used to. This is true for all businesses, whether it’s a new business, a sole proprietorship, a partnership, a type of corporation, or an LLC.

How Does Inflation Affect Many Small Business Owners?

In business life, companies may find their business customers are looking to spend less. As a result, annual revenue can go down. It makes sense that customers may not want to be personally responsible for as much debt.

Business Credit Questions Connecting Inflation to Business Credit: How Do Inflation and Business Credit Relate to Each Other?

Many lenders and credit card companies will check your credit when deciding how much credit to extend or how large a small business loan they should approve you for. It can affect the interest rate you pay, too. Without business credit, a lender will only be checking consumer credit, as that’s all you’ve got to offer. And if that credit score isn’t so good, you won’t get much. You’ll get a lower credit limit (if they extend credit to you at all), and any potential lender may charge higher interest rates.

How Does What’s on Your Business Credit Report Affect Approvals?

If your funds aren’t going as far as they used to, then you might want to lean on business loans. But you’re less likely to get a business loan if you haven’t built your company’s credit profile. And forget about qualifying for an SBA loan.

If owners cannot meet a lender’s credit requirements, then companies may have few choices. One option is an alternative lender. A small business owner may find they are paying a higher interest rate for a lower credit limit or business loan amount when it comes to alternative loan options however. Alternative lenders, though a helpful loan option to have, are notorious for higher rates.

During an inflationary period, that means such less favorable credit terms put even less money in an owner’s pocket.

Business Credit Questions for Hard Times: How Can Small Business Owners Help Their Businesses Better Weather Inflation?

Of course, the best thing small businesses can do is build business credit. Building a credit history with the business credit bureaus means setting up your business properly.

That includes building the Fundable Foundation mentioned earlier. Then, establishing business credit history with the credit bureaus. Build your business credit profile with an eye toward helping your small business get better credit terms and qualify for business loans. Doing so can help you manage funds and cash flow in a more efficient manner.

A Business Should Get Accounts With Vendors to Start

These are vendors for items which a business uses all the time, like office supplies. It’s a lot easier for a business to get credit accounts with one of these companies early on. Some may even offer a card, making it possible to get a first credit card in the name of the business. Even a secured business credit card will help, so long as it reports to at least one of the business credit bureaus.

Businesses Should Act Now to Pay Less Later

Inflation isn’t going away any time soon. Building credit for a business as soon as possible will help in the future. If inflation gets any worse, you’ll pay more anyway. Why not at least try to minimize that?

Business Soundness Doesn’t Necessarily Help Raise a Business Credit Score, But it Does Help a Business Get More Funding When They Need It

Companies that add working capital now can convert it into more annual revenue when they invest in better equipment or more inventory prudently. And even a new business can have its own business accounts. This is true even when small businesses are fighting inflation.

Business Credit Questions Relating to Personal Credit: Why Not Just Use a Personal Credit Card for Business Financing?

For one thing, credit approval amounts tend to be higher for a typical business card versus a standard personal credit card.

Your Personal Credit Score Would Plummet

On a personal report, the debt ratio affects your score. That is, the amount of credit you are using relative to the credit you have available to use. Since consumer credit limits are typically lower than business credit card limits, and business expenses are higher, your balance can stay close to your limit even when you may make regular, on-time payments.

In turn, your debt-to-credit ratio stays higher than what lenders like to see. Ideally, it will be less than 30%. Anything higher will have a negative impact on your personal report. This ratio does not affect a business credit profile the same way.

Other factors that affect your consumer report include credit mix and any inquiries on. But for both your business and personal credit score, payment history is a big part of the credit calculation.

Limits on a Business Credit Card Tend to Be Higher Than Those for a Personal Credit Card

To get more funding for a business, small business owners would do well to use a credit card for their businesses. They tend to be more flexible than small business loans, because of their revolving nature. In addition, many of them have 0% interest rates you can take advantage of, as well as rewards programs. Just be sure to choose rewards programs relevant to your business needs.

When You Build Business Credit, Your Pay History on a Business Loan Should Stay Off Your Consumer Credit Report

With a separate business credit profile, you won’t get an inquiry on your consumer credit. Inquiries impact your consumer score negatively, but this is not true of a commercial score. So, separating the two keeps your business finances from affecting your ability to get personal loans. In addition, in some cases it can help you get a loan for your business without a personal guarantee.

What About Using a Personal Guarantee? Won’t That Affect a Personal Credit Score?

If a business owner needs a small business loan immediately but can’t get it any other way, then offering a personal guarantee can be a smart choice. But don’t just offer a personal guarantee if you can help it. It can affect your personal credit report. Even a new business should be able to establish a credit profile and build a credit score without always giving up a personal guarantee.

What Else Can Business Credit Do for Small Businesses?

Even when inflation is on the rise, a separate credit profile increases the chance of loan approval for a business. That doesn’t mean the personal report will be ignored. However, if the business has a good credit score, loan requests are more likely to be approved. It can’t hurt the interest rate either.

Credit Suite Can Answer Your Business Credit Questions

Rising inflation means business owners need more funds. In contrast, getting a loan at times like this is even harder than normal. On the lender side, they have to be much more careful with loans to reduce risk. In general, their risk is higher because borrowers do not have as much disposable income.

Credit Suite can answer your business credit questions. We can help you meet the guidelines a lender sets to meet loan requirements. We walk you step by step through the foundation building process. Then, we help you find the perfect vendors for your business, so you can buy the things you need for your business while building your profile with the bureaus.

Not only that, but we keep our finger on the pulse of the industry. We can often anticipate business credit questions before they are even asked. Due to our lender relationships, we are able to follow the patterns a lender may follow, and keep up with which ones are lending more at any given time. In short, we help increase your chance for loan approval by helping you find the right lender and loan product that best meets your needs. 

The post Recent Business Credit Questions: Can Business Credit Ease Inflation? appeared first on Credit Suite.

Why Is Inflation Bad? Personal Credit Issues and Business Fundability

Why is inflation bad? The simple answer is high interest rates. They affect everything. Money doesn’t go as far, borrowing is more expensive, and everything is harder. Personal credit can be finicky, and inflation doesn’t help. It is subject to a lot of different factors. There is much more to it than just paying your bills on time. Inflation can wreak havoc on personal credit, and that can, in turn, cause serious issues with your ability to get business funding.

Why Is Inflation Bad? The Effect on Personal Credit

These are some of the factors that can affect business credit.

  • Age of accounts
  • Account Mix
  • Debt-to-Credit Ratio
  • Inquiries
  • Payment history
  • And more!

As you might have guessed, this means that even if you pay on time every time, you can still have a less than great personal credit score. Still, how does inflation affect these factors? More so, how can issues with personal credit affect business funding?  Then, what can you possibly do about it?

Personal Credit Issues that Can Kill Business Fundability

First, you need to understand which personal credit factors can also affect Fundability. Here are 5 Factors that can affect your personal credit and your ability to get business funding.

Lack of Open Credit

This is the big one. It deals with the debt-to-credit ratio. That is, how much credit you are using versus how much you have available to use, in total.

For example, imagine you have 5 credit cards with a $1,000 limit each. That means you have $5,000 in total credit available to use. Now, if you put $900 on each one, your ratio would be $4,500/$5,000, or .9.

As a result, you are using 90% of your available credit. For an optimal credit score, it needs to be less than 30%. This will especially be an issue if you are using personal cards for business funding.  Typically, personal cards have lower limits than business cards. Furthermore, business expenses are usually more than personal expenses. So, even if you make payments, your balance could hover near credit limits.

Why is inflation bad? Higher interest rates mean higher minimum payments with less going toward the principle. Consequently,  it is harder to get balances down and keep them down to a more positive debt-to-credit ratio.

Open Charge Offs

If a bank sees open charge offs on your personal credit report, they are going to question your ability to make payments. This can cause them to deny or limit the amount of funding they approve.

Why is inflation bad? With the reduced ability to pay accounts off, more charge offs are likely.

Judgements and Tax Liens

The same is true for bankruptcy, judgements, and tax liens. These kinds of issues on personal credit can make credit providers call other things into question, such as your ability to run and manage a business.

Why is inflation bad? Higher interest rates make it hard to pay obligations, which can increase the likelihood of financial problems, including bankruptcy.

The Relationship Between Business Credit and Personal Credit

How exactly does personal credit have any bearing on business credit? The truth is, at least two of the business credit reporting agencies use your personal credit score when calculating your business credit score. As a matter of fact, both Experian and FICO SBSS do this.

However, when set up properly, the reverse should not be true. Credit in the name of your business should not affect your personal credit score.

What’s the Solution?

First, fix your personal credit issues. Pay down debt, and clear liens and judgments if you can. Bankruptcies only come off with time, but more positive marks will help. Start now, before inflation grows.

Build Business Credit

At the same time, start building business credit, if you haven’t already. Make sure your business has a Fundable Foundation, and start applying for and using vendor credit.

Having business credit will help you get funding to grow and run your business day to day without depending on personal credit.

Work with a Credit Partner or Guarantor

This is someone who has good personal credit that can help you get credit for your business using their good credit score. One way they can do this is by helping you get financing through the Credit Suite Credit Line Hybrid. The Credit Line Hybrid is unsecured business financing that you need good credit, or a guarantor with good credit, to get. Better yet, you can get up to $150,000.

Don’t Wait, Start Now Before Inflation Gets Any Worse

Building business credit at the same time you are working on personal credit can keep you going. Eventually, you will have both good personal and business credit. Truly, the sooner the better. Not only will you be better able to weather the inflation storm on the horizon, but you can also double your funding options.

Then you will be able to get even more money by using both your personal credit and your business credit.

The post Why Is Inflation Bad? Personal Credit Issues and Business Fundability appeared first on Credit Suite.

Inflation and the Fog of War

Measures like the CPI lose meaning in economically convulsive times like the Covid pandemic years. The post Inflation and the Fog of War appeared first on #1 seo FOR SMALL BUSINESSES. The post Inflation and the Fog of War appeared first on Buy It At A Bargain – Deals And Reviews.