Tag: Loans

Is It Time to Look at Alternative Business Loans?

Everyone is struggling right now.  COVID-19 knocked the global economy for a loop.  Have you taken advantage of all the unique funding options available for relief related to the coronavirus pandemic?  Did you apply for the Paycheck Protection Plan?  If you did, and you find yourself still struggling, it may be time to check into alternative business loans. 

How to Get Alternative Business Loans and Can They Work for You?

If you have exhausted all of the state and federal funding available, or you are having trouble getting access, it may be time to consider alternative business loans to help bridge or fill the funding gaps left by the shattered economy.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

What Are Alternative Business Loans?

These are loans that come through private lenders rather than banks.  The majority of them operate online.  For the most part, the process is fast and easy. You fill out an application online, and typically you receive approval in as little as a few hours.  Once approved, funds are often in your account in a day or two.  

The quick, simple process makes alternative business loans an attractive option. This is especially true if you have trouble qualifying for loans from traditional lenders due to credit score issues or lack of collateral. 

Why Is It Easier to Qualify for Alternative Business Loans? 

If these alternative loans are so fast and easy, why even bother with traditional loans?  Well, interest rates and terms are considerably less favorable than those you may get with a traditional lender. 

That’s because, to extend credit to those that do not qualify with a bank, alternative lenders have to relax a little on their eligibility requirements. As a result, they take on a lot more risk with their loans.  To make up for it, they increase interest rates and loan terms.  It helps to balance things out.  

Alternative Business Loans: How Do I Start? Where Do I Start? 

alternative biz loans Credit SuiteOnce you know you are in a position to need alternative business loans, you can start shopping around. How?  Research is key.  Thorough research is important to make sure you find the best fit for your business. 

While many alternative business loans have similar requirements, there are some vastly different and innovative platforms out there as well.  Read all the reviews, but don’t forget to look at the actual lender websites too.  Only you know what your situation is. You are the one that knows your credit score, how long you have been in business, and how much debt you can handle. 

Start by figuring out eligibility.  You may not be able to anticipate what every single lender will want to see.  However, there are a few things that most lenders will want to know before approving a loan.  Things such as credit score, annual revenue, and length of time in business are pretty common.  

If you know your score and what your annual revenue is before you begin looking, you will be able to weed out the ones you do not qualify for from the start. There are so many that you will definitely see the need to do this.  Here are just a few as an example. 

Kick Off Your Alternative Business Loan Search with These Lenders

Fundbox

If you start with a search for an online lender, Fundbox is going to be one of the first to pop up.  It is a line of credit rather than a loan, but 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 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.  They choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data instead.  They then use this data to help them make credit decisions.

This alternative data can 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 online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $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.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

Kiva 

Kiva is an online lender that is a little different. For example, the interest rate is 0%, so 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.

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 they will approve loans to those with credit scores as low as 500.

Credit Line Hybrid: Another Great Alternative

A credit line hybrid is basically revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  

It’s not as hard to qualify as you may think. You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

Other Options If You Still Need Funding

What if, even with alternative business loans or a credit line hybrid, you still need more funding?  Here are some other options to explore. 

Business Credit Cards 

These may get a bad reputation, but without another option, they can actually do the trick quite nicely. The benefit is that these are available more readily even with a credit score that isn’t awesome. However, the lower the credit score, the higher the interest rate. Also, even credit card companies have limits on how low of a credit score they will accept.

This is one funding option that most of the general public are eligible for at any given time. They do a credit check, but your credit doesn’t have to be as high as it would be to gain approval for a traditional loan. 

The downside, of course, is that they usually have high interest rates. The upside is that many of them offer rewards in the form of cash or points that can be helpful.

Grants 

While requirements vary from grant to grant, and most are only awarded to a certain number of recipients, this is one of the available funding types worth looking into if you fall into one of these basic categories.

  • Businesses run by veterans
  • Businesses in low income areas

There are also some corporations that offer grants in a contest format that do not require much other than that you meet the corporation’s definition of a small business and win the contest.

While there are not a lot of these out there, they are more common that you probably think. Typically, they are offered by professional organizations. There are some government grants available also. Competition can be stiff, but they are definitely worth a shot if you think you may qualify.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

Crowdfuding

This is a newer option for finding investors. While the average person that wants to start a business needs funding, it is not always possible to find one or two large investors. 

With crowdfunding, you can literally have a crowd of investors fund your business $5 and $10 at the time. 

There are many crowdfunding sites.  The most popular are Kickstarter and Indiegogo. The platforms are similar but there are some differences that bear mentioning. The most obvious difference is with the timing of when you actually receive the funds that others invest in your company.

Kickstarter requires a goal set from the beginning.  You do not receive your funds until you reach that goal. For example, if you set a goal of $10,000 when you start your campaign, you will not receive any money that investors offer up until you reach that $10,000. 

Indiegogo requires a goal as well.  However, they offer the option to receive funds as you go. They also have an option called InDemand. This is a program that allows you to continue raising funds after your original campaign is over without starting a whole new campaign. It is more like you are just extending the first campaign.

There are other crowdfunding sites out there as well. Some work better for certain businesses and vendors. To determine which one might be best for you, you will have to do some research. 

Alternative Business Loans Are a Viable Option if Traditional Loans Will Not Work

At this point, it’s all hands on deck.  Most businesses need money, and they need it now.  Everyone is just trying to stay above water. Definitely take advantage of all of the options available from the Federal government, your state government, and any local organizations trying to help small businesses right now.  Even local governments are helping out in many areas. 

However, sometimes it will take much more.  Sometimes, you may even have to get innovative and adapt the way you operate to our current global circumstances.  Alternative business loans are great for that. If you need a little more help, check out business credit cards, crowdfunding, and even grant opportunities. 

All of these options are available to help you get the funds you need right now so your business can survive.

The post Is It Time to Look at Alternative Business Loans? appeared first on Credit Suite.

Standard Loans

Standard Loans

With linking finances you do not have to fret concerning immediate cash demands. Connecting lendings aids in making your home purchase much easier.

Swing loan are lendings that assist in linking the tear in between your lawful tender or nationwide deals. Swing loan are inappreciable information financings that ensure you the added quantity you require for your house bargain. Swing loan are particularly availed for purchasing of house without marketing the here and now one at that circumstances.

Linking finances suitable cinch a substitute plan of keep till you meet the well-timed quantity required by marketing of your old residence. The basic financing quantity accepted as connecting fundings arrays from 25,000 to 500,000 with brief payment period.

Connecting lendings are of 2 kinds go into on connecting lendings and also shut connecting lendings. Considering that connecting lendings are accepted for brief period the passion prices billed on linking financings is a little greater than various other funding kinds.

Swing loan can be availed online. Customers can weak paper onto digital substratum to assist swing loan online. This online functions is mainly preferred and also much easier for both loan provider in addition to consumer.

Swing loan are quickly, wherefore for all your cash money demands as well as screamin’ conserve needs of acquiring regional can be looked by swing loan.

Linking car loans are car loans that assist in linking the tear in between your lawful tender or nationwide purchases. Connecting fundings are inappreciable information finances that make certain you the added quantity you require for your house bargain. Connecting financings are of 2 kinds go into on linking fundings as well as shut connecting financings. Given that connecting car loans are authorized for brief period the passion prices billed on linking lendings is a little greater than various other finance kinds.

The post Standard Loans appeared first on ROI Credit Builders.

Standard Loans

Standard Loans

With linking finances you do not have to fret concerning immediate cash demands. Connecting lendings aids in making your home purchase much easier.

Swing loan are lendings that assist in linking the tear in between your lawful tender or nationwide deals. Swing loan are inappreciable information financings that ensure you the added quantity you require for your house bargain. Swing loan are particularly availed for purchasing of house without marketing the here and now one at that circumstances.

Linking finances suitable cinch a substitute plan of keep till you meet the well-timed quantity required by marketing of your old residence. The basic financing quantity accepted as connecting fundings arrays from 25,000 to 500,000 with brief payment period.

Connecting lendings are of 2 kinds go into on connecting lendings and also shut connecting lendings. Considering that connecting lendings are accepted for brief period the passion prices billed on linking financings is a little greater than various other funding kinds.

Swing loan can be availed online. Customers can weak paper onto digital substratum to assist swing loan online. This online functions is mainly preferred and also much easier for both loan provider in addition to consumer.

Swing loan are quickly, wherefore for all your cash money demands as well as screamin’ conserve needs of acquiring regional can be looked by swing loan.

Linking car loans are car loans that assist in linking the tear in between your lawful tender or nationwide purchases. Connecting fundings are inappreciable information finances that make certain you the added quantity you require for your house bargain. Connecting financings are of 2 kinds go into on linking fundings as well as shut connecting financings. Given that connecting car loans are authorized for brief period the passion prices billed on linking lendings is a little greater than various other finance kinds.

The post Standard Loans appeared first on ROI Credit Builders.

What To Do About Adverse Credit Loans

What To Do About Adverse Credit Loans

When a customer falls back on funding settlements it can imply large difficulty. After that the customer has even more to fret concerning after that simply debt issues, if the finance was safeguarded with security.

Unfavorable financings will certainly not disappear and also they commonly end up being a huge issue. A financing is taken into consideration to be a damaging lending at the initial missed out on settlement, so allowing it go is not a choice. The min the consumer understands they will certainly miss out on a repayment they require to do something about it.

When a finance settlement is not going to be paid on time is get in touch with the loan provider, the really initial point to do. It is the customers obligation to pay the financing settlements when they schedule, however sometimes a loan provider agrees to collaborate with a consumer.

The lending institution is most likely to expand them an elegance duration if the consumer has actually made a couple of repayments on time. If this is a continuous issue, the lending institution is most likely to not be so versatile.

Speaking with the lending institution calls for expertise. They ought to likewise be able to inform the lending institution when they will certainly be able to make the repayment.

It is additionally smart for the consumer to remember that they are the one that goes to default, not the lending institution. The issue is actually the debtors alone, yet the lending institution might have the ability to aid.

It is not smart to require something of the lending institution or attempt at fault the loan provider. It is not their mistake the repayment can not be made. The only factor the lending institution might also want to collaborate with the customer is since the fact is that the loan provider will certainly appear much better ultimately with a car loan paid completely rather than attempting to experience the procedure of collections.

The customer might desire to rest down as well as arrange their financial resources. It is likewise great to have a budget plan to reveal the loan provider so they comprehend this is a one time problem.

The debtor will certainly require to make a strategy to pay the damaging funding. They need to determine costs and also revenue to attempt to find up with something that will certainly function. It is their duty to discover a method to make the circumstance much better.

A damaging financing is going to ravage a credit score record. The lending institution is not most likely to simply stroll away and also chalk it up to a mistake on their component for providing to the debtor in the very first location.

The loan provider desires their cash as well as they will certainly obtain it back via the lawful procedure of collections. A negative finance is absolutely nothing to allow leave hand. Dealing with it as soon as possible is the only method to stop it from coming to be a migraine.

A car loan is taken into consideration to be a damaging finance at the very first missed out on settlement, so allowing it go is not a choice. They need to additionally be able to inform the lending institution when they will certainly be able to make the settlement.

It is not sensible to require something of the loan provider or attempt to criticize the lending institution. The only factor the lending institution might also be eager to function with the debtor is due to the fact that the fact is that the loan provider will certainly come out much better in the end with a finance paid in complete rather of attempting to go via the procedure of collections.

The lending institution is not most likely to simply stroll away and also chalk it up to a mistake on their component for offering to the debtor in the very first area.

The post What To Do About Adverse Credit Loans appeared first on ROI Credit Builders.

What To Do About Adverse Credit Loans

What To Do About Adverse Credit Loans

When a customer falls back on funding settlements it can imply large difficulty. After that the customer has even more to fret concerning after that simply debt issues, if the finance was safeguarded with security.

Unfavorable financings will certainly not disappear and also they commonly end up being a huge issue. A financing is taken into consideration to be a damaging lending at the initial missed out on settlement, so allowing it go is not a choice. The min the consumer understands they will certainly miss out on a repayment they require to do something about it.

When a finance settlement is not going to be paid on time is get in touch with the loan provider, the really initial point to do. It is the customers obligation to pay the financing settlements when they schedule, however sometimes a loan provider agrees to collaborate with a consumer.

The lending institution is most likely to expand them an elegance duration if the consumer has actually made a couple of repayments on time. If this is a continuous issue, the lending institution is most likely to not be so versatile.

Speaking with the lending institution calls for expertise. They ought to likewise be able to inform the lending institution when they will certainly be able to make the repayment.

It is additionally smart for the consumer to remember that they are the one that goes to default, not the lending institution. The issue is actually the debtors alone, yet the lending institution might have the ability to aid.

It is not smart to require something of the lending institution or attempt at fault the loan provider. It is not their mistake the repayment can not be made. The only factor the lending institution might also want to collaborate with the customer is since the fact is that the loan provider will certainly appear much better ultimately with a car loan paid completely rather than attempting to experience the procedure of collections.

The customer might desire to rest down as well as arrange their financial resources. It is likewise great to have a budget plan to reveal the loan provider so they comprehend this is a one time problem.

The debtor will certainly require to make a strategy to pay the damaging funding. They need to determine costs and also revenue to attempt to find up with something that will certainly function. It is their duty to discover a method to make the circumstance much better.

A damaging financing is going to ravage a credit score record. The lending institution is not most likely to simply stroll away and also chalk it up to a mistake on their component for providing to the debtor in the very first location.

The loan provider desires their cash as well as they will certainly obtain it back via the lawful procedure of collections. A negative finance is absolutely nothing to allow leave hand. Dealing with it as soon as possible is the only method to stop it from coming to be a migraine.

A car loan is taken into consideration to be a damaging finance at the very first missed out on settlement, so allowing it go is not a choice. They need to additionally be able to inform the lending institution when they will certainly be able to make the settlement.

It is not sensible to require something of the loan provider or attempt to criticize the lending institution. The only factor the lending institution might also be eager to function with the debtor is due to the fact that the fact is that the loan provider will certainly come out much better in the end with a finance paid in complete rather of attempting to go via the procedure of collections.

The lending institution is not most likely to simply stroll away and also chalk it up to a mistake on their component for offering to the debtor in the very first area.

The post What To Do About Adverse Credit Loans appeared first on ROI Credit Builders.

Vital Facts regarding Payday Loans

Vital Facts regarding Payday Loans An individual normally in poor demand of cash money as a result of unexpected or emergency situation spending plan needs will certainly often count on this type of payday advance systems simply to correct his/her existing financial issues, although intentionally that they are heading to a much tougher monetary setting … Continue reading Vital Facts regarding Payday Loans

Business Loans for Minority Women and Other Funding Options

As a minority woman in business, it is important to know what is available to you for business funding.  Do business loans for minority women even exist? The answer is, sort of. There are business loans for minority women, but not for them exclusively.  There are other funding options out there as well. Grants, crowdfunding, and even angel investors are all viable options.

Business Loans for Minority Women and So Much More

How do you find the best options for you?  How do you know if you need to be looking for grants or business loans for minority women? The truth is, you need to explore every option.  This is because, in reality, it is probably going to take a combination of funding options to fully fund your business. 

Business Loans for Minority Women: The Truth

The thing is, there aren’t a ton of loan programs only for minority women.  You are really looking for regular loans that work with the challenges faced by business owners that fit into both categories.  Once you understand that, your search will become much easier.

Business Loans for Minority Women: Traditional vs. Private

As a general rule, loans from traditional lenders are both the best and the hardest to get.  Their terms and rates are much better than those offered by private lenders. They also have more stringent eligibility requirements. They typically require higher credit scores, longer time in business, and more annual revenue.  

Business Funding for Minority Women Credit Suite

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

Private lenders, on the other hand, work a little differently.  They tend to have higher interest rates and less favorable terms. However, they have less strict requirements for approval.  They allow lower credit scores and less time in business, as a general rule. 

The Small Business Administration

So where do you go to find business loans for minority women?  Since traditional loans offer the best rates and terms, they are truly the place to start.  They are harder to get, but the Small Business Administration loan programs help make them easier.  They do not lend funds directly. Instead, they work with traditional lenders.   They back loans to make them easier for borrowers to qualify. You can find a list of SBA partner lenders using their lender match tool. 

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 expansion, purchasing equipment, working capital and more. These funds are distributed through traditional lenders. 

The minimum credit score to qualify is 680.  In addition, there is a down payment requirement of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. In the case of startups, business experience equivalent to two years will suffice. 

504 Loans 

These loans are also available up to $5 million and can buy machinery, facilities, or land. They are generally used for expansion.  Like 7 (a) loans, private sector lenders or nonprofits process and disburse these funds. They work well for commercial real estate purchases especially. 

Terms for 504 Loans range from 10 to 20 years.  Unfortunately, funding can take up to 90 days. They require a minimum credit score of 680, and collateral is the asset it is financing. There is also a down payment requirement of 10%, which can increase to 15% for a new business. 

There is also a 2-years in business requirement.  For a startup, equivalent experience for management will meet this.

Microloans 

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle SBA microloan programs as intermediaries. 

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. Similar to other programs, they can take up to 90 days to fund. The minimum credit score is 640, and the collateral and down payment requirements vary by lender. 

SBA Express Loans 

These loans max out at $350,000.   They have a maximum interest rate of 11.50%. In addition, terms range from 5 to 25 years, and the SBA guarantee is less than it is with their other loan programs at 50%. To qualify, your credit score must be above 680.  Another requirement is that you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary.  It depends on the lender. 

The turnaround for express loans is much faster.  The SBA takes up to 36 hours to give a decision. Also, there is not as much application paperwork.  As a result, express loans are a great option for working capital, among other things, if you qualify. 

Other SBA Resources

The SBA exists for all small company owners.  However, their Office of Women’s Business Ownership exists to help women local business owners specifically. This includes women minorities.  Their goal is to enable and empower business owners that are women via advocacy, outreach, and education as well as assistance.

Business Loans for Minority Women: Private Lenders

Other options for business loans for minority women include private lenders.  These loans, much like SBA loans, are not exclusively for minorities or women.  However, by nature they tend to work well with the unique challenges each group faces. 

Lending Club

LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loans funds to buy equipment, finance growth or expansion projects, consolidate other debt, or hire new employees.

The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000.  You must have been in business for 12 months or more and have at least $50,000 in annual sales to qualify.  There can be no tax liens or bankruptcies, and you must have at least 20% ownership.  They will work with a credit score that is fair or higher.  A fair credit score ranges from 620 to 659. 

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan.  They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.  

Potential borrowers submit one application and then see offers from lenders in the network.  The minimum loan amount is $500 while the maximum is $5,000,000.  The business must be U.S. or Canada based and must have a business bank account.  The minimum personal credit score for approval is 560.  

Biz Money for Minority Women Credit Suite

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

Blue Vine Business Loans for Minority Women

BlueVine offers two options for small business financing.  They include lines of credit and invoice factoring.  They also offer the ability to talk with a financing advisor, and their application process takes place exclusively online.  Their minimum loan amount is $5,000 and their maximum is $100,000.  To be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.  

Kiva

Kiva has a different lending model. They offer loans to businesses, but their platform is far different from that of traditional or even other non-traditional lenders.  It is a kind of  cross between crowdfunding and lending. They offer loans with a 0% interest rate, so even though you have to pay it back, it is actually free money. In addition, they do not run a credit check at all. The only requirement is that you have to get at least 5 family members or friends to donate money for your business, and you have to give at least a $25 loan to another business on the platform yourself. 

Grameen

Microloans are a great option when it comes to business loans for women with bad credit.  Grameen is one of the few lenders that offers microloans specifically for women.  The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.  

As a bonus, they report payments to Equifax and Experian.  Consequently, these loans help borrowers build credit.

Other Resources for Women

Here are some other organizations that work to help women of all races.  

National Female’s Service Council

The NWBC is a federal advising council. It works as a resource of guidance to the government on women’s organization problems. The objective is to encourage campaigns, programs, and policies to sustain females from startup to growth.

Other Tools to Consider

Along with those firms listed above, these agencies provide support to women owned businesses. 

The AWBC runs a network of business centers geared toward women.  These centers labor to help women succeed by offering training, business development, financing, and mentoring opportunities. 

This organization, also known as NAFE, sponsors events, provides training, and offers other resources to help female business owners achieve success.  

The NAWBO works across the country to offer training, events, and other resources to women owned businesses nationwide. 

With more than 300 chapters and 10,000 volunteers, this is the country’s largest network of expert business mentors that volunteer their time.  They match female business owners with mentors, or they can participate in a workshop to help them learn what they need to know to be successful. 

Don’t Forget to Look into Grants to Supplement Business Loans for Minority Women

Though highly competitive and rarely enough to fund a business on their own, grants are a great way to supplement other business funding.  Here are a few you can start with.

Amber Grant 

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. 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.   

Biz Cash for Minority Women Credit Suite

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

#GIRLBOSS Foundation Grant 

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000.  They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work. 

Cartier Women’s Initiative Award 

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place.  They award the grant to 18 female business owners from around the world each year.  Women business owners who are just getting started may qualify.  Look over the complete application for more information.

Grants for Minorities

If you are looking into business loans for minority women, then you must be both a minority and a woman.  That being the case, you should check out these grants for minorities as well. 

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans.  They offer assistance in the application process in addition to funds.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000.  The associate states its purpose is to help newer businesses that have an African founder that maintains equal ownership.  

Non-Minority or Female Specific Options

There are grants options that can work well even though they are not exclusively for minorities, or women. Some examples include the following.

FedEx Small Business Grant

There are 10 grants the company awards each year.  They range from $15,000 to $50,000. If you’re a minority owned business with a cutting-edge product, this could be the grant for you.

A business must use the FedEx website to submit entries. There are a few questions to answer about your business.  In addition, there is a requirement for an elevator pitch about what makes your business special.  Also, you have to explain how you would use the grant funds. A 90 second video submission is optional.

NASE Growth Grants

The National Association for the Self-Employed (NASE) has small business Growth Grants of up to $4,000. They are for micro-businesses, and proceeds can be used for a number of things.  They can be utilized for marketing, advertising, expansion, and even to hire employees. These grants are open to everyone.  However, you do have to be an NASE member to apply. Membership fees vary based on the membership level chosen. 

USDA Value Added Producer Grant

The USDA’s Value-Added Producer Grant (VAPG) program offers grants for small businesses.  It includes minority owned business.  Grants range up to $250,000. They are specifically to help agricultural producers with activities that add value to their products. As a result, grants are open to those in rural areas.  They must be operating as one of the following: 

  • Cooperative
  • Farmer
  • Rancher
  • an independent agricultural producer
  • or an agricultural producer group 

Business Loans for Minority Women and Other Helpful Resources

It’s important that you know about your options for business loans for minority women. However, you need to know what other resources are available as well.  There are plenty. Take a look around and see what you can dig up.

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Small Business Start Up Loans and Other Funding Options

There are many options for funding a startup.  The most popular is small business start up loans.  However, not everyone can just go to the bank and get a loan.  Things like income and credit score get in the way. There are options if you find yourself in this situation.

Small Business Start Up Loans are Great, But Are There Other Options?

While business start up loans are the most popular option for funding a start up, sometimes you have to think outside of the box.  Sometimes you have to stack different types of funding to get what you need. Here are some funding options, some loans and some not, that you should consider outside of traditional loans.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

Credit Line Hybrid

What if there were an option that allowed you to have an even better interest rate than a secured loan, and yet get the money faster and easier than any type of traditional funding.  Consider if you could get business funding without having to supply any bank statements or credit stubs? Just think, you could get funding in a few days rather than weeks without supplying any collateral or documents. That is exactly what the credit line hybrid lets you do. 

It is revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  

What are the Qualifications? 

How hard is it to qualify?  Not as hard as you may think.  You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months, you should have less than 5 credit inquiries.  Also, you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can pair with you to allow you to tap into their credit to access funding. 

What are the Benefits of a Credit Line Hybrid? 

This type of funding has many benefits.  First, it is unsecured.  That means you do not have to have any collateral.  Next, you do not have to provide any bank statements or financials.  

Not only that, but generally approval is up to 5x that of the highest credit limit on your personal credit report. Sometimes, you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business. 

The process is pretty fast, especially with a qualified expert to walk you through it.  Another benefit is, with the approval for multiple credit cards, there is competition.  This makes it easier, and even likely if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

Credit Cards

Credit cards get a bad rap.  Yet, if you know what you are doing, they can work well to help fund a start up in addition to small business startup loans. The draw is that these are accessible even with a credit score that isn’t great. However to be fair, the lower the credit score, the higher the interest rate. Also, there are limits on how low they will go with a credit score.

Typically, most business owners are eligible for a credit card of some sort. They do a credit check, but your credit doesn’t have to be as high as it would to gain approval for traditional small business start up loans. 

The downside of business credit cards is that they usually have a high interest rate. The upside is that many of them offer rewards in the form of cash or points that can be helpful.

Crowdfunding

This is an increasingly popular option for startup funding.  Here is how it works.  Crowdfunding is a type of investment option.  You get a lot of smaller investments from a lot of people.  Hence the term, crowdfunding.  This is different from getting the bulk of your small business funding from one or two larger investors. 

First, you have to figure out which crowdfunding platform is best for your situation. Kickstarter and Indiegogo are two of the most popular. Be sure to take note of the rules each platform has for when you gain access to funds.  They can vary greatly. 

Angel Investors as an Alternative to Small Business Start Up Loans

Investopedia defines angel investors as those who  “… invest in small startups or entrepreneurs. Often, angel investors are among an entrepreneur’s family and friends. The capital angel investors provide may be a one-time investment to help the business propel or an ongoing injection of money to support and carry the company through its difficult early stages.”

They are usually a lot less formal than regular investors. An angel investor can be anyone. Like, it could be your mom or someone you met through networking.  

The best way to find angel investors is to ask people you know. Also, you can try an angel investors website or network. For example, Gust keeps a database of investors, companies, and programs. Startups can even search for business plan competitions and other opportunities.

SBA Options

Small business start up loans are a specialty of The Small Business Administration.  These programs are designed for borrowers with lower credit scores than those required for traditional loans.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

Small Business Startup Loans: 7(a) Loans 

This program offers federally funded term loans of up to $5 million. Funds can be used for expansion, purchasing equipment, and working capital in addition to startup. SBA partner lenders, usually banks,  process these loans and disburse the funds.  

The lowest credit score to qualify is 680.  There is also a down payment requirement of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. For startups, business experience equivalent to two years will serve this purpose.  

504 Loans 

small biz start up loans Credit SuiteThese loans are also available up to $5 million.  Funds can be used to buy machinery, facilities, or land. Typically, these loans are used for expansion.  Like 7(a) loans, partner lenders process and disburse funds. These are especially great for real estate purchases.  

Terms for 504 Loans range from 10 to 20 years, and funding can take from 30 to 90 days. They also require a minimum credit score of 680.  The asset being financed is required for collateral. In addition, the down payment requirement of 10% remains, but can increase to 15% for a new business.  

Again, you must be in business at least 2 years, or management has to have equivalent experience if the business is a startup.  

Microloans 

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

The minimum credit score is 640, and the collateral and down payment requirements vary by lender. 

Private Lender Options for Small Business Start Up Loans

If your personal credit score isn’t the best, consider looking at private lender options.   

These are alternative lenders that have less strict eligibility requirements.  They do have higher interest rates and less favorable terms than traditional loans however, so choose wisely. 

BlueVine 

BlueVine requires that you be in business for at least 6 months.  If you have at least $120,000 in annual revenue, you may qualify for a loan from them.  The minimum credit score for a line of credit from BlueVine is 600. Furthermore, if you want invoice factoring, you can get approval with a score as low as 530, 3 months in business, and $10,000 in monthly revenue.

Kiva 

Kiva is different. How different?  They are actually very different.  For example, the interest rate is 0%.  That means, even though you have to pay it back, a loan from them is free money. They don’t check your credit at all. However, you have to get at least 5 family members or friends to throw some money in to help fund your business. In addition, you have to pitch in a $25 loan to another business on the platform.

Accion 

Accion may be a good fit for small business start up loans also. It’s a nonprofit that offers microloans.  Installment loans are available to both startups and already existing businesses through Accion. The minimum credit score is 575. You don’t have to already be in business, but if you are not, you must have less than $500 in past due debt. In addition, your business needs to be home or incubator based.

Fundability is Important for Small Business Start Up Loans

Fundability, in the simplest terms, is the ability of your business to get funding. When lenders consider funding your business, does it appear to them to be a good idea to make the loan?  What do they look at to make that determination? 

You see why it makes a difference.  Lenders have to perceive lending to your business as profitable.  But what makes a business fundable? How do you become fundable?

First, you have to have a fundable foundation.  That includes the following. 

Separate Contact Information

The first step in setting up a fundable foundation is to ensure your business has its own phone number, fax number, and address.   That doesn’t necessarily mean you have to get a separate phone line, or even a separate location.  There are ways around that.  

EIN

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.  You can get one for free from the IRS.

Score the best business credit cards for your business, even when a recession looms.Check out our professional research.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It offers liability protection and helps separate your business from you as the owner, among other things.  

Which option you choose does not matter as much for fundability 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.  Also important to note is that, when you incorporate, you become a new entity. You’ll also lose any positive payment history you may have already accumulated, and your time in business will start over. 

This means it is vital to incorporate as soon as possible.  It’s important for fundability and building business credit, but time in business makes a difference for those things as well.  The longer you have been in business the more fundable you appear to be.  That starts on the date of incorporation, regardless of when your business actually opened.

Business Bank Account

You have to open a separate, dedicated business bank account.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

Furthermore, it is much easier to show you meet the minimum income a lender requires for small business start up loans if you have everything in a separate business account.  

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, red flags are going to fly up all over the place.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business.  

There is much more to fundability than these foundational factors, but none of it matters if you don’t have the foundation in place.  Taking care of that piece at startup is the way to go.

Small Business Start Up Loans Are Just One Way to Fund a Startup

There are many ways to fund a startup.  Small business start up loans are just one of them.  The truth is, most businesses have to access more than one option to make things work.  If you can start debt free with angel investors or crowdfunding, do that. If not, these other options are just what you need to get up and running.

The post Small Business Start Up Loans and Other Funding Options appeared first on Credit Suite.

Variables to Consider for Borrowing Student Loans

Elements to Consider for Borrowing Student Loans

Under the approved criteria of obtaining pupil lendings, it is worried that you can obtain as much as the expense of participation, as figured out by your college, much less various other economic support you may be obtaining. Various other economic support describes gives, work-study, and also scholarships. As well as, the price of presence normally includes tuition, publications, costs, bed and board, and also various other various living expenditures.

The price of participation as established by your institution has numbers that are suggested to use to a vast team of pupils. Often, you might not require to obtain as long as your institution enables. Keep in mind that it is best to obtain the minimum quantity feasible to make sure that you can minimize your general economic responsibility later on.

Simply anticipate that some of the loan providers these days have actually obtaining limitations put on pupil financings if you like to take into consideration obtaining pupil finances to fund your education and learning. The federal government areas accumulated and also yearly loaning limitations on government trainee finances, as well as the accumulation restriction is typically the overall quantity that every trainee can obtain in the period of his or her education and learning. Provided this truth, it is after that needed to analyze and also review the regards to every funding you prepare to tackle for the accumulated and also yearly car loan limitations.

Besides that, thoroughly as well as truthfully examine your existing monetary condition, consisting of any type of monetary dedications you have actually made prior to going into the institution of your very own option. Comprehending the payment responsibilities of every dedication you’ve made is the secret below. Keep in mind that gradually you will certainly be in charge of these previous responsibilities along with any kind of education and learning financial debt you handle, and also your education and learning lendings are not offered to cover these previous commitments you have.

Think about the reasonable decision of your future revenue. When selecting a pupil lending program, be certain to do some examinations on the finances that provide you different settlement strategies which can help you in handling your settlements, specifically early on in your very own profession.

If you favor to think about obtaining pupil fundings to fund your education and learning, simply anticipate that some of the lending institutions these days have actually obtaining restrictions positioned on trainee financings. The federal government areas accumulated and also yearly loaning limitations on government pupil finances, and also the accumulation limitation is normally the complete quantity that every trainee can obtain in the period of his or her education and learning. When picking a trainee finance program, be certain to do some examinations on the lendings that supply you alternate payment strategies which can aid you in handling your repayments, particularly early on in your very own occupation.

The post Variables to Consider for Borrowing Student Loans appeared first on ROI Credit Builders.

The post Variables to Consider for Borrowing Student Loans appeared first on Buy It At A Bargain – Deals And Reviews.

Variables to Consider for Borrowing Student Loans

Elements to Consider for Borrowing Student Loans

Under the approved criteria of obtaining pupil lendings, it is worried that you can obtain as much as the expense of participation, as figured out by your college, much less various other economic support you may be obtaining. Various other economic support describes gives, work-study, and also scholarships. As well as, the price of presence normally includes tuition, publications, costs, bed and board, and also various other various living expenditures.

The price of participation as established by your institution has numbers that are suggested to use to a vast team of pupils. Often, you might not require to obtain as long as your institution enables. Keep in mind that it is best to obtain the minimum quantity feasible to make sure that you can minimize your general economic responsibility later on.

Simply anticipate that some of the loan providers these days have actually obtaining limitations put on pupil financings if you like to take into consideration obtaining pupil finances to fund your education and learning. The federal government areas accumulated and also yearly loaning limitations on government trainee finances, as well as the accumulation restriction is typically the overall quantity that every trainee can obtain in the period of his or her education and learning. Provided this truth, it is after that needed to analyze and also review the regards to every funding you prepare to tackle for the accumulated and also yearly car loan limitations.

Besides that, thoroughly as well as truthfully examine your existing monetary condition, consisting of any type of monetary dedications you have actually made prior to going into the institution of your very own option. Comprehending the payment responsibilities of every dedication you’ve made is the secret below. Keep in mind that gradually you will certainly be in charge of these previous responsibilities along with any kind of education and learning financial debt you handle, and also your education and learning lendings are not offered to cover these previous commitments you have.

Think about the reasonable decision of your future revenue. When selecting a pupil lending program, be certain to do some examinations on the finances that provide you different settlement strategies which can help you in handling your settlements, specifically early on in your very own profession.

If you favor to think about obtaining pupil fundings to fund your education and learning, simply anticipate that some of the lending institutions these days have actually obtaining restrictions positioned on trainee financings. The federal government areas accumulated and also yearly loaning limitations on government pupil finances, and also the accumulation limitation is normally the complete quantity that every trainee can obtain in the period of his or her education and learning. When picking a trainee finance program, be certain to do some examinations on the lendings that supply you alternate payment strategies which can aid you in handling your repayments, particularly early on in your very own occupation.

The post Variables to Consider for Borrowing Student Loans appeared first on ROI Credit Builders.