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When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do …

The Perfect Business Credit Portfolio Includes Vehicle Financing

Does your business need vehicles to get the work done? This can be any number of kinds of vehicles, such as trucks for deliveries and hauling, sprinter vans, company cars, and even vans to facilitate commuting for your employees. Vehicle financing can be a smart way to afford all of them.

Vehicle Financing in a Nutshell

Much like you probably didn’t buy your personal vehicle outright, financing is a great way to go in order to get a vehicle now, without having to wait until you can just pay cash and drive it off the lot. With a car for personal use, your choices are usually buying or leasing. Providers include banks like Bank of America or the financing arm of the manufacturer, such as Chrysler Capital.

Commercial vehicle funding has certain parameters. Whether a vehicle is purchased new or used will affect the number of years you can finance the vehicle and the rates you will pay. If a vehicle is used, then the number of miles on it will also affect terms. Plus, business owners may be required to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Some loans have a prepayment penalty and charge you for paying ahead.

In general, the following will eliminate the need to provide a personal guarantee for this type of financing: good business credit, a decent amount of time in business or good personal credit. And much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Basic Terms and Qualifying

You need to establish the amount of money you have for a down payment, and the vehicle you need. Plus, you must establish the costs associated with buying the vehicle.

You’ll need to provide documentation that proves you are the owner of a business. This includes business licenses, partnership agreements, LLC documents, and articles of incorporation (if applicable), listing you as having at least a 20% stake in the business.

You may also have to provide personal documentation like personal credit score and credit history. If you are a sole proprietor and the business is under your Social Security number, you are the borrower and guarantor. Hence you are personally liable for repaying the loan. It is also a good idea to have a loan proposal. A loan proposal should detail your business, loan needs, and financial statements.

Good Business Credit Can Help

If your company needs vehicles for operation build your business credit. This, way you will be able to qualify with no PG. Having this ability can give you the freedom to grow your fleet, and without your signature. More on this later. First, let’s look at those four keys to financing.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #1: Using Business Credit for Vehicle Financing

You can even finance a vehicle purchase or lease through our Business Credit Builder. These offers are in Tier 4, so these lenders will have certain requirements that business credit neophytes just won’t be able to meet. Lenders will want to see that you have the income to support the purchase. 

As an example, consider Ford Commercial Vehicle Financing.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial funding options. These include loans, lines, and leases to actual business entities. This is not for sole proprietorships. You can get a loan or a lease.

Ford may ask for a Personal Guarantee (PG)  if you don’t get an approval on the merit of your application. Apply at the dealership. Ford will report to D&B, Experian, and Equifax.

Ford Commercial Vehicle Financing: Terms and Qualifying

To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable) and a business bank account

You will need to have a strong business credit history. And you must have a good Experian business credit score.

Demolish your funding problems with 27 killer ways to get cash for your business.

Ally Car Financing Through Credit Suite

Ally provides personal financing. But Ally will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. Ally will report to D&B, Experian, and Equifax

Ally Car Financing: Terms and Qualifying

For Ally Commercial Line of Credit, to qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account
  7. Bank reference
  8. Fleet financing references

If you use a personal guarantee, Ally will not report to the personal credit bureaus unless the account defaults.

With Ally Commercial Vehicle Financing, you can get a lease or a loan. To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account

There is no minimum time in business requirement. Apply in person only, dealer will advise if approval or Personal Guarantee (PG) needed.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #2: Credit Line Hybrid

Yet another potential form of vehicle financing is through the Credit Suite Credit Line Hybrid. A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. Get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Vehicle Financing Key #3: 401(k) Financing

Another option for vehicle financing is using your 401(k) as collateral. This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

401(k) Financing: Terms and Qualifying

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it. You can usually get up to 100% of what’s “rollable” within your 401(k) . The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Vehicle Financing Key #4: SBA 504 Loans

The SBA 504 loan can be used to purchase “Long-term machinery and equipment”. As a result, it’s not a standard car loan. But you can purchase a truck with it. You can use an SBA 504 loan when the vehicles being purchased qualify as heavy equipment.

Some examples of trucks as ‘heavy equipment’ can include:

  1. Cement trucks
  2. Dump trucks
  3. Custom-build heavy trucks fit for specific purposes (loading/unloading septic tanks, for instance)
  4. Semis and tanker trailer trucks

If your vehicle needs run in this direction, then an SBA loan could be perfect for your needs.

SBA 504 Loans and Credit Suite

Did you know that you can get SBA loans through Credit Suite? Established businesses with tax returns that show good revenues and profitability can get very large sums of funding with Secured Small Business Loans. If you have positive business tax returns, you should apply for secured government-backed SBA program loans from $250,000 up to $12,000,000. Approval amounts will vary based on the collateral your business has, and the amount of net profit reflected on your tax returns.

The total time to close these loans is about 2-4 months. SBA loans offer some of the longest payback terms available for business financing. Get loan terms for 10, 15, or even 25 years with the SBA. Interest will total approximately 3% of the debt. The rate may be financed with the loan.

Get approved for up to $12 million. Your credit will have to be of good quality. Your collateral will need to equal 50% of the loan amount. Financials will be necessary.

SBA 504 Loans Through Credit Suite: Documentation 

The SBA will require certain documentation to qualify including:

  1. Business and personal financials
  2. Resume and background information
  3. Personal and business credit reports
  4. Your business plan
  5. Bank statements
  6. Collateral and any other documentation relevant to the transaction

Vehicle Financing: Takeaways

Getting vehicle funding involves variables like whether the vehicle is new or used. Heavy vehicles like dump trucks can be paid for with SBA 504 loans. There is a possibility that you would have to provide a personal guarantee to get a loan or lease. Credit Suite offers financing that you can use to purchase vehicles, and we offer even more options through our Business Finance Suite. There are four keys to open the door to affording vehicles for your business. And there are a lot of options. Let’s explore them together.

The post When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do … appeared first on Credit Suite.

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When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do …

The Perfect Business Credit Portfolio Includes Vehicle Financing

Does your business need vehicles to get the work done? This can be any number of kinds of vehicles, such as trucks for deliveries and hauling, sprinter vans, company cars, and even vans to facilitate commuting for your employees. Vehicle financing can be a smart way to afford all of them.

Vehicle Financing in a Nutshell

Much like you probably didn’t buy your personal vehicle outright, financing is a great way to go in order to get a vehicle now, without having to wait until you can just pay cash and drive it off the lot. With a car for personal use, your choices are usually buying or leasing. Providers include banks like Bank of America or the financing arm of the manufacturer, such as Chrysler Capital.

Commercial vehicle funding has certain parameters. Whether a vehicle is purchased new or used will affect the number of years you can finance the vehicle and the rates you will pay. If a vehicle is used, then the number of miles on it will also affect terms. Plus, business owners may be required to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Some loans have a prepayment penalty and charge you for paying ahead.

In general, the following will eliminate the need to provide a personal guarantee for this type of financing: good business credit, a decent amount of time in business or good personal credit. And much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Basic Terms and Qualifying

You need to establish the amount of money you have for a down payment, and the vehicle you need. Plus, you must establish the costs associated with buying the vehicle.

You’ll need to provide documentation that proves you are the owner of a business. This includes business licenses, partnership agreements, LLC documents, and articles of incorporation (if applicable), listing you as having at least a 20% stake in the business.

You may also have to provide personal documentation like personal credit score and credit history. If you are a sole proprietor and the business is under your Social Security number, you are the borrower and guarantor. Hence you are personally liable for repaying the loan. It is also a good idea to have a loan proposal. A loan proposal should detail your business, loan needs, and financial statements.

Good Business Credit Can Help

If your company needs vehicles for operation build your business credit. This, way you will be able to qualify with no PG. Having this ability can give you the freedom to grow your fleet, and without your signature. More on this later. First, let’s look at those four keys to financing.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #1: Using Business Credit for Vehicle Financing

You can even finance a vehicle purchase or lease through our Business Credit Builder. These offers are in Tier 4, so these lenders will have certain requirements that business credit neophytes just won’t be able to meet. Lenders will want to see that you have the income to support the purchase. 

As an example, consider Ford Commercial Vehicle Financing.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial funding options. These include loans, lines, and leases to actual business entities. This is not for sole proprietorships. You can get a loan or a lease.

Ford may ask for a Personal Guarantee (PG)  if you don’t get an approval on the merit of your application. Apply at the dealership. Ford will report to D&B, Experian, and Equifax.

Ford Commercial Vehicle Financing: Terms and Qualifying

To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable) and a business bank account

You will need to have a strong business credit history. And you must have a good Experian business credit score.

Demolish your funding problems with 27 killer ways to get cash for your business.

Ally Car Financing Through Credit Suite

Ally provides personal financing. But Ally will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. Ally will report to D&B, Experian, and Equifax

Ally Car Financing: Terms and Qualifying

For Ally Commercial Line of Credit, to qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account
  7. Bank reference
  8. Fleet financing references

If you use a personal guarantee, Ally will not report to the personal credit bureaus unless the account defaults.

With Ally Commercial Vehicle Financing, you can get a lease or a loan. To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account

There is no minimum time in business requirement. Apply in person only, dealer will advise if approval or Personal Guarantee (PG) needed.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #2: Credit Line Hybrid

Yet another potential form of vehicle financing is through the Credit Suite Credit Line Hybrid. A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. Get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Vehicle Financing Key #3: 401(k) Financing

Another option for vehicle financing is using your 401(k) as collateral. This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

401(k) Financing: Terms and Qualifying

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it. You can usually get up to 100% of what’s “rollable” within your 401(k) . The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Vehicle Financing Key #4: SBA 504 Loans

The SBA 504 loan can be used to purchase “Long-term machinery and equipment”. As a result, it’s not a standard car loan. But you can purchase a truck with it. You can use an SBA 504 loan when the vehicles being purchased qualify as heavy equipment.

Some examples of trucks as ‘heavy equipment’ can include:

  1. Cement trucks
  2. Dump trucks
  3. Custom-build heavy trucks fit for specific purposes (loading/unloading septic tanks, for instance)
  4. Semis and tanker trailer trucks

If your vehicle needs run in this direction, then an SBA loan could be perfect for your needs.

SBA 504 Loans and Credit Suite

Did you know that you can get SBA loans through Credit Suite? Established businesses with tax returns that show good revenues and profitability can get very large sums of funding with Secured Small Business Loans. If you have positive business tax returns, you should apply for secured government-backed SBA program loans from $250,000 up to $12,000,000. Approval amounts will vary based on the collateral your business has, and the amount of net profit reflected on your tax returns.

The total time to close these loans is about 2-4 months. SBA loans offer some of the longest payback terms available for business financing. Get loan terms for 10, 15, or even 25 years with the SBA. Interest will total approximately 3% of the debt. The rate may be financed with the loan.

Get approved for up to $12 million. Your credit will have to be of good quality. Your collateral will need to equal 50% of the loan amount. Financials will be necessary.

SBA 504 Loans Through Credit Suite: Documentation 

The SBA will require certain documentation to qualify including:

  1. Business and personal financials
  2. Resume and background information
  3. Personal and business credit reports
  4. Your business plan
  5. Bank statements
  6. Collateral and any other documentation relevant to the transaction

Vehicle Financing: Takeaways

Getting vehicle funding involves variables like whether the vehicle is new or used. Heavy vehicles like dump trucks can be paid for with SBA 504 loans. There is a possibility that you would have to provide a personal guarantee to get a loan or lease. Credit Suite offers financing that you can use to purchase vehicles, and we offer even more options through our Business Finance Suite. There are four keys to open the door to affording vehicles for your business. And there are a lot of options. Let’s explore them together.

The post When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do … appeared first on Credit Suite.

What Should You Look For When Choosing a Shopify Theme

A recent study found that 70 percent of Americans are shopping online more than ever. E-commerce is booming, and there’s never been a better time to start an online store. One of the best platforms to launch your e-commerce store is Shopify. Why do so many people love Shopify? In part due to its: affordability …

The post What Should You Look For When Choosing a Shopify Theme first appeared on Online Web Store Site.

What Should You Look For When Choosing a Shopify Theme

A recent study found that 70 percent of Americans are shopping online more than ever.

E-commerce is booming, and there’s never been a better time to start an online store. One of the best platforms to launch your e-commerce store is Shopify.

Why do so many people love Shopify? In part due to its:

  • affordability
  • ease of use
  • scalability
  • security

One stand-out reason many e-commerce store owners love Shopify is the flexibility it offers through Shopify themes. With thousands of paid and free themes available, you can create a unique e-commerce store that offers your customers a positive user experience (UX).

That could be why over a million businesses use Shopify to build their e-commerce stores.

What Are Shopify Themes?

Shopify themes are a template that determines the way your website looks and feels to customers who visit your store. Different themes offer different styles and layouts. Also, each theme offers a different UX, depending on how it is designed.

Design plays a massive role in the way your store attracts, engages, and converts. That’s why the Shopify theme you choose is critical to your business’ success.

A Shopify theme is a template of what you want your Shopify store to look and feel like.

In e-commerce, your theme of choice must reflect your industry and niche. For example, if you’re in the health and wellness niche, you’ll want a theme that looks professional and feels reassuring.

If, on the other hand, you’re into electronics, you’ll want a theme that’s sleek and energetic.

Will Changing Themes Break Your Store?

One fear that most store owners have when changing themes is that it will break their Shopify store.

That’s not true.

Changing your Shopify theme (or editing your current one) doesn’t affect your content or other parts of your account.

So feel free to play around with your theme settings or even getting a new Shopify theme that you fancy. Your e-commerce store won’t break, and you’ll rarely have any downtime if you do it right.

Why Your Shopify Theme Matters

Now that you know what a Shopify theme is, let’s briefly look at why your theme choice matters so much.

Helps Project Your Brand Personality

One of your most important assets as a business is your brand.

And no—branding doesn’t just mean logo.

An essential aspect of branding is your brand personality. Brand personality is a set of human characteristics that can be attributed to a brand. For example,

  • sophistication
  • excitement
  • fun-loving
  • sincerity
  • ruggedness

Your theme plays a critical role in helping you project these characteristics. As a result, your Shopify store will attract customers who share and love your personality.

Determines Your Website’s UX

Your theme is a crucial aspect of your store’s design because it determines your website’s UX. That’s because your theme determines essential facets of your e-commerce store like navigation, layout, color schemes and aesthetics, and more.

Your theme determines the experience your customers will have as they navigate your store, consume your content, and search for products. If the experience is positive, they’re likely to keep coming back. A negative experience, on the other hand, leads to high bounce rates.

7 Tips to Pick the Perfect Shopify Theme for Your Store

Ready to shop around for the perfect Shopify theme for your store?

Here are a few tips to help you find the perfect one.

1. Decide on Your Budget

Shopify stores come at varying price points. That’s why your first step to choosing your Shopify theme is to determine how much you’re willing to spend on a theme.

Examples of factors that impact the theme’s price include:

  • The developer: More experienced and well-known developers tend to charge more for their themes.
  • Flexibility: The level of customization of your theme impacts its price. For example, if it has drag-and-drop functionality, you can expect to pay a bit more.
  • Level of functionality. Some themes are limited in functionality, while others allow you to turn your e-commerce store into anything you want. Those with extra bells and whistles, like forms or SEO features, tend to cost more.

Like everything else in life, you get what you pay for when it comes to Shopify themes. Make sure to read the fine print and understand what features and functionality a theme has before buying.

2. Prioritize Themes on the Shopify Theme Store

Shopify theme developers are a dime a dozen. You can get a theme for your Shopify store from many theme marketplaces.

However, I highly recommend choosing from the themes on Shopify’s theme store.

One of the main reasons is that Shopify carefully screens all themes submitted, so you can be sure to get a quality, secure theme.

Another reason to prioritize themes on Shopify’s theme store is that you’ll be assured of regular updates and world-class support.

3. List the Main Features and Functions You Want

The key to finding the perfect Shopify theme for your store is to consider the main features and functionality you want for your store.

Do you want a slide-out cart drawer?

Is a video player a priority?

Do you need forms, landing pages, or a blog?

Finding a theme with most of the features you’re looking for will help you cut down on development costs. When you find a theme with one of the most important features you’re looking for but not the others, move on. The key is finding one that has most of the themes you want. You can always have a developer add the missing feature(s).

To find features included in a theme, check out the theme preview page. However, because not every feature may be listed there, you may want to play around with the theme demo.

You can also use the live store examples to help you get a feel of all the features of a theme you’re considering.

4. Consider Your Niche

Most themes are developed for specific industry types. When picking a Shopify theme, you must make sure it was designed for your niche. For example, an e-commerce store that sells various electronics and accessories can’t easily use a theme designed for fine art pieces.

That’s because the electronic store needs a theme that can handle many categories and advanced search capabilities. The art store, on the other hand, doesn’t need as much advanced functionality.

As you hunt for a Shopify theme, make sure to filter your top picks by niche. Fortunately, the Shopify theme store makes it easy to search for themes by niche and number of products.

You can browse Shopify themes by industry and number of products in your inventory.

5. Design and Aesthetics

Global e-retail sales is a whopping $4.2 trillion industry.

To get a piece of the global e-commerce action, you must attract and retain customers to your e-commerce store. That’s the key to growing a successful Shopify e-commerce store.

Attracting customers can be achieved through search engine optimization (SEO) best practices, like keyword research.

But retaining customers on your site is all about your design and aesthetics. The right Shopify theme makes design simple by providing:

  • an attractive storefront
  • color palettes that match your brand
  • clean and easy-to-understand user interface (UI)

A well-designed Shopify store will not only look amazing, but it will also encourage more conversions.

6. Favor Lightweight Mobile-Friendly Shopify Themes

Website speed is crucial to online success, as it can impact search rankings, conversions, and bounce rate. To offer visitors the fast page speed they want, you need a fast, lightweight theme.

Lightweight themes focus more on performance and tend to avoid busy elements like animations, fancy scrollers, and other unnecessary features that increase the size of the file.

Another advantage of lightweight themes is they’re designed to be simple. Their main goal is to help customers navigate around your store and perform the action they came to do.

To deliver a fast, easy-to-use site, you’ll want to choose a mobile-friendly theme.

7. Optimized Checkout

Studies show that the average e-commerce store losses about 75 percent of its sales to cart abandonment. The same studies show that one of the leading reasons for cart abandonment is a complicated checkout process.

That’s why you must make sure the Shopify theme you choose offers an optimized checkout experience.

The best Shopify themes offer a fast and intuitive checkout process, well-designed add-to-cart buttons, and an easy way to check the total cost.

Making the checkout process easy should be a priority, so ensure the theme you choose makes this as easy as possible.

3 Examples of Great Shopify Themes

Now you know how to pick a suitable Shopify theme for your store. Before you run off to find yours, let’s look at a few great Shopify themes and discuss what makes them stand out from the rest. You might just find your perfect match right here!

Brooklyn

Brooklyn is one of the top free Shopify themes out there.

Brooklyn is a free Shopify theme designed for the apparel and accessories niche.

The theme is designed for the apparel and accessories niche. Because of that, it focuses on a brand image by enabling you to show off your inventory with stunning visuals. Some notable features include:

  • A Slide Out Cart: Helps customers easily add items to their cart without leaving the current page.
  • Home Page Slideshow: Use the top of your homepage to showcase multiple products or brand images.
  • Video integration: Grab attention, tell your story, and showcase your best products in action by featuring a YouTube or Vimeo video on your page.

If you’re bootstrapping your way to e-commerce success in the apparel niche, Brooklyn is a the Shopify theme to help you get there. (Did I mention it was free?)

Icon

Looking for a lightweight and easy-to-use Shopify theme that will help you set up a stunning store quickly?

The $180 Icon Shopify theme could be what you’re looking for.

Icon is a great example of a paid Shopify theme you must consider.

One of Icon’s greatest strengths is that it’s built to power omnichannel marketing campaigns. That’s thanks to seamless social media integration and a blog to power your content marketing. Other features include:

  • Sticky Navigation: Keeps your menus fixed to the top of your page as customers scroll down.
  • Product Quick View: Customers can view product details in a popup, so they don’t have to leave the current page
  • Multi-column menu: Helps you feature product images in a large, multi-column drop-down menu.

As the name suggests, Icon is one Shopify theme that will help you build an iconic e-commerce store and generate a lot of revenue.

Expression

Have a large inventory of products?

Then you need a Shopify theme that can help you display them all beautifully. Your theme should also make it easy for your customers to find what they’re looking for.

Expression is one of the best Shopify themes that can help you do that and more.

Shopify theme Expression gives you a lot of features and functionality.

That’s because some of the theme’s prominent features include drop-down menu bars, advanced search functionality, and a dynamic slideshow.

Other notable features you can expect are:

  • Versatile Sidebar Area: You can use your sidebar to display blog posts, images, advertisements, and more.
  • Product Image Rollover: Hovering over products reveals different product images, giving customers a clearer picture before they buy.
  • Grid-Style Layout: This allows you to feature multiple products or promotions in a grid-style layout throughout your store.

Expression will set you back $180, but it’s worth the investment as it helps you create an e-commerce store with attention-grabbing visuals. It’s also designed to make your promotions stand out, thereby encouraging more conversions.

Conclusion

The e-commerce space is fast growing as more entrepreneurs are launching e-commerce stores. One of the most trusted platforms to launch a store is Shopify. As you design your store, pay careful attention to the Shopify theme you use.

Remember, your theme affects your store’s:

  • user experience
  • aesthetics
  • performance

All three are factors that have a huge impact on your conversion rates.

Which Shopify themes have you had experience with? What do you like about it?

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.

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Where to Look for Startup Capital and How to Make Sure You Qualify

There is no startup capital genie that lives in a bottle.  You can’t hope to find the magic lamp, rub it, and make all your entrepreneurial dreams come true.  In contrast, finding startup capital is just the first hurdle in a line of many that you will have to jump over to get your business off the ground. Startup capital can come from a variety of sources.  It takes hard work and some creativity, not to mention determination, to find the best start up capital option for you.  

Startup Capital Doesn’t Come from a Genie in a Bottle

Don’t let that scare you though.  Start up capital loans are highly attainable. However, your chances of success are much, much greater if you know exactly what to do, where to do it, and you have the right tools.  

For example, you can’t build a house while sitting in a library with scissors and tape.  When it comes to starting a business, especially in our current corona economy, you need the right tools. One tool you cannot do without is startup capital. However, you need to know where to look for startup business loans and what you have to do to get them.  At least, that’s where you start.

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

Startup Capital: Self-Funding

For most, this seems like the obvious best option.  If you have the means, it can be for sure. No debt is always good.  Still, even if you have the means to fund startup capital yourself, you may not want to tie up all that cash. Alternatively, you may  not want to dip into your retirement or savings, though those are definitely possibilities. Which leads us to the other options.

Startup Capital: Investors

There was a time when investors were simply that, traditional investors.  There are two new players in the field these days however, and they are significantly less formal. 

Angel Investors

start up capital Credit SuiteInvestopedia 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.”

Usually, they do not lend to the same person twice, even if that person pays them as agreed.  That’s because they  like to spread their risk over a lot of people and businesses to make sure they earn a profit.  They are also usually a lot less formal than most types of funding. An angel investor can be anyone.  Seriously, it could be your mom or someone you met through networking.  

The best way to find these kinds of 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 search for business plan competitions and other opportunities.

Crowdfunding

This is an increasingly popular option for startup capital.

Basically, Crowdfunding is a type of investment option.  The thing is, you get a lot of smaller investments from a lot of people.  Hence the term, crowdfunding.  This is in contrast to getting the bulk of your small business funding from one or two larger investors. Still, not every campaign is successful.   Trully, few are.

First, you have to figure out which crowdfunding platform is best for your situation . Kickstarter and Indiegogo are two of the most popular. 

Startup Capital: SBA Loans

These are small-business loans guaranteed by the Small Business Administration.  Participating lenders, mostly banks, distribute the funds. They can guarantee up to 85% of loans of $150,000 or less, and loans that are more than $150,000 they will guarantee up to 75%. The maximum loan amount they offer is $5 million. 

Since they have a government guarantee, financial institutions are able to offer these loans at lower interest rates. 

To be eligible for SBA Loans, you must meet certain qualifications. These include:

  • Your business must be for profit.
  • Your business must be inside the US.
  • Business owners must invest equity.
  • You must have exhausted all other financing options.
  • Your business must qualify as a small business.
  • Your business must be in an eligible industry.

Best SBA Loan Programs for Startup Capital

There are a ton of loan programs available through The Small Business Administration.  These are those that are best suited for startup capital.

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

7(a) Loans

This is the Small Business Administration’s most popular loan program. For one, it offers federally funded term loans up to $5 million.  Furthermore, the funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions, in partnership with the SBA, process these funds. 

504 Loans 

Loans are available up to $5 million.  Funds can buy machinery, facilities, or land. Mostly, they are for expansion. Private sector lenders or nonprofits process and disburse these loans. They especially work well for commercial real estate purchases.

Microloans 

Up to $50,000 is available through the microloan program. This money can be  for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle microloan programs as intermediaries. In contrast, financing comes directly from the Small Business Administration.

Startup Capital: Private Lenders

Generally, private lenders can be a little more relaxed with requirements. Yet, they also tend to have higher interest rates and less favorable terms. 

They usually have options for all types of financings at varying rates.  There are a ton out there, but here are a few to get you started if you need to go this route for small business funding. 

Upstart

Upstart is an online lender using innovative new technology.  They question whether financial information and FICO alone can really determine the risk associated with a specific borrower.  Instead, they are using a combination of machine learning and AI to gather alternative data.  They then use this data to make credit decisions.

This alternative data includes things such as phone bills, rent, deposits, withdrawals, and even other information that is not directly tied to finances.  Software from the company learns and improves based on this data. 

They offer various types of financing products to fit a wide variety of needs. This may include credit card refinancing, student loans, and pretty much anything in-between.   Upstart has something for almost everyone.  

StreetShares 

StreetShares began as a service to veterans.  Now, they offer term loans, lines of credit, and contract financing. In addition, they offer small business loan investment options. The maximum loan amount is $250,000.  Pre-Approval only takes a few minutes. They use a soft pull on your credit so as not to affect your score. 

StreetShares eligibility requirements include being  in business for at least 12 months with annual revenue of $25,000. Exceptions do exist however.  Loans to companies in business for at least 6 months that have higher earnings can be approved  on a case by case basis.

Kabbage 

Kabbage is a well known online lender. They offer a small business line of credit that can help businesses accomplish business goals quickly. The minimum loan amount is $500 and the maximum is $250,000. They require you to be in business for at least one year and have $50,000 or more in annual revenue.  Alternatively, $4,200 or more per month in the previous 3 month period will meet the revenue requirement.. 

Kabbage is great if you need cash quickly. Also, their non-traditional approach puts less weight on your credit score, so they may work better for some borrowers than other lenders.

Fundation 

Fundation provides both term business loans online and lines of credit. It is most known for its working capital funding options. These are funds meant to help cover the day-to-day costs of running a business rather than larger projects. Typically, these funds come in the form of a line-of-credit.

Their minimum loan amount Fundation offers  is $20,000 while the maximum loan amount is $500,000. They require you to be in business for at least 12 months and have annual revenue of at least $100,000. To be eligible, your personal credit score must be no less than 600. Additionally, you must have at least 3 full time employees.  That number can include yourself.  Business owners cannot live or operate their business in North Dakota, South Dakota, or Nevada.

You Cannot Get Startup Capital Without a Business Plan

Not only is a business plan necessary when it comes to getting business loans, but it is necessary to the day to day operations of your business as well.  Virtually all successful entrepreneurs will tell you that a major key to success is to plan to work and work the plan.  

Most traditional lenders are going to need to see a business plan as part of the loan application process.   Truthfully, it’s best to hire a professional business plan writer if possible. They can work with you to get all the necessary information and put it together in the traditional format.  

If you cannot hire a business plan writer however, there are other options. The Small Business Administration offers a template.  Furthermore, your local small business development center may also be able to help.

For a business plan to be taken seriously by a lender, it needs to include the following: 

A Strong Opening 

 An Executive Summary

 This is a complete summary of the business idea.

Description

The description goes into further detail than the summary, describing the business. This is where you work to build excitement about your business.

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Strategies

Layout your plan for getting started. Do you have a marketing plan, area in mind for location, or idea of how many employees you will start with? What is your ramp up plan? 

 Market Analysis

 What need will your business fill, and for who? Are you a child care facility filling a need for affordable child care for working moms? Are you an eatery filling a need for a lunch spot for those working downtown? How will your business fill the need? All of that information goes in this section. 

Competitive Analysis

Is there already a business working to fill this need? Is there room for more? How do you plan to compete with them? 

If you are not a new business, this will be a market analysis that supports your need for funding, or that shows your business is strong and growing.

The Plan 

Plan for Design and Development

How is all of this going to play out, from start to finish. What steps are you going to take? This is more detailed than your strategies section.

Plan for Operation and Management

Who will own or does own the business and who will run or currently runs it from day to day. This could be as simple as stating that you are the sole owner and operator, or as complicated as laying out a complete partnership plan or board or directors’ format. It just depends on how your business works. 

Financials

This section includes current financials, projections, and a budget plan for the loan funds you are applying for.  Lenders need to see that you know how to handle the funds you get, and that you have a plan to pay them back.

Now is the Time to Build Fundability

The real key to getting startup capital and being able to get working capital whenever you need it is fundability.  However, strong fundability doesn’t just happen.  You need to start building it from the very beginning.  If you didn’t do that, you need to start right now. There are a number of factors that play into fundability, and many of them have to do with how your business is even set up.  That affects everything. Business credit is also a huge piece of fundability, but it isn’t everything.  Learn all you can about fundability. Work to make it strong. If you do, you will always have access to the capital you need to start, run, and grow your business.

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What might a condensed 2020 F1 season look like?

With the coronavirus pandemic delaying the F1 season indefinitely, Laurence Edmondson looks at how F1 can salvage anything close to a full season once normality resumes.

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A Brief Look at the Origins of Lending

A Brief Look at the Origins of Lending

When attempting to find the beginnings of offering you could discover on your own taking a look at a great deal of unassociated details that does not truly inform you what it is that you would like to know.
The beginnings of providing return to at the very least scriptural times, with discusses of offering also being pointed out in particular locations in the Bible. Despite modern-day financial and also loaning, the beginnings of financing can return numerous a century … completely to the Middle Ages as well as in the past.
The Middle Ages and also the Renaissance are most likely the most effective areas to start trying to find info on this topic, as these times were when economic documents were starting to be maintained in earnest and also loaning in its contemporary kind was starting to really establish.
Financing in the very early Middle Ages
If you take a look at the very early Middle Ages to attempt to uncover the beginnings of loaning, you’ll discover that fundings were frequently essentially discriminatory as well as constantly paid for a huge advantage to the loan provider.
Landowners as well as the rich would certainly make lendings to poorer people while billing high rates of interest or making the consumer job to settle the financial obligation … in a lot of cases, the loan provider would certainly also enhance the regards to the funding as soon as is was virtually paid off to make sure that the customer would certainly need to remain to pay or job without spend for the loan provider.
If a debtor was incapable to settle their car loan they might also be tossed right into a borrower’s jail, held without reasonable test up until a person had the ability to repay their financial obligation or various other plans for their launch were made.
Borrowing throughout the Renaissance
Throughout the Renaissance as well as late Middle Ages, the beginnings of borrowing started to deviate a lot more towards what loaning is today. People called lenders would layer their sell market squares as well as various other service as well as seller locations, establishing a bench referred to as a “banca” (where we obtain the modern-day English word, “financial institution”) on which they would certainly perform their purchases.
A number of lenders could operate in the exact same location, as well as the competitors had a tendency to minimize a few of the luxurious rates of interest that were developed by landowners as well as various other authorities in previous centuries … this really did not, nonetheless, indicate that the profession of the lender was exemplary or totally reasonable.
The lenders would certainly still make every effort to make as much of a revenue as they can from debtors, and also could presume regarding misstate their documents of deals and also settlements so regarding fraud even more cash out of the much less ignorant or lucky.
Borrower’s jails were prominent, as well as in some locations were extremely crowded with individuals that had actually hardly been managing in the outdoors as well as had little hope of launch.
Financing in the modern-day globe
As time has actually advanced, so have the techniques of making and also obtaining fundings … it’s simple to see just how much points have actually come because the very early beginnings of borrowing.
The precursors of contemporary financial institutions created together with the Industrial Revolution, as well as in the years and also centuries that adhered to most significant nations worldwide have actually eliminated most sorts of unjust loaning in addition to borrower’s jails.
Rates of interest at financial institutions, money firms, as well as online loan providers are regulated by both nationwide as well as neighborhood aspects, as well as contemporary lending institutions aim to supply a beneficial solution to both the general public as well as companies by offering sensible rates of interest as well as precise terms.
Borrowing has actually expanded from a technique of a couple of people searching for revenues to a significant market on which the basis of the contemporary globe is developed … an instance of exactly how from easy beginnings can come wonderful points.
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