Tag: Options

Top 5 Business Credit Card 0 APR Balance Transfer Options

Looking for a business credit card 0 APR balance transfer option? We put together a list of our top 5 picks to help you quickly and easily find the best option for your business.

Check out how our reliable process will help your business get the best business credit cards.

What Are the Best Business Credit Card 0 APR Balance Transfer Options?

It’s important to note that 0% balance transfers are often promotional or introductory. Things change, and we work hard to keep this information up to date, but be sure to check with each of these business credit card 0 APR balance transfer options specifically to ensure you have the most current information.  For now, here are our top picks.

Mechanics Bank Visa

The Mechanics Bank Visa Business Card has no annual fee. The 0 APR on balance transfers is for the first 20 billing cycles.  Then it increases to  11.99 to 20.00% based on creditworthiness. There is a 3% balance transfer fee or $5, whichever is more.

 

 

 

 

 

PNC Visa Business Credit Card

With PNC Visa Business Credit Card, you earn 5 points per $1 spent on qualifying purchase.  The 0% APR on balance transfers is for the first 9 billing cycles when the balance is transferred in the first 90 days.  There is no annual fee.

 

 

 

 

 

Synovus Business Travel Rewards

This card boasts a 0% APR for the first 6 months and the same for purchases. There is no annual fee.

 

 

 

 

Busey Bank Platinum Card

This platinum card also has no annual fee. The 0% introductory APR on balance transfers and purchase lasts for the first 20 billing cycles. After that, the rate increases from 13.49% to 23.49%, based on creditworthiness at the time the account is opened.  It will vary with the market based on Prime Rate.

 

 

 

Business Credit Card 0 APR Balance TransferBremer Bank Platinum Card

The Bremer Bank Platinum Card offers similar benefits to Busey. The 0% introductory APR for purchases and balance transfers is good for the first 20 billing cycles. Then, it increases to 13.49% to 23.49% depending on your creditworthiness when you open the account. Of course, it will vary with the market based on the Prime Rate.

 

 

How Business Credit Card 0 APR Balance Transfer Options Can Help You Manage Your Business Finances

If you have a high interest balance, you can transfer that balance to a 0% interest rate card and save a lot of money. Not only that, but you can also pay the balance off more quickly.  There are a few things to remember about this however.

First, be aware that there is typically a balance transfer fee, and it can be steep.  If there is a 3% transfer fee and you transfer $5,000, you will actually have an initial balance of $5,150. That may not seem like a lot, but if you do not pay off the balance before the 0% APR ends, and you end up transferring the balance to yet another card, those fees can add up. Watch the dates and be aware of fees.

Check out how our reliable process will help your business get the best business credit cards.

Another thing to consider is that many cards will not let you transfer a balance that meets your limit.  They will have a separate limit for balance transfers.  For example, if your credit limit is $2,000, your balance transfer limit may only be $1,800.

A 0 APR balance transfer card can be a powerful business finance tool, but it must be wielded carefully.  If not, it can actually do more harm than good. For more info on business credit cards and other financing options for your business, contact us today.

The post Top 5 Business Credit Card 0 APR Balance Transfer Options appeared first on Credit Suite.

The Best Options for Small Business Startup Grants Revealed

Business grants are not easy to come by for anyone, but for startups, it’s a whole other story. Small business startup grants do exist.  However, they are even more competitive than grants for existing businesses. We have put together a list of some of the best options, along with some tips on funding startups if grants aren’t enough. 

Are Small Business Startup Grants Always the Best Option? 

There are a lot of options out there when it comes to small business grants. Who doesn’t want a grant?  After all, it’s free money. You don’t have to pay it back. I mean, what’s not to like?

Truly, grants sound like the perfect solution for business funding.  Actually, they are great if you can get one.  Yet, there are two cons most don’t realize.  Of course they are highly competitive.  But also, the money isn’t as free as you may think. Even though there is no interest and no repayment, it often takes a lot of time and effort to apply for a grant. Not to mention, sometimes there is an application fee. 

On top of the highly competitive nature of most grants, the result is that you could spend a lot of time and money applying for grants with nothing to show for it. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Why Are Startup Grants Different?

Unfortunately these problems are only magnified when it comes to small business business grants. There are far fewer grants available to startups.  That means the competition is even more fierce.  Furthermore, most of them are not open to just any business.

There are research and development grants, as well as grants for specific types of business owners.

Examples include: 

  • Veterans
  • Minorities
  • Women
  • And those in low income areas

Is It Even Worth it to Apply?

Due to the fact that it can be very hard  to get a grant, you may wonder if it’s even worth trying. That depends. Honestly, If the application process is fast and cheap, then yes, it is likely worth it. Of course, that is assuming you know that you meet all of the requirements. 

However, if you are not sure you qualify, and the application process is long or there is a large application fee, it might be best to skip it. Remember, you can use that time and money to pursue other funding options.

Best Options for Small Business Startup Grants 

We’ve put together a list of some of the easiest grants to qualify for.  Still, competition is still very tough.  Also, there are never any guarantees. We’ve divided them into the following categories: 

  • Open to all businesses
  • Innovation and Research
  • Women
  • Minorities
  • And veterans

Best Open to Any Small Business Startup Grant

FedEx Small Business Grant Contest

The FedEx Small Business Grant is one of the most popular small business startup grants around. The contest is open to any business that has been in operation for at least 6 months and has 99 employees or less.  It awards eight $7,500 grants, one $15,000 grant, and one $25,000 grant to winners each year.

Best for Innovation and Research

Small Business Innovation Research Program

This grant is designed to provide funding for scientific research and development. The business must be an organized for profit, with a place of business located in the United States. In addition, it must be more than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States. It can have no more than 500 employees. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Best for Women Business Owners

Amber Grant 

The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

Best for Minorities

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. They provide grants through their Minority Business Centers.

You can find grants available in your area by searching for your local Minority Business Center or visit the MBDA’s website for information on all current opportunities. You also need to have a D-U-N-S number to apply for these grants. Which is necessary for fundability anyway.

Best for Veterans

StreetShares Foundation’s Veteran Small Business Award

The StreetShares Foundation’s Veteran Small Business Award is for individual veterans who are low-income or otherwise lack the financial means to start their own business or nonprofit venture.  This grant is also available to surviving spouses and children. The winner must have a positive impact on the veteran community.

Honorable Mention

The InnovateHER small business challenge is sponsored by the SBA office of women’s business ownership. The program awards three winners $30,000 in prize money for businesses that have an impact on the lives of women. Awards are designed for products that meet certain standards including: 

  • Having a measurable impact on the lives of women and families (30%)
  • Having the potential for commercialization (40%), and
  • Filling a need in the marketplace (30%)

What if Grants Aren’t Enough?

It’s almost certain grants will not be enough. Of course, any free money is better than none at all.  Still, you cannot rely on grants alone to fully fund your business. Instead, one of the best things you can do for your business is build a strong business credit profile. 

A business credit profile is the credit history of the business itself, not the owner. It includes all business information and the business credit report, which reflects the business credit score.

To establish a business credit profile your business needs to be fundable. As a startup, this means starting now.  Get an EIN, incorporate, make sure you have a physical business address and open a separate, dedicated business bank account. 

Honestly, these things are good to have for a grant application anyway. After you establish a business credit profile, look for vendor credit that will report payments to your business credit report. Most importantly, always pay everything on time.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Business Funding With Business Credit

In time, you will have a strong business credit score. Then, you can apply for business loans and lines of credit using your business information, and your business can basically fund itself. Any grant money you can get will be icing on the cake. 

The post The Best Options for Small Business Startup Grants Revealed appeared first on Credit Suite.

Dispatches from a Pandemic: Meet the vaccine bouncers: ‘If our options are a complete lockdown or asking people to flash their card — I prefer the flashing of the card’

New York and San Francisco have proof of vaccination rules coming for indoor restaurants and bars, and some venues are going to great pains to enforce them.

The post Dispatches from a Pandemic: Meet the vaccine bouncers: ‘If our options are a complete lockdown or asking people to flash their card — I prefer the flashing of the card’ appeared first on WE TEACH MONEY LIFE SELF DEFENSE WITH FINANCIAL GOALS IN MIND.

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10 Kinds of Financing for a Small Business – Including Options You’ve Probably Never Heard Of

How Many Kinds of Financing for a Small Business Can YOU Name?

You may be surprised at the many kinds of financing for a small business there are.

Fundability

Any discussion of business financing has to start with fundability. Fundability is the ability of a business to get funding. It covers all the points a lender or credit provider will look at when they’re trying to figure out if you’ll pay back a loan or credit extended to you. These include factors you probably haven’t thought about or might think aren’t so important. Business details like address and entity all matter. But there’s more.

The 3 Cs Capital Acquisition Formula

When you think like a lender, you realize they just want to be sure that you’ll pay them back. Lenders look at one of three things for loan approval: cashflow, collateral and/or credit. The more of these “Cs” you have, the more funding options are available. For the forms of funding we’re showcasing today, we show you exactly what you need to have for approval.

Two More General Ways to Get Funding

If you have absolutely none of the 3 Cs, there are still two other options: selling a part of your business or grants and crowdfunding. Let’s look at types of funding covering all of these options. We’ll start with financing via your business’s cash flow.

#10. Financing for a Small Business with Cash flow: Cash Flow Financing

A loan made to a company is backed by a company’s expected cash flow. A company’s cash flow is the amount of cash that flows in and out of a business, in a specific period. Cash flow financing (or a cash flow loan) uses generated cash flow as a means to pay back the loan.

Cash flow: Cash Flow Financing: Terms and Qualifying

Often you will need to have a few years in business. You may need to meet a certain minimum credit score requirement. You will need to prove historical cash flow and present your accounts receivables and accounts payables. This way, the lender can determine how much to loan to your business.

#9. Financing for a Small Business with Cash flow: Merchant Cash Advances

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

Merchant Cash Advances

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

Terms and Qualifying

A lender will review 3 months of bank and merchant account statements. They are looking for is consistent deposits. And they want to see deposits showing revenue is $50,000 or higher per year. They will also verify time in business of 6 months or more.

Lenders are also looking to see that you don’t have a lot of Non-Sufficient-Funds (NSFs) showing on your bank statements. They want to see you don’t have a lot of chargebacks on your merchant statements. And they want to see that you have more than 10 deposits in a month going into your bank account. They want to see that you manage your bank and merchant accounts responsibly. And they want to see that have a decent number of consistent credit card transaction deposits each month.

Let’s move onto funding based upon collateral – either yours, or a credit partner’s, or from the business itself.

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

#8. Financing for a Small Business with Collateral: Inventory Financing

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

Terms and Qualifying

Get approved for a line of credit for 50% of inventory value, regardless of personal credit quality. Rates are usually 5 – 15% depending on type of inventory. You can get funding within 3 weeks or less. But it can’t be lumped together inventory, like office equipment.

#7. Financing for a Small Business with Collateral: Account Receivables Financing

You can use outstanding account receivables as collateral for financing. If you also have purchase orders,  you can get financing to have those filled. You won’t need to use your cash flow to do so. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement. Receivables should be with the government or another business.

Terms and Qualifying

Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates are as low as 1.33%. You can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Now it’s time to move onto funding with good personal credit (FICO) scores.

#6. Financing for a Small Business with Good Personal Credit: 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. You can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

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). There are no financials required. You can often get a loan of five times the amount of current highest revolving credit limit account. So this is up to $150,000.

#5. Financing for a Small Business with Good Personal Credit: Bridge Loans

A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. It allows the user to meet current obligations by providing immediate cash flow. Bridge loans are short term, up to one year. They have relatively high interest rates. And they are often backed by some form of collateral, like real estate or inventory.

Bridge Loans via Our Credit Line Hybrid

The Credit Suite Credit Line Hybrid has a term loan program. This bridge loan works as either an add-on to, or in lieu of, the program, when the applicant meets eligibility and is agreeable to either a portion (or all) of their funding, supplied in the form of cash term loans. There is a fixed monthly repayment.

Terms and Qualifying

The Credit Suite program is an aggregate program requiring multiple accounts to meet our prequalification. Get $25,000 to $300,000 per applicant. The APR is 7 – 24% depending on creditworthiness and selected term. Terms are 3, 5, or 7 years. You must have a 680 FICO or better, and over $35,000 in adjusted gross income. Actual pre-qualification will depend on Debt-to-Income ratio.

#4. Financing for a Small Business with Good Business Credit: Start with Vendor Credit and Retail Credit

Starter vendors are open to working with most businesses, even startup ventures. Make sure vendors report to the CRAs – not all do. Vendors report to the business CRAs within 60 days. They help you build your business credit profile and score. Terms will vary depending on the vendor, but they tend to be Net 30. And you will not need collateral, good personal credit, or cash flow.

Move onto Retail Credit

Retail credit comes from major retailers. Buy everything from office supplies to power tools. Retailers will check whether your business information is uniform everywhere. They will also check whether your business is properly licensed

Terms and Qualifying

Qualifications will vary, and there can be a minimum time in business requirement. There may even be a minimum number of employees requirement, or a minimum annual sales requirement. Terms can be revolving. You will need at least 3 (5 is better) accounts reporting to the business CRAs.

#3. Financing for a Small Business with Good Business Credit: Fleet Credit and Bank Credit Cards

Fleet credit is used to buy fuel, maintain vehicles of all sorts, and repair vehicles. Even businesses which don’t have big fleets can still benefit. These are usually gas credit cards. Requirements will vary. There may be a minimal time in business requirement. If your business doesn’t make the time in business requirement, you may be able to instead offer a personal guarantee or give a deposit to secure the credit.

A Look at Bank Credit Cards

More bank credit cards are more universal, like MasterCard. So they can be used pretty much anywhere. These cards may even have rewards programs. Terms can be revolving. Usually, you will need to have at least 14 accounts reporting to the business CRAs. There can be longer time in business requirements. And there may also be minimum number of employee requirements.

Now let’s look at financing you can get if you’re all right with sharing the profits and ownership of your business.

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

#2. Financing for a Small Business via Selling Part of Your Business: Angel Investing

Angel investors invest in small startups or entrepreneurs. Often, angel investors are among an entrepreneur’s family and friends. The capital they provide may be a one-time investment to help the business get started, or an ongoing injection of money to support and carry the company through its early stages. Angels are not covered by the Securities Exchange Commission’s (SEC) standards for accredited investors.

Angels could be friends or colleagues sitting on home equity, or local professionals who are looking to invest. Consider people you know well and people you don’t know so well. But keep in mind, you’re giving up part of your ownership in your business.

Angel Investing: Terms and Qualifying

Angels are informal investors so there really aren’t any terms. Technically, there is nothing done for qualifying although investors may (probably should) insist on a valuation of your business. But no matter what, it’s always a good practice to get everything in writing.

#1. Financing for a Small Business via Selling Part of Your Business: Equity Crowdfunding

This is not the same as reward-based crowdfunding (like from Kickstarter). Equity crowdfunding is a stock offering from a company that is not listed on stock exchanges. Equity crowdfunding has been around for less than 10 years. Potential investors visit a funding portal website. There, they can explore different equity crowdfunding investment opportunities. Note: there are limits on how much capital an individual can invest based on their income and net worth. Equity crowdfunding gives investors a stake in your business.

Terms and Qualifying

Equity crowdfunding tends to be covered by complex federal law. It is best practices to consult with an attorney well-versed in federal law, specifically, securities and corporations when it comes to interpreting terms and qualifications. A lawyer will also be able to comprehend any changes that may be made to these aspects of the law in the future.

Let’s move onto kinds of funding you don’t need to pay back.

Bonus #1. Financing for a Small Business via Federal Grants

Federal grants generally do not have to be paid back. Try HUD (Housing and Urban Development) for urban projects. Try the USDA (Department of Agriculture) for rural projects. Federal funding means paperwork. You often must show experience in what you are proposing.

Terms and Qualifying

Grants have varying qualifications. They are very competitive. Be sure to check information thoroughly. This includes due dates and any necessary paperwork. Some grants may offer preferences to businesses with minority, female, veteran, or disabled ownership.

Bonus #2. Financing for a Small Business via Reward-Based Crowdfunding

You can get money from the crowd for your business. Start with a service like Kickstarter. But make sure you read the fine print (always a good idea!). Many crowdfunding platforms make you give all the funding back if you do not make your goal by the end of the campaign. But Indiegogo has a flexible funding option.

Reward-Based Crowdfunding

Crowdfunding platforms will take a percentage of the donations. That’s how they make their money. Crowdfunding platforms may push to have you deliver on your promises. So you’ll have to actually manufacture a product or do whatever else your business is supposed to be doing. Given how much social media we’re all bombarded with these days, it should come as no surprise that donors can become weary of crowdfunding pitches.

Details

Crowdfunding tends to work best when donors can personally connect with a product or service. Straightforward businesses may not do so well. The kinds of businesses which do the best often associate with products not quite on the shelves yet, or artistic endeavors. But standard widgets will most likely not attract brand ambassadors. They probably won’t get donors too fired up. Because crowdfunding campaigns are time-consuming, it doesn’t make sense to try this form of funding unless you realistically feel your chance of success is better than 50%.

Terms and Qualifying

Terms will differ depending on which platform you use. Check and make sure your platform of choice will allow your industry to work with them. For example, even though recreational cannabis use is legal in Massachusetts, Kickstarter (for example) doesn’t allow fundraising for drugs, nicotine, tobacco, vaporizers, and related paraphernalia. Any major crowdfunding platform has a section for rules, a FAQ, or ‘how it works’. Be sure to read such a section thoroughly so you know exactly what you’re getting yourself into.

And now let’s look at funding via creative and different means you may not have considered or heard of before.

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

Bonus #3: Financing for a Small Business via 401(k) Financing

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).

401(k) Financing

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.

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. You cannot be currently contributing to it.

Bonus #4: Financing for a Small Business with Microloans

Microloans are business loans with relatively low interest rates. Generally, these loans are offered to small or developing businesses with modest capital requirements and little to no revenue history. Microloans — as the name suggests — are smaller loans than a traditional bank loan. They generally offer anywhere from $500 to $50,000 in business financing.

Terms and Qualifying

Terms and requirements vary among providers. Kiva, for example, charges 0% interest. The Opportunity Fund provides loans to low- and moderate-income immigrants, women, and other underserved small business owners. Accion requires a cosigner. Check the specific requirements of any microloan program that interests you

Bonus #5: Financing for a Small Business via SBA 7(a) Loans

This the SBA’s most popular loan. The SBA guarantees 85% for loans up to $150,000. They guarantee 75% for loans greater than $150,000. The SBA makes the lending decision, but qualified lenders may be granted delegated authority to make credit decisions without SBA review.

Terms and Qualifying

The maximum amount on offer is $5 million. You will have to provide Articles of Organization, business licenses, documentation of lawsuits, judgments and bankruptcy or other pertinent documentation. Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount.

10 Kinds of Financing for a Small Business: Takeaways

There are all sorts of amazing ways to get business funding. You can find the one which fits your circumstances. This includes your strengths in areas like personal credit, collateral, cash flow, selling a part of your business, and getting grants or crowdfunding. Let us help!

The post 10 Kinds of Financing for a Small Business – Including Options You’ve Probably Never Heard Of appeared first on Credit Suite.

9 Funding Options to Fit Any Business

What are the business funding options?  There are a ton.  For example, a startup may choose to seek a business loan, find an angel investor, pitch to a venture capital investor, or try crowdfunding.  An established business might look to traditional loans or credit cards.  But, what if these options will not work? What if you do not qualify? What if you can’t wait for the cash?

Find the Right Funding Options for Your Business Right Now

There are options for funding that will work for most businesses right where they are.  Some require collateral, some do not. Some require good credit, while others look at alternative factors to determine the business’s ability to repay.  Here are 9 funding options to help you get the money you need for your business right now.

Learn business loan secrets and get money for your business.

Funding Options With No Collateral

If you are looking for fast, flexible funding options that do not require collateral, you need one of these.

9. Credit Line Hybrid

The credit line hybrid is unsecured business financing.  It is available to pretty much anyone for any type of business expense. You can use it for real estate, equipment, working capital, and even startup expenses.   There is no down payment, and you do not have to provide income documentation. It is completely no-doc financing.

You do need to have personal credit of 680 or above.  Also, there cannot be any late payments in the past 24 months, there can be no open collections or bankruptcies, and there should be less than 6 inquiries in the past 6 months on your consumer credit report.  In addition, you need at least 2 open credit cards with a $2,000 limit or higher and 2 years of good payment history on those cards.

If you do not meet these requirements, you can still get this funding.  You have the option to take on a credit partner that does meet them. The payments will still be reported on the business’s credit report.  That means you will build business credit whether you get the financing on your own or with a credit partner.

You can get up to $150,000, and often interest rates are as low as 0% for the first 6 to 18 months.

8. Business Line of Credit

A traditional business line of credit is like a cross between a traditional loan and a business credit card. You go through a traditional bank and apply just like you would a loan.  It may be collateral based or not, depending on your lender’s requirements.  You may also use a guarantor to help reduce rates and get better terms if needed.

The difference between a traditional loan and a traditional business line of credit is that the line of credit is revolving credit rather than a term loan. Like a credit card, you only pay back what you use. Also, lines of credit typically have lower interest rates than business credit cards. The trade off is, there are no rewards like cash back or air miles.

At Credit Suite, our funding partners offer an unsecured line of credit that has a minimum FICO score requirements  of 600.  You also must show business tax returns with net profits over $20,000 if you have been in business between 6 months and a year.  If you have been in business for over a year, you need to show $10,000 in monthly revenue. These requirements are much easier to meet than those typically set forth by lenders.

Terms are 6 to 18 months and interest rates range from 12% to 25%.  You can get up to $250,000.

Learn business loan secrets and get money for your business.

Funding Options for Bad Credit

If your credit isn’t exactly good, you still have options.  The following funding options are available with a minimum credit score of 500.

7. Business Revenue Lending

A business that has consistent revenue of $120,000 per year or more may qualify for this type of funding. Lenders verify revenue using bank statements.  There can be no recent bankruptcies, but the minimum credit score to qualify is 500.

The business must also be in operation for a year or more, and it must do over 5 small transactions each month to get business revenue financing.

6. Merchant Cash Advance

A business that accepts credit card payments and has at least a 500 FICO can get up to $750,000 in a merchant cash advance. Credit rates are usually lower compared to traditional financing as well.

There must be $100,000 or more per year in credit card sales, and typical approval equals one month’s credit card financing volume.

5. Accounts Receivable Financing

Outstanding account receivables can also be a source of funding for your business. Get as much as 80% of receivables advanced in less than 24 hours. You get the rest of the accounts receivable amount once you collect full payment for the invoice. Closing takes 2 weeks or less.

Receivables should be with the government or another business. Getting financing with receivables from individuals is not as easy.

4. Retirement Account Financing (Rollover for Business Startup, or ROBS)

This Credit Suite program offers a flexible and powerful way for a new or existing business or franchise  to leverage assets that are in a 401(k) plan or IRA.

It doesn’t take long either.  In as little as 3 weeks you can actually invest a portion of these funds into your own business. Then, you not only have more control over the performance of your retirement plan assets, but you also have the working capital you need.

According to the IRS, a ROBS qualified plan is a separate entity. It has its own set of requirements. The plan technically owns the business, not the individual. That means some filing exceptions for individuals might not apply to the plan. That said, always check with a tax expert when it comes to tax matters.

Learn business loan secrets and get money for your business.

Do You Qualify for a ROBS?

You do not have to submit financials or have good credit to get approval. In fact, all the lender will ask for is a copy of your two most recent 401(k) statements.

If the plan has a value of more than $35,000,  you can get approval. This is true even if you have really bad personal credit. You can get however much of your 401(k) is “rollable.” Sometimes, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

The plan you use cannot be from a business where you currently work. It will have to be from previous employment. Also, you can’t still be contributing to it.

The cost is 5.25% prime + 2, and the term is 5 years. There is a $1995  lender fee.  This includes 5 years worth of management and consulting.

Funding Options for Equipment or Real Estate

If your credit is lacking but you do have equipment or real estate to use as collateral, you may find these options to work well.

3. Equipment Financing

You can secure this type of financing by using existing equipment or new equipment you want to purchase as collateral.  Funding is available up to $10 million. Terms range from 5 to 60 months, and you need a minimum 550 FICO.

The equipment must be new, and most types of equipment are acceptable, including software.

You’ll need to provide details on the equipment to be financed and, depending on the loan amount and certain risk factors, you may need to show 2 years corporate and personal tax returns.

2. Commercial Real Estate Financing

As you might expect, this is a loan that is secured by commercial real estate.  You can get up to $10 million with terms from 6 to 60 months and interest rates ranging from 6% to 22%.  The minimum credit requirement is 500, so this can be a good option if you don’t have great credit as well.

Funding Options with Good Credit and Collateral

SBA loans are an option if you are close to meeting the requirements for a traditional loan but not quite there.  They offer the highest dollar amounts and typically the best terms.

1. SBA Enterprise Loans

You need to have collateral worth up to at least 50% of the loan amount, but you only need a FICO of 620.  There also can be no bankruptcies in the past 4 years.  Only for profit companies qualify, and they must have positive trends in sales growth. Generally amounts are available of up to $12 million with terms up to 25 years.

Which Funding Options Are Best For You?

If you only qualify for one type, this is a no brainer. But, what if more than one option will work? You need to weigh the cost vs. the benefit. For example, is not having to use collateral worth a higher interest rate? Can you get the amount that you need? Will one option get cash in your hands faster than the other? Do you need the money faster, or can you wait a bit to take advantage of better terms or rates?

When it comes to any of these funding options, it is best to work with a business credit expert.  This is someone that can listen, take what you need, apply it to what is available to you, and help you choose the best option that you can get.

Not only that, but they can help you evaluate the fundability of your business and make changes if necessary to ensure you can get the best funding options available far into the future.

Start the process now with a free consultation.

The post 9 Funding Options to Fit Any Business appeared first on Credit Suite.

What are the Details on Business Financing Options?

What are the Best Business Financing Options for Your Business?

When it comes to business lending, what are your best choices? What are the best business financing options? And what are the details?

Your best business financing options will depend on your business’s strengths. This is in three areas:

  • Cash flow
  • Collateral
  • Credit (personal or business)

In general, business financing options divide rather neatly into those three categories. Four, if you separate personal and business credit, which we’ll do here.

Business Financing Options with Good Cash Flow

Here’s a great selection of business financing options.

Fundbox

Fundbox will connect directly to your online accounting software. That’s all you need to do. You can get invoice financing or a line of credit. See fundbox.com.

Fundbox: Terms and Qualifying

Get a revolving line of credit for up to $150,000. Fundbox will auto debit your weekly payment from your bank account. You don’t need to show a minimum personal credit score, and you don’t need to show a minimum time in business.

Account Receivables Financing

You can use outstanding account receivables as collateral for financing. Receivables should be with the government or another business. If you also have purchase orders,  you can get financing to have those filled. You won’t need to use your cash flow to do so. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement. Receivables should be with the government or another business.

Account Receivables Financing: Terms and Qualifying

Use your outstanding account receivables for financing. Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates as low as 1.33%. you can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Purchase Order Financing

This is advanced to a business with a large purchase order or contract but cannot fulfill it. Lender then loans the funds necessary to complete the order and charges a percentage for the service. Then the company can fulfill its order or contract. The difference between purchase order and accounts receivable financing is:

  • Purchase order financing involves a company lending you money to fulfill purchase orders
  • Accounts receivable financing involves a company buying your outstanding invoices

Purchase Order Financing: Terms and Qualifying

Terms are for Credit Suite purchase order financing. For approval, lenders will typically review your outstanding purchase orders that need to be filled. If the purchase orders are valid and the suppliers you are dealing with are credible, you can be approved regardless of personal credit history. Rates typically range from 1-4%. In some instances, you can get 95% of your purchase order financed.

Cash Flow Financing

A loan made to a company is backed by a company’s expected cash flows. A company’s cash flow is the amount of cash that flows in and out of a business, in a specific period. Cash flow financing (or a cash flow loan) uses generated cash flow as a means to pay back the loan.

Cash Flow Financing: Terms and Qualifying

Often you will need to have a few years in business. You may need to meet a certain minimum credit score requirement. You will need to prove historical cash flow, and present your accounts receivables and accounts payables, so the lender can determine how much to loan to your business.

Merchant Lines of Credit

Merchant lines of credit are lines of credit offered by stores. These lines of credit can only be used exclusively at the store from which they are offered. One such example is Amazon, which offers lines of credit through Marcus by Goldman Sachs.

Merchant Lines of Credit: Terms and Qualifying

Terms vary. Eligibility can be based on cash flow (Amazon’s is). Such lines of credit may offer special financing terms during certain time periods, for certain products, or for a certain dollar amount spent at the store. In some cases, payment in full must be made after a specified period of time, like a promotional period.

Contrast with traditional credit cards and merchant credit cards which allow borrowers to continue carrying a revolving balance with interest. In exchange for a shorter repayment period, the borrower may be offered low or zero percent interest, or a discount off their purchase price.

Merchant Cash Advances

Businesses that accept credit cards as a form of payment may qualify for a merchant cash advance. This means your business must have a merchant account in order to be able to accept credit card payments. Your business must bring in $100,000 or more per year in credit card sales. Typical approval is equal to one month’s credit processing volume. The minimum credit score is 500.

Qualifying for a Merchant Cash Advance

They do not ask for a lot of documents. This is not like what most conventional lenders will want. You won’t need financials, business plans, or resumes. You don’t even need collateral.

Your business’s credit card receipts and business bank statements tell lenders all they need to know. These loans work well for businesses that qualify and need funds fast, and those with credit that is less than perfect. It’s a great way to get money for  your business fast with few requirements.

Business Revenue Financing

It’s also called royalty-based financing. Business revenue financing is a way to raise capital from investors who get a percentage of the enterprise’s ongoing gross revenues, in exchange for money invested. In a revenue-based financing investment, investors get a regular share of business income until a predetermined amount is paid. Often, this predetermined amount is a multiple of the principal investment. It is usually between 3 – 5 times the original amount invested.

Business Revenue Financing: Terms and Qualifying

Since repayment of the loan is based on revenues, the time it takes to repay the loan will fluctuate. The faster revenue grows, the quicker you’ll repay the loan, and vice versa. The percentage of monthly revenues committed to repayment can be as high as 10%. Monthly payments will fluctuate with revenue highs and lows and will continue until you’ve paid back the loan in full.

Business Financing Options with Collateral

Collateral opens up a ton of financing choices; this is just a handful of what’s out there.

401(k) Financing

If you have an eligible 401(k), you can use those funds to get money for your business. You must not be currently contributing. You must not longer be working for the company that the 401(k) is under. And you must have a balance of at least $35,000.

You can even still earn interest on your account, and there are no tax penalties. Personal credit doesn’t really matter much. Interest rates are usually low.

401(k) Financing Details

In fact, they are  often less than 5%. Close and fund in less than 3 weeks. Can usually get up to 100% of what’s “rollable” within your 401(k). This type of loan works well for anyone that has an eligible 401(k) account.

IRA Financing

Similar to 401(k) financing. In as little as 3 weeks you can invest a portion of your retirement funds into your business. This gives you more control over the performance of your retirement plan assets. And it gives you the working capital you need for business growth.

IRA Financing: Terms and Qualifying

In general, you will work with a CPA. They will help you roll over a non-contributing and qualifying account. This allows for cash out of half, or $50,000, whichever is lower. If applicable, the CPA you work with will structure a self-directing IRA for the remaining funds.

Stocks Financing

Some lenders will make loans using securities as collateral. Securities-based lending provides ready access to capital. This can be used for almost any purpose, such as buying real estate or investing in a business. The only restrictions to this kind of lending are other securities-based transactions like buying shares or repaying a margin loan.

Stocks Financing: Terms and Qualifying

You continue to earn interest on stocks pledged as collateral. Closing and funding takes less than 3 weeks. Rates can be as low as 1.6%. You will have challenged personal credit.

Bonds Financing

Securities-based lending for bonds is offered through large financial institutions and private banks. People tend to seek out these kinds of loans, if they want to make a large business acquisition, or if they want to execute large transactions like real estate purchases.

Lenders determine the value of the loan based on the borrower’s investment portfolio. In some cases, the issuer of the loan may determine eligibility based on the underlying asset. It can end up approving a loan based on a portfolio of US Treasury notes rather than stocks.

Bonds Financing: Terms and Qualifying

Most investment-grade corporate, treasury, municipal, and government agency bonds are accepted. You keep all the interest and appreciation from your securities. To qualify all the lender will require is a copy of your two most recent securities statements. If your stocks or bonds have a value over $25,000, you can be approved, even with severely challenged personal credit.

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

Kickfurther

Finance your next inventory purchase with financing from customers and brand supporters and fundraise directly to them. Customers buy through what’s called a Consignment Opportunity. Your customers own the products they helped fund until they are sold by the brand. As soon as the products sell, the customer earns payments. Kickfurther also offers an online store for businesses to market and sell their products. See kickfurther.com.

Kickfurther: Terms and Qualifying

Get funding for up to $2 million in inventory. Payback terms will vary. At the end of each sales period, submit sales reports and provide payment for inventory sold. You are required to provide a monthly accounting of current inventory levels.

Inventory Financing

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

Inventory Financing: Terms and Qualifying

Get approved for a line of credit for 50% of inventory value, regardless of personal credit quality. Rates are usually 5 – 15% depending on type of inventory. Get funding within 3 weeks or less. It can’t be lumped together inventory, like office equipment.

Equipment Financing

Equipment financing is when you use a loan or lease to purchase or borrow hard assets for your business. It is a business financing option you can use to buy any physical asset. Physical assets can include items such as a restaurant oven or a company car. You will predictable amounts every month. You can build business credit on a program such as this.

Equipment Financing: Terms and Qualifying

All terms are for equipment financing through Credit Suite. Companies must have at least one year in business. You can get approved even with challenged credit. You won’t need financials to secure equipment financing. Approvals take as little as 24 hours.

Equipment Leasing

You can also lease equipment, rather than buy it outright. And you will often put down less money than you would if you were buying the piece of equipment. You may be able to negotiate flexible terms with an equipment lease. It’s easy to upgrade equipment after your lease ends. This is helpful if your equipment is something like a computer which quickly becomes obsolete.

Equipment Leasing: Terms and Qualifying

All terms are for equipment leasing through Credit Suite. You can be approved for equipment financing and leasing with as low as a 640 personal credit score. To get approved lenders will request details on the equipment you are getting. After a quick credit review, you can be approved for as much as $10,000,000 in equipment financing.

Business Financing Options with Good Personal Credit

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. 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 required. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Bridge Loans

A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. It allows the user to meet current obligations by providing immediate cash flow. Bridge loans are short term, up to one year. They have relatively high interest rates. And they are often backed by some form of collateral, like real estate or inventory.

Bridge Loans via Our Credit Line Hybrid

The Credit Suite Credit Line Hybrid has a term loan program. This bridge loan works as either an add-on to, or in lieu of, the program, when the applicant meets eligibility and is agreeable to either a portion (or all) of their funding, supplied in the form of cash term loans. There is a fixed monthly repayment.

Bridge Loans: Terms and Qualifying

The Credit Suite program is an aggregate program requiring multiple accounts to meet our prequalification. Get $25,000 to $300,000 per applicant. The APR is 7 – 24% depending on creditworthiness and selected term. Terms are 3, 5, or 7 years. You must have a 680 FICO or better, and over $35,000 in adjusted gross income. Actual pre-qualification will depend on Debt-to-Income ratio.

Computer Leases

Just like furniture, you can lease computer equipment. You can take advantage of tax incentives and use your cash flow to its fullest advantage. This includes:

  • File Servers and Backup Storage
  • Hardware and Mainframes
  • Laptops
  • Printers and Scanners

Computer Leases: Terms and Qualifying

Terms can include leasing to ownership. Often, leasing provides businesses with a full deduction of lease payments against current earnings. A large part of approval is based on the personal credit and background of the owners, not on trade or banking information that startups in particular don’t have yet. Lease up to $5,000 to $250,000 and more in computer equipment value. Lease terms range from 24 months to 60 months. See harrisleasing.com/computer-equipment-leasing.

Auto Financing

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

Much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Auto Financing: Terms and Qualifying

You need to establish:

  • the amount of money you have for a down payment
  • the vehicle you need, and
  • the costs associated with buying the vehicle

Provide documentation that proves you are the owner of a business, like:

  • business licenses
  • partnership agreements, and
  • LLC documents
  • 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.

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

Business Financing Options with Good Business Credit

Building business credit will open up even more opportunities for funding. Check out the details.

Vendor Credit

Starter vendors are open to working with most businesses, even startup ventures. Make sure vendors report to the CRAs – not all do. Vendors report to the business CRAs within 60 days. They help you build your business credit profile and score.

Vendor Credit: Terms and Qualifying

Terms will vary depending on the vendor, but they tend to be Net 30. And you will not need collateral, good personal credit, or cash flow.

Retail Credit

Retail credit comes from major retailers. Buy everything from office supplies to power tools. Retailers will check whether your business information is uniform everywhere. They will also check whether your business is properly licensed.

Retail Credit: Terms and Qualifying

Qualifications will vary, and there can be a minimum time in business requirement. There may even be a minimum number of employees requirement, or a minimum annual sales requirement. Terms can be revolving. You will need at least 3 (5 is better) accounts reporting to the business CRAs.

Fleet Credit

Fleet credit is used to buy fuel, maintain vehicles of all sorts, and repair vehicles. Even businesses which don’t have big fleets can still benefit. These are usually gas credit cards.

Fleet Credit: Terms and Qualifying

Requirements will vary. There may be a minimal time in business requirement. If your business doesn’t make the time in business requirement, you may be able to, instead offer a personal guarantee or give a deposit to secure the credit.

Bank Credit Cards

Bank credit cards are cards like MasterCard. So they can be used pretty much anywhere. These cards may even have rewards programs.

Bank Credit Cards: Terms and Qualifying

Terms can be revolving. Usually, you will need to have at least 14 accounts reporting to the business CRAs. There can be longer time in business requirements. And there may also be minimum number of employee requirements.

Business Financing Options for a Combination of Collateral, Cash Flow, Good Personal Credit, and Good Business Credit

The Small Business Administration wants to see the full package.

SBA Loans

Guaranteed by the federal government. Issued by participating lenders, usually banks. They offer a lot of the perks of traditional loans, such as lower interest rates and favorable terms. Due to government guarantee, lenders are able to offer them to those with a lower credit score than would typically be required.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Hence even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See www.sba.gov/document/support–table-size-standards.

Ideal credit scores for an SBA loan are 680 or above. There are a number of SBA loan programs, each one designed to work for different needs and situations. Find out more at SBA.gov.

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

Term Loans

Banks are often the first place we think of when we thinking of financing. But big banks only sign off on about 25% of the small business loan applications that come their way. Term loans often have lower interest rates than many other funding options. They also tend to be for higher loan amounts.

For term loans, you generally need all four strengths.

Term Loans: Terms and Qualifying

Generally speaking, the companies banks end up funding have very strong financials and near-perfect credit scores. You will most likely have to undergo a personal credit check. These kinds of loans may require collateral.

Business Financing Options if You Sell Part of Your Business

Angel Investing

Angel investors invest in small startups or entrepreneurs. Often, angel investors are among an entrepreneur’s family and friends. The capital they provide may be a one-time investment to help the business get started, or an ongoing injection of money to support and carry the company through its early stages.

Angels are not covered by the Securities Exchange Commission’s (SEC) standards for accredited investors. Angels could be friends or colleagues sitting on home equity, or local professionals who are looking to invest. Consider people you know well and people you don’t know so well. But keep in mind, you’re giving up part of your ownership in your business.

Angel Investing: Terms and Qualifying

Angels are informal investors so there really aren’t any terms. Technically, there is nothing done for qualifying, although investors may (probably should) insist on a valuation of your business. No matter what, it’s always a good practice to get everything in writing.

Venture Capital

Venture capitalists give money to help build new startups, if the VCs believe a company has both high-growth and high-risk potential. These tend to be fast-growth companies with an exit strategy already in place. Venture capitalists often look to recover their investment within a 3-5 year time frame.

VCs will also, often, want to own a large piece of a company if not a controlling stake. They want game-changing businesses, so straightforward businesses won’t be on their radar unless it’s shifting the paradigm. Like with angel investors, you are giving up a part of your ownership in your business. VCs often want a larger share of your business than angel investors do.

Venture Capital: Terms and Qualifying

Because venture capitalists are more formal investors than angels, a valuation of your business is probably going to necessary. Specific terms will be spelled out in your agreement with them. The Securities and Exchange Commission will also have requirements. It is best practices to consult with a lawyer well-versed in business law before you sign anything.

Business Financing Options if You Have None of the Above

Reward-Based Crowdfunding

You can get money from the crowd for your business. Start with a service like Kickstarter. But make sure you read the fine print (always a good idea!). Many crowdfunding platforms make you give all the funding back if you do not make your goal by the end of the campaign. But Indiegogo has a flexible funding option.

Crowdfunding platforms will take a percentage of the donations. That’s how they make their money. Crowdfunding platforms may push to have you deliver on your promises. So you’ll have to actually manufacture a product or do whatever else your business is supposed to be doing. Given how much social media we’re all bombarded with these days, it should come as no surprise that donors can become weary of crowdfunding pitches.

Reward-Based Crowdfunding Details

Crowdfunding tends to work best when donors can personally connect with a product or service. Straightforward businesses may not do so well. The kinds of businesses which do the best often associate with products not quite on the shelves yet, or artistic endeavors.

Standard widgets will most likely not attract brand ambassadors. They probably won’t get donors too fired up. Because crowdfunding campaigns are time-consuming, it doesn’t make sense to try this form of funding unless you realistically feel your chance of success is better than 50%.

Reward-Based Crowdfunding: Terms and Qualifying

Terms will differ depending on which platform you use. Check and make sure your platform of choice will allow your industry to work with them. For example, even though recreational cannabis use is legal in Massachusetts, Kickstarter (for example) doesn’t allow fundraising for drugs, nicotine, tobacco, vaporizers, and related paraphernalia. Any major crowdfunding platform has a section for rules, a FAQ, or ‘how it works’. Be sure to read such a section thoroughly so you know exactly what you’re getting yourself into.

Equity Crowdfunding

The first thing to know is that equity crowdfunding is a stock offering from a company that does not have a stock exchange listing. Equity crowdfunding has been around for less than 10 years. It’s not the same as rewards-based (which comes from places like Kickstarter). Potential investors visit a funding portal website. There, they can explore different equity crowdfunding investment opportunities. Note: there are limits on how much capital an individual can invest based on their income and net worth. Equity crowdfunding gives investors a stake in your business.

Equity Crowdfunding: Terms and Qualifying

Keep in mind that equity crowdfunding tends to be covered by the Securities Act of 1933, Regulation Crowdfunding (17 CFR Part 227), Regulation D Rule 506 (17 CFR § 230.506), and Regulation A+ (17 CFR § 227.100). See: law.cornell.edu/cfr/text/17/227.100.

Federal law can be complex. It is best practices to consult with an attorney well-versed in federal law, specifically, securities and corporations, when it comes to interpreting terms and qualifications (and any changes that may be made to these aspects of the law in the future).

Grants

Federal, local, city, and state grants generally do not have to be paid back. For urban projects, try HUD (Housing and Urban Development). For rural projects, try the USDA (Department of Agriculture). Federal funding means paperwork. You often must show experience in what you are proposing. See grants.gov. and grantwatch.com.

Also try city and state websites. These are often less restrictive than federal grants. It helps if you can show you will help the community. Try to partner with a local business.

Grants: Terms and Qualifying

Grants have varying qualifications. They are very competitive. Be sure to check information thoroughly. This includes due dates and any necessary paperwork. Some grants may offer preferences to businesses with minority, female, veteran, or disabled ownership.

Microloans

Microloans are business loans with relatively low interest rates. Generally, these loans are on offer to small or developing businesses with modest capital requirements and little to no revenue history. Microloans — as the name suggests — are smaller loans than a traditional bank loan. They generally offer anywhere from $500 to $50,000 in business financing.

Microloans: Terms and Qualifying

Terms and requirements vary among providers. Kiva, for example, charges 0% interest. The Opportunity Fund provides loans to low- and moderate-income immigrants, women, and other underserved small business owners. Accion requires a cosigner. Check the specific requirements of any microloan program that interests you.

So How Do You Choose?

This is an enormous buffet of business funding choices! But how do you select the one(s) that’s best for your particular situation? This is where our Advisory Team comes in extremely handy. Or help yourself with our Business Credit Builder. It’s your choice. But it all starts with business credit.

The post What are the Details on Business Financing Options? appeared first on Credit Suite.

5 Privacy Policy Generator Options For Your Website

If you collect information from your website visitors, you may be required by law to post a privacy policy on your website. 

While not every country has privacy policy requirements, many auxiliary laws make the addition of a privacy policy necessary for compliance. Plus, if you want your website to be visible to a global audience, you need to adhere to global guidelines.

Additionally, many third-party applications require privacy policies to use their services. Examples of this include Google Analytics, Google Play, Apple App Store, and Google AdSense.

The last thing you want is to be taken to court by a website visitor over something as simple as a privacy policy.

So, how do you create a privacy policy?

Luckily, there are many online privacy policy generators you can use to help keep your site compliant.

In this post, we’ll show you how to find, use, and implement your privacy policy with a privacy policy generator.

What Is a Privacy Policy?

A privacy policy is a legal document telling website users if, how, and why you collect and store their personal information.

Personal information can be anything used to identify an individual, such as their name, date of birth, address, credit information, or online behaviors. The exact definition may vary between countries and laws, so be sure to research what requirements you need to meet before using a privacy policy generator. 

A strong privacy policy should be informative and precise, without hidden clauses or confusing language. It should also include contact information in case your users need more information.

A privacy policy should include:

  • what information you collect from website visitors
  • how and why you obtain this information
  • details about how you store the data you collect
  • how and when you’ll inform users if your privacy policy is updated
  • to whom you give access to the information collected (third party applications, newsletter services, analytics software, etc.)

Not only are privacy policies mandated in most countries, but they’re also a great way to build trust by keeping your marketing tactics transparent. Even if you’re not required to have one, it’s a good idea to do so anyway.

Here is an example of our privacy policy.

Privacy Policy Generators - neil patel privacy policy

4 Reasons Why Your Website Needs a Privacy Policy

Regardless of whether you operate on a desktop, mobile app, or website, you need to have accurate and honest privacy policies in place to guide your users.

Here are the four most important reasons why your website needs a privacy policy.

1. Privacy Policies Are Often Required by Law

Many countries mandate privacy policies be available to help citizens understand their information rights.

In the United States, the Children’s Online Privacy Protection Act (COPPA) requires all websites that collect information from children to have a privacy policy. 

Here is an example of Disney complying with this law.

Privacy Policy Generators - disney website privacy policy

The California Online Privacy Protection Act (CalOPPA) also requires any company gathering information from California-based users must display a privacy policy on their website.

Here is an example of this from the Wells Fargo website.

Privacy Policy Generators - privacy policy wells fargo

In the U.S., the Gramm-Leach-Bliley Act mandates any businesses in the financial sector to provide honest statements about their collection and use of personal information.

Additionally, the Health Insurance Portability and Accountability Act (HIPAA) requires healthcare service providers to give written notice of their privacy practices.

Across the globe, many similar laws exist to protect the privacy of specific areas’ citizens. For example:

Ultimately, privacy is a concern across the globe, so adding a privacy policy to your website could build trust and help you communicate with a global audience. 

2. Customers Expect Honesty and Transparency About Privacy

People care about their privacy and want to be in charge of their information. This is especially true online, where information is often collected and stored without a user’s knowledge.

Displaying a privacy policy on your website shows your customers you care about their privacy and aren’t doing anything sneaky.

It also shows you have procedures to handle their information properly, which can help them trust your business.

While it’s essential to have a clear, concise, and transparent privacy policy to build user trust, feel free to get a little creative with your website’s privacy policy, you can find interesting or interactive ways to display your information.

Here is an example of Amazon’s Canadian privacy policy, which includes a clickable table of contents to help users navigate the policy.

Privacy Policy Generators - amazon canada privacy policy

3. Privacy Policies May Be Required by Third-Party Services

Many third-party services require a privacy policy to use their services, including Google Ads, Google Analytics, Facebook, and Apple.

This ensures they are also compliant with any international laws while you use their services.

For example, Google Analytics requires a specific privacy policy because it stores cookies on user devices and collects data. 

If you are using any of Google’s advertising features, such as Google Display Network Impression Reporting, Google Analytics Demographics, and Interest Reporting, or any services involving Google Analytics, you need a privacy policy.

The same is true if you’re developing a Facebook app, Apple app, or Google Play app.

If you use or plan to use any third-party services, check their privacy policy and disclosure requirements.

4. Privacy Policies Can Show Your Brand Personality

If in line with your brand, adding humor, personality, and wit to your privacy policy can showcase your brand’s personality and win the hearts of your customers.

Check out this creative privacy policy by Ecquire.

Privacy Policy Generators - privacy policy by ecquire

Or this example from Major Tom, which uses a David Bowie quote to add some flair to their privacy policy.

major tom privacy policy generator

The most important part of a privacy policy is the information you’re giving. Personality is a bonus if you can fit it in.

5 Best Privacy Policy Generators for Your Website

Now it’s time to dig into how you can create a privacy policy for your website.

Use a privacy policy generator like the ones listed below to create a clear and accurate privacy policy for your online presence.

1. FreePrivacyPolicy

FreePrivacyPolicy is an online privacy policy generator that helps you create a privacy policy online without the hassle of hiring a lawyer to write your legalese.

This free privacy policy generator can help you comply with CCPA, GDPR, CalOPPA, COPPA, Google Analytics, and more.

With this tool, you can also generate terms and conditions, cookie tracking policies, refund and return policies, disclaimers, and more.

Answer a few pre-generated questions, download your new privacy policy, and upload it to your site.

You can also update your policy later if your terms change.

Best Privacy Policy Generators for Your Website - FreePrivacyPolicy

2. Shopify Policy Generator

The Shopify Policy Generator can help you meet global privacy requirements and encourage customer trust.

This privacy policy generator is free with a 14-day Shopify trial, but you need to pay for a membership afterward.

Fill out a few fields on the Shopify website, and they’ll create a personalized privacy policy template you can customize later on.

You can also create a refund policy or terms of service policy with this same tool.

3. Privacy Policies

Privacy Policies is a free online privacy policy generator that can create privacy policies, EULAs, cookies policies, terms and conditions, and more.

Factors like your industry, operations, and platforms are considered to generate your privacy policy.

From there, you can modify, upload, and share your privacy policy with your website visitors.

4. Privacy Policy Online

Privacy Policy Online is a privacy policy generator tool that complies with international laws such as the CCPA, CalOPPA, and GDPR.

It also creates policies meeting leading advertising networks’ and third-party applications’ requirements.

Fill out a web form on the site, and Privacy Policy Online generates your new policy, ready for immediate upload.

With this tool, you can also generate terms and conditions as well as disclaimer notices.

5. Termly

Termly is a free online privacy policy generator to help you create a privacy policy for your website or mobile app.

It’s effective for GDPR, CCPA, CalOPPA, Google Analytics, AdSense, e-commerce laws, and more.

Termly also boasts automatic attorney updates, meaning whenever new legislation is approved, your current privacy policy will be amended and automatically updated.

You can create multiple policies for different platforms, helping to ensure you’re protected no matter where your services exist. 

Privacy Policy Generator FAQs

Can I use a privacy policy generator?

Yes, privacy policy generators are a great way to create a compliant, legal document to let your website visitors know how you use and store their information.

How do I create a privacy policy?

You can either hire a lawyer to create a privacy policy or use a privacy policy generator online.

How can I create a privacy policy for free?

Many privacy policy generators offer free services. Check out our list of privacy policy generators above to find the right one for you.

Can I copy someone else’s privacy policy?

No. Terms of use and privacy policies are copyrighted documents. You need to create a unique privacy policy for your business.

Summary of Privacy Policy Generators

Creating a unique and tailored privacy policy can be daunting.

Hiring a lawyer, using legalese, and adhering to global marketing laws is no easy feat.

Luckily, privacy policy generators are available to help you create a privacy policy for your website or business.

A well-crafted privacy policy can also help you build trust with your customers and improve your brand integrity going forward.

What’s your favorite privacy policy generator?

10 Online Survey Creator Options to Use For Feedback

Every business wants to feel like its customers and employees are happy. After all, it’s human nature to want to be loved, right?

However, “making people happy” isn’t just a nice-to-have. Doing so has real-world business benefits.

For instance, did you know customers will pay up to a 16-percent price premium and display greater loyalty if a company delivers an excellent experience? Or 63 percent of companies say retaining talent is harder than hiring?

online survey creator employee retention

What’s the common denominator between those statistics? They both demonstrate the value of feedback surveys.

By surveying your workforce or customer base, you can identify the things that are making them unhappy and take action to set them right. This means no more losing customers or talent to your biggest rivals.

Why Should You Use an Online Survey Creator?

I’ve already touched on a couple reasons why you should be using online survey creators to assess customer and employee sentiment, but there are lots more.

5 Reasons to Send Customer Surveys

  1. Customers appreciate being given a platform for their opinions. According to Microsoft, 77 percent of customers say they look more favorably on brands that ask for and accept feedback.
  2. Online surveys help brands deliver better customer service. That’s important, because 73 percent of Americans say experiencing good customer service increases their chances of spending more money than planned, according to research from the International Council of Shopping Centers.
  3. Solving customers’ problems improves your retention. By surveying your customers, identifying the issues they’re facing, and overcoming them, you stand a better chance of keeping them.
  4. Improving retention is cheaper than chasing new customers. In fact, acquisition is estimated to cost anywhere between five and 25 times more than retaining existing customers. That’s another compelling reason to start surveying your customer base.
  5. Customer experience is the biggest focus for business leaders right now. That’s right, almost 46 percent of business leaders say CX is their top priority, ahead of product (34 percent) and pricing (21 percent). How can you improve your customer experience if you don’t understand how good (or bad) it is at the moment?

3 Reasons to Send Employee Surveys

  1. Most of your employees aren’t engaged. Worldwide, 59 percent of employees say they’re either disengaged or actively disengaged at work. Using an online survey creator can help you understand why that’s happening (and hopefully turn it around).
online survey creator employee engagement stats
  1. Companies with engaged employees perform better. According to Gallup, highly engaged business units see a 41 percent reduction in absenteeism and a 17 percent increase in productivity. What’s more, a separate Gallup survey shows engaged organizations generate up to 18 percent more revenue per employee.
  2. Employee engagement surveys help you improve processes like onboarding. After all, how can you deliver an effective onboarding program without gathering feedback from people who have recently experienced it? It’s certainly in your interest to get onboarding right, because 69 percent of employees say they’re more likely to stay with a company for three years if their onboarding experience was excellent.

Top 10 Online Survey Creators

Here are online survey creator tool options, including how they work and their main features.

#1: Qualtrics

How It Works

Increase your chances of asking the right question in the right way and at the right time by choosing up to eight question types and including 15 questions per survey. All surveys can be sent out via multiple channels, including email.

Main Features

Qualtrics’s ExpertReview feature helps you hone in on the right question types and survey formats by giving you real-time recommendations and letting you choose from a wide selection of expert-built survey templates.

online survey creator - qualtrics

Pros

  • Qualtrics Surveys accounts are free to set up, with no need to enter a credit card number.
  • Access over 20 template types, from demographic polls to employee suggestions.
  • Built-in reporting lets you keep up with responses as they come in.

Cons

  • Free accounts are limited to 100 responses and one active survey.
  • The level of detail and range of options can be overwhelming for newcomers.
  • With no “undo” functionality, editing surveys rely on finding the correct backup version.

#2: SoGoSurvey

How It Works

SoGoSurvey offers different options depending on the goal of your survey. For instance, customer experience surveys use APIs to automate feedback collection by hooking into your CRM, while responses are analyzed using natural language processing.

Main Features

Choose the plan that fits your needs. If you just need to send basic surveys, you don’t need to pay for functionality like auto-translation and advanced skip logic.

Pros

  • Tailored options for customer and employee experience surveys.
  • Add your own branding to the survey, thank you page, and more.
  • Access regular best practice webinars and free training to help you get the most from the product.

Cons

  • Comparatively expensive if you only need it for one or two months a year, with monthly prices starting at $199.
  • Some features, like word clouds, are only available at the Enterprise product tier.
  • In a similar vein, the free tier is very limited.

#3: SurveyMonkey

How It Works

SurveyMonkey is arguably the best-known online survey creator, and certainly one of the simplest to use. Set up an account for free and you can start building your first survey straight away.

Main Features

SurveyMonkey offers 15-question types, including multiple-choice, text box, and Net Promoter Score. Alternatively, choose from a catalog of more than 1,600 questions written by survey experts.

Pros

  • Free account option is extremely generous in its functionality.
  • Simple online interface is easy for anyone to pick up.
  • Buy responses from specific audiences based on attributes like location, gender, age, income, and employment status.

Cons

  • The simple layout isn’t necessarily the most professional-looking on the market.
  • Free plans are limited to viewing the first 40 responses received.
  • Harder to customize and personalize than some other options.

#4: Google Forms

How It Works

Know how to use Google Drive? Then you know how to use Google Forms. Just log into Drive, click to create a new form, then choose from a prebuilt template or start from scratch.

online survey creator - google forms

Main Features

In keeping with Google’s mobile-first ethos, Google Forms is responsive, making it easy to create surveys that look good and function smoothly on mobile devices.

Pros

  • Completely free for personal use.
  • If you already use Google Drive, you’ll be instantly familiar with how to use Google Forms.
  • Add collaborators to build Forms with you, just like in other Google Drive tools.

Cons

  • The simple interface can appear unprofessional, so it’s better for internal use.
  • Limited ability to change the layout or add graphics and other media.
  • Fewer question types available than some other platforms.

#5: Smartsheet

How It Works

Smartsheet is much more than a surveying tool. Rather, it’s a collaboration and work management platform that can be used to assign tasks, manage calendars, track progress, share documents, and much more. Surveys are just one part of the feature set.

Main Features

Forms can be created to gather survey responses, then shared via email or hyperlink, or embedded in dashboards or webpages.

Pros

  • Follows the basic setup of Microsoft Excel, making it simple to use.
  • Offers extensive automation and collaboration options.

Cons

  • Surveys are only a small part of Smartsheet’s functionality, so you might be paying for a lot of features you don’t need.
  • Users report some issues when importing and exporting from Excel.

#6: Client Heartbeat

How It Works

As the name suggests, Client Heartbeat is 100 percent geared toward measuring client satisfaction and improving retention. It’s a simple feedback tool that assesses happiness levels to identify unhappy customers.

Main Features

Choose from a list of prebuilt questions already being used by brands in your industry, allowing you to compare your scores against those of your biggest competitors.

online survey creator - client hearbeat

Pros

  • Live customer service dashboard can be accessed free of charge.
  • Interface is simple to use without any training.
  • Industry benchmarking adds context to your results.

Cons

  • Features are more limited than some of the other platforms on this list.
  • Specifically designed for customer satisfaction rather than employee engagement.
  • Limited functionality makes the pricing a little expensive.

#7: Zoho Survey

How It Works

Zoho Survey is a highly customizable online survey creator, with extensive options for tailoring surveys to fit your brand and house style, plus the ability to choose from more than 25 question types.

Main Features

Zoho offers multiple ways to send surveys, from the basics (like web links and email campaigns), to more advanced options like QR codes and private group access.

online survey creator - zoho survey

Pros

  • Free account level allows unlimited surveys with up to 10 questions and 100 responses per survey.
  • Surveys can be embedded in emails, making them easy to access.
  • Drag-and-drop interface makes it relatively simple to design complex surveys.

Cons

  • Interface is perhaps harder to grasp than more user-friendly tools like Google Forms.
  • Limited customization options, unless you upgrade to one of the paid product tiers.

#8: Qualaroo

How It Works

Qualaroo uses “Nudges” (a type of pop-up) to online survey creator customers when they’re on your website, rather than contact them down the line via email or some other channel.

Main Features

Unique calls to action can be created based on the language used by surveyed customers thanks to sentiment analysis powered by IBM Watson. For instance, angry responses might automatically generate a task for the customer success team to get in touch.

online survey creator - qualaroo

Pros

  • Qualaroo claims its native surveys are 10 times more valuable than email surveys.
  • Questions are asked when customers are on your site, making their feedback more timely.
  • No impact on page speed, so it doesn’t hamper user experience.

Cons

  • Pricing is based on tracked page views per month, which is more complex than other options.
  • No templates for employee engagement surveys at time of writing.
  • Best for micro-surveys of one or two questions.

#9: SurveyPlanet

How It Works

SurveyPlanet is a simple, affordable online survey creator with an extremely robust free tier offering all the functionality you need to build unlimited basic surveys.

Main Features

Unless you need advanced features like question branching (whereby users are asked different questions based on their previous responses), you’ll be just fine with the free version of SurveyPlanet.

Pros

  • Offers a huge amount of free functionality, including unlimited survey responses.
  • Simple pricing; if you want more features, there’s just one paid tier at $20 per month (or $180 per year).
  • Access dozens of prewritten surveys and a bunch of basic templates for free.

Cons

  • Branching (or skip logic) is only available for paid users.
  • Likewise, customization options are limited at the free account level.
  • Paid tier is less advanced than more expensive alternatives like SurveyMonkey.

#10: Typeform

How It Works

Typeforms are customizable online survey creator forms that can be embedded on your website, launched in an email, or shared via hyperlink. Responses can be synced to Google Sheets, and notifications can be sent to other tools like Slack, so it’s easy to see when a response has been received.

Main Features

Unlike a lot of the other tools in this list, Typeform is all about building stylish surveys. You can even add visual elements like images, videos, and GIFs to your forms.

online survey creator - typeform

Pros

  • Webpage forms are stylish, engaging, and fun to complete.
  • Access extensive templates on employee engagement, branding, customer satisfaction, and more.
  • Choose from 18 different question types.

Cons

  • The editor takes some getting used to.
  • Even the mid-tier package only offers 500 responses per month as standard, making it comparatively expensive to gather a lot of data.
  • Typeform branding can only be removed at the middle product tier.

Conclusion

Clearly, there are a lot of choices in the online survey creator market. Employee and customer satisfaction surveys are valuable, so if you’re not doing them now, pick a tool with a robust free tier and get going.

Once you’ve found an approach that works, feel free to switch things up by testing more advanced features, formats, and layouts.

What’s your favorite online survey creator? Think I’ve missed something? Let me know in the comments.

Business Funding Options

What are the Best Business Funding Options for Your Business?

Sample

What are All the Different Types of Business Funding Options?

There are several different types of business funding options out there.

The best way to start figuring out which choice is right for your business is to figure out what’s available. Did you know that traditional bank loans are not your only option?

Types of Business Funding Options

There are many more, including:

  • SBA loans
  • 401(k) financing
  • Merchant Cash Advances
  • Equipment Financing
  • The Credit Line Hybrid
  • Traditional Lines of Credit

Let’s dive in to each one and figure out which one is best for your business right now

Business Funding Options: SBA Loans

Guaranteed by the federal government. Issued by participating lenders, usually banks. They offer a lot of the perks of traditional loans, such as lower interest rates and favorable terms. Due to government guarantee, lenders are able to offer them to those with a lower credit score than would typically be required.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Hence even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See www.sba.gov/document/support–table-size-standards.

More About Eligibility for SBA Loans

General eligibility also includes:

  • Being a for-profit business – the business must be officially registered and operating legally
  • Doing business in the US – the business must be physically located and operating in the US or its territories
  • Having vested equity – the owner must have invested their own time or money in the business
  • Exhausting other funding options – the business must not be able to get funds from any other financial lender

Ideal credit scores for an SBA loan are 680 or above. There are a number of SBA loan programs, each one designed to work for different needs and situations. Some of the most common SBA loan programs include:

  • 7(a) loans
  • 504 loans
  • Microloans
  • Disaster loans
  • Express loans

These are just a few the of the options available. Find out more at SBA.gov.

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

Which SBA Loan is Best?

SBA loans each have a specific purpose. For example, if your business has suffered due to a natural disaster, you need a disaster loan. If you need $50,000 or less, a microloan may be the best option. But the 7(a) loan program is the most versatile.

SBA 7 (a) Loans

This the SBA’s most popular loan. The SBA guarantees 85% for loans up to $150,000, and 75% for loans greater than $150,000. The SBA makes the lending decision, but qualified lenders may be granted delegated authority to make credit decisions without SBA review.

SBA 7(a): Terms and Qualifying

The maximum amount on offer is $5 million. You will have to provide Articles of Organization, business licenses, documentation of lawsuits, judgments and bankruptcy or other pertinent documentation. Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount.

SBA 504 Loans

The SBA 504 loan program is an economic development loan program that offers small businesses an avenue for business financing, while promoting business growth, and job creation. This program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.

Use it to buy currently existing buildings, construct new buildings, and more. See sba.gov/offices/headquarters/ofa/resources/4049.

SBA 504: Terms and Qualifying

For corporations, anyone with a 20% ownership stake (or more) must fill out the application. This includes swearing they are not under indictment for any criminal offense. In general, the SBA provides 40% of the total project costs, a participating lender covers up to 50% of the total project costs, and the borrower contributes 10% of the project costs. Under certain circumstances, a borrower may be required to contribute up to 20% of the total project costs

Who Do SBA Loans Work Best For?

These loans work well for those that are not in a hurry to get funding

The approval and funding process can take a while, especially with the government red tape required for the government guarantee. If you can wait, meet all the requirements, and want a more traditional type of loan, SBA loans are an option.

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

Business Funding Options: 401(k) Financing

If you have an eligible 401(k), you can use those funds to get money for your business. You can even still earn interest on your account, and there are no tax penalties. Personal credit doesn’t really matter much. Interest rates are usually low.

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 Details

In fact, they are  often less than 5%. Close and fund in less than 3 weeks. Can usually get up to 100% of what’s “rollable” within your 401(k). This type of loan works well for anyone that has an eligible 401(k) account. Your 401(k) will need to have more than $35,000 in it. 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.

Business Funding Options: Merchant Cash Advances

Businesses that accept credit cards as a form of payment may qualify for a merchant cash advance. This means your business must have a merchant account in order to be able to accept credit card payments. Your business must bring in $100,000 or more per year in credit card sales. Typical approval is equal to one month’s credit processing volume. The minimum credit score is 500.

Merchant Cash Advances: Terms and Qualifying

A lender will review 3 months of bank and merchant account statements. They are looking for is consistent deposits. And they want to see deposits showing revenue is $50,000 or higher per year. They will also verify time in business of 6 months or more.

Lenders are also looking to see that you don’t have a lot of Non-Sufficient-Funds (NSFs) showing on your bank statements. They want to see you don’t have a lot of chargebacks on your merchant statements. And they want to see that you have more than 10 deposits in a month going into your bank account.

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

Business Funding Options: Equipment Financing

Equipment financing is when you use a loan or lease to purchase or borrow hard assets for your business. It is a business financing option you can use to buy any physical asset. Physical assets can include items such as a restaurant oven or a company car. You will predictable amounts every month. You can build business credit on a program such as this.

Equipment Financing: Terms and Qualifying

All terms are for equipment financing through Credit Suite. Companies must have at least one year in business. You can get approved even with challenged credit. You won’t need financials to secure equipment financing. Approvals take as little as 24 hours.

Business Funding Options: 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. 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 required. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Who Does the Credit Line Hybrid Work Best For?

This is a good option for virtually everyone. Because even if you have bad credit, you can get funding by using a credit partner. Works especially well for those who need to build business credit.  See www.creditsuite.com/business-loans.

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

Business Funding Options: A Line of Credit from Fundbox

Fundbox will connect directly to your online accounting software. That’s all you need to do. You can get invoice financing or a line of credit. See fundbox.com.

Fundbox: Terms and Qualifying

Get a revolving line of credit for up to $150,000. Fundbox will auto debit your weekly payment from your bank account. You don’t need to show a minimum personal credit score, and you don’t need to show a minimum time in business.

Business Funding Options: Takeaways

There are a ton of choices for business financing. These merely scratch the surface. Contact us today to learn more.

The post Business Funding Options appeared first on Credit Suite.

Your Debt Management Options – Consider A Personal Debt Consolidation Loan

Your Debt Management Options – Consider A Personal Debt Consolidation Loan

If you’ve remained in the procedure of functioning to establish a purposeful financial obligation monitoring program, you might be questioning what numerous alternatives are offered to you as well as you might be questioning what components you will certainly desire consisted of in a total financial debt monitoring strategy. The demand for a financial obligation combination program that functions might have ended up being crucial if you’ve discovered that your financial obligation is coming to be extra as well as much more out of control.

With this post you will certainly be offered with a summary of just how an individual financial obligation combination car loan can be a vital component of a thorough financial debt monitoring program or financial obligation monitoring strategy. Equipped with this details you will certainly be much better able to identify whether an individual financial obligation loan consolidation car loan is the ideal selection for you and also exactly how you can make an individual financial obligation loan consolidation car loan a significant component of an extensive financial debt monitoring program.

Exactly How a Personal Debt Consolidation Loan Works for You

An individual financial obligation loan consolidation finance permits you the capacity to integrate all of your present financial obligation right into one finance. There are lots of strong advantages that are linked with an individual financial debt loan consolidation funding.

You additionally conserve a good deal of cash with an individual financial debt loan consolidation finance. When you get an individual financial debt combination finance, you will certainly no much longer be tormented with greater passion prices, late charges and also charges. Over the program of the life time of the individual financial obligation loan consolidation financing, you will certainly recognize a considerable cost savings and also place even more cash back right into your pocket.

Components of a Comprehensive Debt Management Plan

You require to bear in mind that an individual financial obligation combination funding will certainly not per se fix your monetary troubles for the long-term. While an individual financial obligation combination lending can be an essential aspect in a general financial debt administration program, you require to consist of various other aspects.

In enhancement to an individual financial obligation combination car loan, if you desire a reliable financial obligation monitoring strategy, you will certainly desire to make particular that you establish a liable and also significant budget plan. A spending plan has to be a significant part of any type of financial obligation administration strategy if you truly intend to make progression in bring back order to your economic home … not just today yet right into the future.

Second, regrettably lots of people acquire an individual financial obligation loan consolidation car loan and afterwards remove and also accumulate much more financial debt. It shows up that these individuals really feel that they have breathing space as well as can tackle even more financial debt.

The issue is that by getting an individual financial obligation combination car loan and after that tackling even more financial obligation, you in fact are making your monetary circumstance much, much even worse. You should be sensible with your financial obligation and also credit score use right into the future or your individual financial debt loan consolidation lending truly will offer no purposeful objective in all.

An individual financial obligation combination car loan enables you the capacity to incorporate all of your existing financial obligation right into one financing. You additionally conserve a wonderful bargain of cash via an individual financial debt loan consolidation lending. You will certainly no much longer be afflicted with greater rate of interest prices, late charges as well as fines when you acquire an individual financial obligation loan consolidation lending. Over the program of the life time of the individual financial debt loan consolidation car loan, you will certainly recognize a substantial cost savings as well as place even more cash back right into your pocket.

The post Your Debt Management Options – Consider A Personal Debt Consolidation Loan appeared first on ROI Credit Builders.