Rabbi Brian Strauss with Congregation Beth Yeshurun in Houston, Texas discussed the “frightening” hostage situation at another synagogue in his state, noting that he is now going to “reevaluate everything that we do” and increase security at his place of worship.
Are you a startup? Do you have a temporary cash shortage you need to cover? Is your credit not so great, or do you need cash to purchase in bulk? Whatever is going on rest assured, there is pretty much a business loan for every situation. Yes, you can even get a business loan now. Pandemic or no pandemic, you can get business money.
Even if, somehow, there isn’t a business loan in the traditional sense to help, there are still options. Sometimes, a traditional business loan isn’t even the right answer. Something else might actually be better.
Going on the assumption that most folks understand what a standard term loan from a traditional lender is, we are going to discuss alternatives to this solution. After all, if you don’t know what’s out there, you’ll never know what might work best for you.
When it comes to starting a business, you can get a business loan if you qualify. There are other options too though.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
You probably know what investors are. Finding traditional investors for your business involves a number of things. First, you have to find investors with deep enough pockets that are willing to hear your pitch. Then, you have to actually create a pitch, and hope they like it.
Then there are angel investors. They work a little differently. Angels are usually more informal than other investors. They can be people you know. They can be people you connect with through networking or other means. Even your mom can be an angel investor.
While the average person that wants to start a business needs funding, it is not always possible to find one or two large investors. With crowdfunding, you can access a lot of investors to fund your business $5 and $10 at the time.
There are many crowdfunding sites. Still, the most popular are Kickstarter and Indiegogo. They are similar to each other. However, there are some major differences as well. The most obvious is the timing of when you get the money that others give your company.
Kickstarter requires you to set a goal first. You do not receive your funds until you reach your goal. For example, if you set a goal of $5,000 when you start your campaign, you will not receive any money that investors offer up until you reach that $5,000.
Indiegogo requires a goal as well. However, they offer the option to receive funds as you go. In addition, they have an option called InDemand. This program lets you keep raising funds even after your original campaign is over. That means you do not have to start a whole new campaign. It’s more like an extension.
There are other crowdfunding sites out there also. Different ones work better for certain businesses and vendors. To figure out which one might work best for your needs, you’ll have to do some research. Keep in mind your type of business and the specific business each one appeals too.
Crowdfunding is a good starting point for a new business. Yet, don’t put all your eggs in this basket. You need a backup plan. Only a small percentage of campaigns are successful. Furthermore, take into account the state of the economy before you rely too heavily on crowdfunding. If it isn’t strong, people will not be as likely to invest.
If you are struggling for a season to keep things going, these options could help. Remember though, none of them are a permanent solution. To be successful your business has to eventually support itself. Be sure to use the time these funds may buy you to figure out the problem and how to fix it.
These are business loans from companies other than banks. Typically, they are referred to as private lenders or alternative lenders. A lot of them have popped up in the past decade as starting your own business has become more popular. A need for financing options from somewhere other than traditional banks has encouraged this growth.
There are a few benefits to using private business loans over traditional loans. The first is that they often have more flexible credit score minimums. Even though they still rely on your personal credit, they will usually accept a score much lower than what traditional lenders require. Another benefit is that they will sometimes report to the business credit reporting agencies. As a result, they can help build or improve business credit if you pay them responsibly.
The tradeoff is that private business loans tend to have higher interest rates and less favorable terms. However, the ability to get funding and the potential increase in business credit score can make it well worth it.
Credit cards often get a bad rap all around. It’s no wonder. If you are irresponsible, they can cause a lot of problems. However, if you handle them properly, they can be an amazing business tool. The thing is, using them to get back on your feet does propose a new set of potential issues. Since most of them come with fairly high interest rates, you need to be especially diligent to find and solve the issues that cause you to need this additional funding.
While there are not a lot out there, grants are probably more common that you think. Usually, these are offered by professional organizations. There are some government grants available as well. Competition can be tough, but they are definitely worth trying for if you think you may qualify.
Requirements vary from grant to grant. Most are only awarded to a certain number of recipients. If you fit into one of these basic categories however, they are worth considering.
There are also some corporations that offer grants in the form of contests. These usually don’t require much other than that you meet the corporation’s definition of a small business and win the contest. For example, FedEx offers such a context each year.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Sometimes you aren’t really down on your luck. You may just have a cash gap that is obviously temporary. Seasonal businesses see this on a regular basis. Another situation that may cause this is that you have some large invoices that just do not get pain fast enough. These things can easily be handled with some of the following tools.
The most basic definition of a line of credit is that it is a revolving line of credit, similar to a credit card. You have a limit, but you have access to funds at all times. You only make payments on the portion you use each month.
For example, if you have a $10,000 line of credit, you can use however much of those funds you need each month for whatever you want. That is, unless your lender issues some sort of restriction. Access is most typically granted through checks or a card connected to the line of credit account.
If you are an established business with accounts receivable, invoice factoring is one of the available business funding types that you have access to. This is where the lender buys your outstanding invoices at a premium, and then collects the full amount themselves. You get cash without waiting for your customers to pay the invoices.
This is a good option if you need cash fast. It’s also good if you don’t qualify for other available funding types. The interest rate varies based on the age of the receivables.
If you accept credit cards, you may be able to get a merchant cash advance. This is similar to invoice factoring, but instead of buying your open invoices, the lender advances cash based on average expected credit card sales.
Credit cards can help in this instance as well, and they work a lot better here. In the case of a temporary cash gap, you know the money is coming. Using credit to cover a gap temporarily, and maybe collecting some rewards while you do so, isn’t terrible. This is also useful in the discount inventory situation. If you can get a great deal on bulk inventory, you can use a credit card to take advantage and buy at the lower cost. In theory, when you sell this lower cost inventory, you will actually increase your profit.
Fundability is the ability of your business to get the funding it needs. Highly fundable businesses are able to get business loans quickly and easily. The thing is, few businesses start out fundable. There are many, many factors that affect the fundability of a business. This includes details ranging from something as simple as your business address to things as complicated as liens on your personal record from years ago.
Each and every aspect of fundability is important, and you need to know where you stand with each one. However, one specific piece of the fundability puzzle that is often neglected is business credit. This neglect typically stems from the fact that so few business owners really understand what it is. Many are under the belief that business credit is just debt that is in the business name. That isn’t really the case however.
Credit cards and loans with your business name on them are still going on your personal credit report unless you take some very specific steps to build separate business credit. First, you have to set up your business to be a separate entity from yourself. Coincidently, this setup process is also what needs to happen to begin building strong business fundability.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
To set up your business to be fundable you need to ensure you have the following:
In addition, you absolutely have to incorporate. You can choose to be an LLC, S-corp, or corporation, but you must choose one. Any of them work when it comes to separating business from owner, so talk to your attorney or tax specialist about which option will work best for your business’s other needs.
Once you are all set up, you can start to get accounts reporting to your business credit report. You can ask vendors that you already work with if they will extend credit and report payments. They don’t have to, but they might.
You can also ask those companies you already pay monthly, like utilities and rent, to report your payments. Again, they do not have to, but they may.
Another secret to getting accounts reporting is to work with starter vendors. These are certain vendors that will extend net invoices without a credit check, and then report your payments to the business credit reporting agencies. When you get enough of these reporting, your score will be strong enough to apply for store cards like those offered by Best Buy or Office Depot.
After you get enough of those store cards and make on time payments, you’ll be able to get fleet cards like those offered by Shell and Fuelman. After more of those cards are reporting on-time payments, you should be able to get approval for any business cards out there. For example, those standard credit cards that are not tied to where or what you purchase will be an option. These are the credit cards that can really help bridge a cash gap or, as a last resort, help you get back on your feet.
Getting a business loan doesn’t have to be hard. There are options to cover any situation that may come up. The problem is being eligible for the loans that best fit your needs. You need to be aware of non-financing options and which situations they are best suited for as well. Then, if your work to build business credit makes your fundability stronger, you can be sure that eventually you will be able to get funding to fit any situation that may come up.
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Economic situation of Panama
Widely called Panama, the Republic of Panama lies in the southerly component of Central America. It is a transcontinental nation that belongs to an all-natural land bridge that attaches both continents, particularly North America as well as South America. The economic climate of panama is solution based, which suggests that the economic situation of Panama greatly spends for the area of financial, tourist as well as business; primarily due to the vital topography placement of the Republic of Panama.
The entire solution market of the economic situation of Panama stands for three-fourths of Panama’s Gross Domestic Products. The well established solution market of the economic climate of Panama consist of the Panama Canal, financial field, the Colon Free Zone, insurance policy industry, container ports, front runner windows registry and also the tourist market.
The Gross Domestic Product (or GDP) development of the economic climate of Panama on that very same year was just around 2.3%, a great deal reduced contrasted to its GDP development in 1999 which was 3.0%. On the various other hand, on 2001, the federal government of Panama has actually prepared added public jobs programs, tax obligation reforms, as well as additional arrangements concerning its local profession with the purpose of boosting the development of the economic climate of Panama.
The hand over of the Panama Canal as well as the armed forces installments by the United States of America has actually led means to some brand-new building jobs by the Panama federal government as well as the personal market of Panama. The joblessness price of the Republic of Panama went beyond 14% last 2002.
The “acquiring power parity” of the GDP of the economic climate of Panama has actually an approximated 18.78 billion bucks by 2003 as well as the GDP actual development price has actually enhanced to 4.1% on 2003. The GDP of the economic situation of Panama is made up of: 8.3% by the farming market, 14.7% by the market and also 77.1% in the solutions market.
The economic situation of panama is solution based, which indicates that the economic climate of Panama greatly spends on the area of business, financial and also tourist; primarily since of the crucial topography setting of the Republic of Panama.
The entire solution industry of the economic climate of Panama stands for three-fourths of Panama’s Gross Domestic Products. The well created solution market of the economic climate of Panama consist of the Panama Canal, financial market, the Colon Free Zone, insurance policy industry, container ports, front runner computer registry as well as the tourist market.
The hand over of the Panama Canal and also the armed forces installments by the United States of America has actually led method to some brand-new building and construction jobs by the Panama federal government and also the personal field of Panama.
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fwistAnd How to Be Sure You are Eligible for the Best Small Business Credit Card for Your Situation When you start wondering what the best small business credit card is, you may be surprised to find out that answer actually can vary. What may be the best credit card for one business may not necessarily … Continue reading The Best Small Business Credit Card of 2019 for Any Situation
When you start wondering what the best small business credit card is, you may be surprised to find out that answer actually can vary. What may be the best credit card for one business may not necessarily be the best small business credit card for another. It all depends on the business and the situation. For example, a business owner that does a lot of travel for his or her business is going to need a different card than one that has a whole fleet of automobiles to manage but doesn’t travel much.
We have done some research to help you find the best small business credit card to fit your specific needs.
This card features flat-rate rewards of 1.5% on all purchases, and there are no limits on cash back rewards. In addition, there is no yearly fee.
New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after starting the account. Afterwards, the rate increases to 14.74 to 24.74% (variable). A cash bonus of $150 is available for those who make at least $500 on purchases within 3 months of account opening.
Also, cash back rewards do not expire for the life of the account. Other benefits include travel accident insurance and an auto rental collision damage waiver. Find out more by going here.
Try the Capital One Spark Classic for Business. It earns an unlimited 1% cash back on all purchases, and you still get the benefits of an auto rental collision damage waiver and purchase security. You also get extended warranty coverage, as well as travel and emergency assistance services.
However, the ongoing APR is 24.74% variable. The penalty APR is even higher at 31.15%. Another drawback is that there is no sign-up bonus. Find out more here.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Okay, full disclosure. The Discover it® Student Cash Back card is not a business credit card. It’s a personal card, therefore your credit activity is reported on your personal credit and not your business credit. However, as a student, building your FICO will be important to your future as a business owner.
There is a six-month introductory period of 0% APR on purchases. After that, there is an APR of 14.99 to 23.99% variable on all purchases.
One special feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, they get a $20 statement credit per year for up to five years.
You can get 5% cash back at different places each quarter like grocery stores, filling stations, restaurants or Amazon.com up to the quarterly maximum. After that, the credit card offers unlimited 1% cash back on all purchases. Also, in the first year, all cash back rewards are matched 100%.
Although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37. Find more information here.
Earn 2 miles per dollar with United and at restaurants, filling stations, and office supply stores. All other purchases earn 1 mile per dollar. There is also a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.
Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation. Also, get two United Club passes annually. Hotel and resort perks, including upgrades, are available as well. Additionally, get early check-in and late checkout. An auto rental collision damage waiver is also a benefit.
After the first year, the card has an annual fee of $95. The APR is 17.99% to 24.99%, based on creditworthiness. Find out more here.
For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee and cash-back rewards of unlimited 1% cash back on all purchases. Benefits include an auto rental collision damage waiver and purchase security. In addition, extended warranty coverage as well as travel and emergency assistance services are included. Find out more here.
Earn two points per dollar spent on travel and dining at restaurants, and one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel. Benefits include trip cancellation insurance, travel and emergency assistance services and an auto rental collision damage waiver. Purchase protection and extended warranty protection are also included.
When you spend $4,000 in the first 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.
You can get an unlimited two points per dollar for travel and dining at restaurants. And then get one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. These include British Airways, Southwest Airlines, United, and Marriott.
Unfortunately, there is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 to 24.74% variable. In addition, while there is no annual fee the first year, after that it is $95. Go here for more information.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays. The card offers 4% back per dollar spent at restaurants, takeout, and bars. That includes UberEATS orders. Also, earn 3% back on hotel, airfare and vacation home rentals. You can also earn 2% back on online purchases including retailers and subscription services like Uber and Netflix.
Additionally, you’ll earn 1% back on all other purchases. Every percent/point has a value of 1 cent. Redeem points for cash back, gift cards, or Uber credits directly within the app.
There is no yearly fee, and by spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 yearly are eligible to get a $50 credit toward online subscription services.
Also, if you pay your cellphone bill with this card, you are insured up to $600 for cell phone damage or theft.
While they note cardholders have exclusive access to certain events and offers, Uber anticipates the majority of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. If you aren’t in those cities, that perk may not be one you are interested in.
There is no introductory rate, and the APR is a variable 16.99%, 22.74%, or 25.74%, based on your creditworthiness. Cardholders with lower credit will be on the higher end of the range.
Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, you must have at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day. Find out more here.
This is where it gets a little tricky. The thing is, the only way a card can help you build business credit is if you get it on the merits of your business credit. That means you have to apply with your business information, not your own. It also means you must already have some semblance of business credit to gain approval. Any card in your business name that you handle responsibly will definitely help build existing credit even stronger. However, you cannot get a card to build business credit without already having a business credit score.
The truth is, any of these best small business credit card options will work to build business credit, but they will all want to see a business credit score before they grant approval. How do you get a business credit score without having credit to begin with? There is a very specific process, and if you follow it, it works like a charm.
It starts with establishing your business as a separate entity from yourself that appears fundable to lenders. How does that happen? Well, first your business needs its own contact information. It’s tempting in the beginning to just use your own address and phone number, but it isn’t wise. Those are identifying factors related to you personally, so anything attached to them will end up on your personal credit report rather than your business credit report.
Once these things are taken care of, it’s time to start building that business credit score.
When it comes to building business credit, there are 4 tiers that you must work through. Most often, whatever the best small business credit card is for your needs, it will be in the top tier, known as the cash credit tier.
Before you can qualify for credit in this tier however, you must work through the other tiers. What are the other tiers? I am so glad you asked.
This tier is where you will find starter vendors that will extend invoices with net terms without a credit check. You may have to place a few orders with them first, and there may be some minimum time in business or income requirements, but credit will not come into the picture. 
Once you get net terms and start making payments, these starter vendors will report those payments to the credit reporting agencies, also knowns as CRAs. If you have set up your business as a separate entity and set up your vendor account with your business information, they will report your payments to the business CRAs. As more and more accounts are reporting, your business credit score will grow and you will be eligible to apply for credit in the other tiers.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
This is where you find store specific cards. They like to see a minimum business credit score, which is why you apply for them after the vendor credit tier. The vendor credit tier is how you establish that initial score. You’ll need to get 8 or so of these accounts reporting your payments to the business CRAs before you can start applying for cards in the next tier.
These are the cards that help you manage fuel and auto maintenance and repair costs. They come from companies like Fuelman and Shell. You’ll need several of these reporting payments along with the cards from the retail credit tier before you can move on to the cash credit tier.
This is where pretty much every best small business credit card mentioned above will be found. As you work through the other tiers your credit score will build like a snowball rolling downhill. If you manage your credit properly, you’ll have a strong score that will qualify for any of these cards. It takes time, but if you want the best small business credit card for your business, you must build business credit.
If you already qualify for cards in the cash credit tier, then use our research above as a starting point for your own research. If you need to build business credit first, follow our proven process and you will be eligible for any of these cards when the time comes.
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