Get Gas Cards for Small Business During the US Recession

The Very Best Gas Cards for Small Business During the US Recession

As the COVID-19 situation worsened, we took a look at a number of gas cards for small business and did the research for you. US recession or no US recession, you’ve got to fill your tank! So, here are our preferences.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards! This demonstrates you can get a lot more money with small business credit.

Small business credit is independent of the economy. Coronavirus or not, these credit cards are out there – but be aware that, as the situation drags on, some of the requirements could change. Always be sure to check the links directly to be sure to get 100% up to date information straight from the source.

And you will not need collateral, cash flow, or financials in order to get business credit.

The Benefits of Gas Cards for Small Business

Benefits can vary. So, make sure to select the benefit you like from this choice of options.

Build Business Credit During the US Recession with Excellent Gas Cards Via Our Business Credit Builder

Our Business Credit Builder is full of amazing business credit cards and that includes gas cards!

76

So, check out this card from 76. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
And a Company Bank account
If you’re not approved based on business credit history or been in business a 1 year, then a $500 deposit is needed or a Personal Guarantee (PG)

To Apply: Online or over the phone

Terms: Net 22

Get it here: 76fleet.com

Marathon

Check out this great card from Marathon. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
Company Bank account
You can give a $500 deposit instead of using a personal guarantee if in business less than a year.

To Apply: Online

Terms: Net 22

Get it here: marathonbrand.com

Wex Fleet Card

And check out the Wex Fleet Card. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
Business Bank account
Business Phone Number Listed in 411
If you’re not approved based on business credit history or been in business a 1 year, then a $500 deposit is needed or a Personal Guarantee (PG)

To Apply: Online or over the phone

Get it here: onlineservices.secure.force.com/creditapplication/WexBOCA?pgm=WEXFleetUniversal&cc=BCOMPARE&lc=bcompare

Terms: Net 22 but can be extended to Net 30

Terrific Cards for Cash Back (A Supplement to Gas Cards in the US Recession)

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. After that, this card costs $95 per year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first three months from account opening. Get unlimited 2% cash back. Redeem any time without minimums.

You will need good to superb credit to qualify.

Find it here: capitalone.com/small-business/credit-cards/spark-cash

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for one year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to superb credit to get approval for this card.

discover.com/credit-cards/business

Bonus Categories

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the first 12 months. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on web, cable and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no limit to the amount you can get.

You will need superb credit scores to qualify for this card.

Find it here: creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Have a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

You will need superb credit scores to qualify.

Find it here: promo.bankofamerica.com/smallbusinesscards2

We also found cards which give bonuses for auto rental, because you might not be driving your own car when on business.

Company Credit Cards for Travel Points (Another Addition to Gas Cards in the US Recession)

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory yearly fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is excellent for travel if your expenses don’t fall into typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a good to exceptional FICO score to qualify.

Find it here: capitalone.com/small-business/credit-cards/spark-miles

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For an excellent sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay a yearly fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial three months after account opening. This works out to $1,250 towards travel rewards if you redeem with Chase Ultimate Rewards.

Get 3 points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel using Chase Ultimate Rewards. You will need a good to superb FICO score to qualify.

Find it here: creditcards.chase.com/business-credit-cards/ink/business-preferred

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, take a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the initial nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.

Likewise earn 3 points per every dollar spent when you schedule your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

You will need excellent credit scores to get this one (as in, 700s or better).

Find it here: bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has an annual fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need great to superb credit scores to get this card.

Points

You can earn 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and filling stations. And you can get 4x the points on wireless telephone services bought directly from American service providers and on American purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can get one more free night after you spend $60,000 on your card in a calendar year.

You get complimentary Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: creditcard.americanexpress.com/d/bonvoy-business

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

Dependable Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee (get Rideshare Points – to Supplement Your Gas Cards)

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to supply your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

However, they do not accept every industry.

Likewise, there are some industries they will not work with, and others where they want added paperwork. For a list, go here: brex.com/legal/prohibited_activities.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

So you can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit (even a 300 FICO) to qualify.

Find it here: brex.com/lp/startups-higher-limits

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

The Best Gas Cards for Small Business for You During the US Recession and Beyond

So your outright best gas cards for small business will always hinge on your credit history and scores.

Only you can pick which features you want and need. So make sure to do your homework. What is outstanding for you could be catastrophic for another person.

And, as always, make certain to establish business credit in the recommended order for the best, quickest benefits. The US recession won’t last forever. And with these credit cards and a good payment history, you can emerge from the US recession even better off than you were before.

The post Get Gas Cards for Small Business During the US Recession appeared first on Credit Suite.

Who Ya Gonna Call? Don’t Let a Bad Small Business Credit Score Haunt You

It’s that time of year when you’re thinking about spooky things lurking behind every corner. But your business credit score doesn’t have to be one of those things that goes bump in the night. You can call on these bad small business credit score busters to rescue you.

5 Bad Small Business Credit Score Busters

When it comes to a small business credit score, no score is the same as a bad score. So, whether you actually have bad small business credit, or you don’t have a small business credit score at all, you are in the same boat. The best place to start is at the beginning.

Bad Small Business Credit Score Buster #1: A Properly Established Business Credit File

No business credit is the same as bad business credit. The trick is, most people miss out on all the treats credit in the name of their business has to offer because they think they have a business credit score. They think that if they have a business and pay all the business bills on time, they’re golden. This is a trick indeed.

The truth is, while you do need to know how to build your business credit score, you have to do some pre-work, so to speak. The problem is, business credit does not develop the same way personal credit does. You have to actively establish business credit before you can build a small business score.

How to Establish Business Credit

The key to establishing business credit is to set up your business to be a separate, fundable entity apart from you the owner. This ensures that payments on business accounts are on your business credit rather than your personal credit. Here’s how.

Check out our trustworthy list of seven vendors to help you build business credit. Conquer any recession!

Contact Information

You need separate business contact information. That doesn’t mean you have to get a separate phone line or a separate location. You can run your business from your home or on your computer.

Actually, you can get a business phone number easily that works over the internet instead of phone lines ( this is called VOIP, or voice over internet protocol). Even better, it will forward to any phone you want it to so you can use your personal cell phone or landline. Calls to your business number will ring straight to you.

In addition, you can use a virtual office for a business address. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services. Furthermore, some offer meeting spaces for those times you may need to meet a client or customer in person.

EIN

You also need an EIN. This is an identifying number for your business that is similar to your personal SSN. You can get one for free from the IRS.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability. It not only offers liability protection, but it is vital in separating a business from its owner.

Business Bank Account

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

Also, several types of funding are not available without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. Another reason is, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments. Even more important, a lot of lenders consider the date a business starts to be the date the business bank account opens. Time in business is an important factor in business credit.

Best Bank Accounts for Small Businesses

So, what are the best bank accounts for small businesses? There are tons out there, and each business’s needs are different. However, there are a few things you should consider when trying to find the best bank account for your business.

Fees

This is first because it’s the most obvious, but it isn’t necessarily the most important, at least not in the way you may think. You do not necessarily want the account with the lowest fee. While there are probably free bank accounts out there, those may not actually be the best bank accounts for small businesses. Why? Sometimes you really do get what you pay for. Which leads to the next thing you need to consider.

Number of Allowed Transactions

You need to consider the number of transactions allowed per month before you are charged additional fees. Many free accounts allow a very small number of transactions. This is fine for some small businesses, but you also need to consider growth when determining how many transactions per month you need.

Even business bank accounts that are not free do not usually offer an unlimited number of transactions. Many have a transaction limit, and if you go over, will they charge additional fees. The key is to figure out not only how many transactions you need currently, but how many you may need as you grow.

Also, make sure you can upgrade your account if you see you are consistently going over the allowed number of transactions. Find out what is entailed in doing so. You don’t want to be in a situation where you have to get a whole new account if you can help it. That’s a pain. Just be sure to keep an eye on how many transactions you do each month.

Required Cash Deposits

Take a look at the deposit amounts allowed or required each month. Make sure you can meet them.

Minimum Balance Requirements

Are you required to keep a minimum balance in the account to avoid additional fees? If so, make sure you can meet that requirement.

Extras

If you find more than one account that is perfect for your business, take a look at the extras to break the tie. Do they offer mobile banking? Will they waive fees if you hit a certain number of a specific type of transaction? Do they offer an app or text banking?

Finding the best bank accounts for small businesses takes a little finesse, because what works best for one business may not be what’s best for yours. This should get you started.

Licenses

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

D-U-N-S Number

This is a number issued by Dun & Bradstreet. They are the largest and most commonly used business credit reporting agency. You cannot be in their system without this number. Get one for free on their website.

Check out our trustworthy list of seven vendors to help you build business credit. Conquer any recession!

Bad Small Business Credit Score Buster #2: Continuity in Business Information

While this buster does not directly affect your business credit score, a lack of it can definitely get you denied, even with a stellar credit score. Here’s the deal. Fraud is rampant, and lenders do not like to take chances. If they see one document with your business name that has an ampersand and one that uses the word “and” in place of the ampersand, it will set off fraud concerns and they will deny the loan. This can happen even if you have a good business credit score. Your business name has to be exactly the same everywhere.

The same is true for addresses and phone numbers. If you have one address on your website and a different one on insurance papers, it’s going to be a problem. All information related to your business has to be the same on all documents across the board.

Bad Small Business Credit Score Buster #3: Credit Line Hybrid

A credit line hybrid allows you to fund your business without putting up collateral, and you only pay back what you use. Qualifying is not as hard as you may think. You do need good personal credit, at least 685. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Also, in the past 6 months you should have fewer than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.

But how is it a bad business credit score buster? Here’s how. If you do not meet the qualifications, you can take on a credit partner that does meet them. Since it reports to the business credit reporting agencies in the business’s name, you can build credit for your business without having good credit to begin with.

Bad Small Business Credit Score Buster #3: Vendor Credit

Obviously small business lenders are not going to approve applications for loans based on a business credit score if there is no business credit score. Thus, you need a way to build a score without already having a score. This is the time when you need to know how to build your business credit score. Vendor credit is where you start after your business is set up properly.

Vendor credit is offered by what we like to refer to as “starter vendors.” These are companies that will extend net terms on invoices without a credit check. Then, when you pay the invoice, they report your payment to the business credit reporting agencies.

This helps you build business credit without already having business credit. However, for it to work, you have to have your business set up as outlined above. Also, since they do not check credit, they do have other ways of reducing risk. These vary by vendor, but some general things they look at include:

Length of time in business
Average balance in business bank account
Revenues

Usually it is some combination of these factors and others that starter vendors are looking for when it comes to extending net terms.

Bad Small Business Credit Score Buster #3: Responsible Use of Store Credit and Fleet Credit

Once you have some starter vendors reporting your payments, you will start to build a small business credit score. At that point, you will be eligible to get approval from some store credit cards. These are cards from retailers that are meant to be used at their store only. Apply with your business name, EIN, and contact information so they will report to your business credit report and not your personal credit report, thus building strong business credit.

As they report payments, your business credit score will continue to grow, and you can apply for fleet credit. These cards are meant to be used for auto repair and maintenance and fuel costs. However, after you get enough of them reporting payments, your score will grow to the point you can apply for cash credit, meaning cards that can be used anywhere on anything, in your business name.

The key to this is, you have to handle the credit responsibly. If you do not make consistent, on-time payments, you will achieve the opposite effect.

Call on These Bad Small Business Credit Score Busters and Never be Haunted Again

Whether you need to establish a small business credit score or annihilate a bad one, at least one of these tips should help. If your business isn’t already set up properly, do that now. Even if you do know how to build your business credit score, it will not matter if your business is not set up properly. The longer you wait the harder it gets.

After that, be sure anytime you make changes you make them everywhere, and start working on vendor credit. Small business lenders take all of this into account, so starting as soon as possible to get everything in line is vital.

Check out our trustworthy list of seven vendors to help you build business credit. Conquer any recession!

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Aid For Starting A New Small Business

Aid For Starting A New Small Business Beginning a brand-new little company comes with lots of threats included. It is not simple to begin a company little or big. You have to network Networking ways that you are broadening your network of services as well as close friends that might finish up assisting you in …

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How the Small Business Finance Exchange Can Affect Your Business in a Recession: 4 Things You Need to Know

As the novel coronavirus continues to affect our economy, the SBFE remains committed to its mission. Let’s take a look at the Small Business Finance Exchange in a recession – because the chances of our economy going into a recession look rather high right now.

The Small Business Finance Exchange Affects the Way Lenders Do Business

The Small Business Finance Exchange, in a recession, can change the face of business credit. You need to know how. Solid business credit is necessary to business growth always, whether there is a recession going on or not. It is also important to the protection of your personal finances. Without a strong business credit profile, you will have to rely on your personal credit when it comes to business financing.

This is bad is so many ways. It may not seem so if you have great personal credit. The problem comes when you do not have separate business credit. Then anything that affects your business affects your personal score. If something doesn’t work out with the business, your personal credit score suffers.

It can work the opposite way also. A bad personal credit score can affect your ability to get business financing.

The remedy is to ensure your business has its own credit score, and to be certain that score is complete and accurate.

The Small Business Finance Exchange, also known as the SBFE, helps with that. Certain lenders and agencies have access to their data. How do they get your information? Does it affect your business credit? How can it affect your ability to get financing for your business?

What is the Small Business Finance Exchange?

To fully understand the role of the Small Business Finance Exchange in a recession, you need to understand what it is. The SBFE is a not-for-profit entity that gathers data on small businesses from its members. The data is then used to compile comprehensive credit information. Lenders use this information to make credit decisions.

The Small Business Finance Exchange does not lend money. It also does not create or distribute credit reports.

How Does the Small Business Finance Exchange in a Recession Work?

Generally speaking, it works the same way in recession as it does in solid economic times. The impact however, can change. The model they use is self-dubbed a “give-to-get” model. Members provide information about their borrowers. In return they can receive information from the exchange. This information can help them make future lending decisions.

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

The process starts with members. The members report credit data from those companies that they do business with. This data will include payment history, among other things. This is one reason it is important to make payments on time. When businesses use the Small Business Finance Exchange in a recession, your payment history prior to the recession can affect your business even more.

Next, the SBFE normalizes the raw data into usable information. It then distributes this data to certified vendors. These include credit agencies that have a partnership with the SBFE. The distribution to certified vendors is step three.

Certified Vendors use the information to create comprehensive credit products for distribution to SBFE members only.

What Do Members Get?

Members can request data on any small business to whom they may extend credit, making the Small Business Finance Exchange in a recession hugely impactful. Since they gave information, they have information available to them. That means if you work with member lenders, they have access to even more information that can affect their decision than what is on a standard credit report.

Practically, it looks like this. A lender reports credit information about its current borrowers to the Small Business Finance Exchange. When a new potential borrower comes along, they request a credit report. This report does not come from the SBFE. The request is to one of the credit reporting agencies such as Dun & Bradstreet or Equifax. Because of their membership with the SBFE, they receive an extended report that includes the data received from the SBFE as well as that from D&B.

How Does Using the Small Business Finance Exchange in a Recession Affects Your Business?

There is so much more to a business than how and when they make payments. Making consistent, on-time payments is essential. However, not doing so for a period of time does not always tell the whole story. The Small Business Finance Exchange uses its data to paint a more complete picture so that creditors can be better informed.

The result is that even if your payment history is not pristine, the use of information from the Small Business Finance Exchange in a recession can be a good thing for your business. Their mission is to be an advocate for the safe and secure growth of small business. They know that lenders need the most complete and accurate information available to make a viable credit decision.

The Small Business Finance Exchange in a Recession Can Help Your Business in 4 Ways

1. It Can Help You Build Business Credit.

Strive to do business with SBFE members. When you do, you know your information is being reported, which means you are building business credit. How do you know if your lender or vendor is a member?

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

Ask them. If they are not, considered mentioning that they become a member. However, there are enough members in the network that it should not be hard to find one.

2. They Can Help You Grow Your Business.

By working with members, you ensure your complete information is being reported. When creditors receive your information, you know they get a complete credit picture and not just one piece of it. If you are making your payments and working to build strong business credit, this can only help you.

3. You May Have Increased Funding Options.

The data available about your business from the Small Business Finance Exchange in a recession could open up additional funding opportunities that may not be available to you otherwise.

4. They Can Help You Make Wise Credit Decisions.

Small Business Finance Exchange in a Recession

If you are a small business that lends money to other businesses and has the ability to report that information, you can join the SBFE yourself. You will gain access to information about borrowers available exclusively to members. This information can help you make better decisions about your own business lending.

Who Can Become a Member?

Anyone who has the ability to report their small business lending information to the SBFE can become a member. The only way to gain access to the information that the exchange has in their Data Warehouse is to join.

Members include all types of lending institutions including banks, credit unions, and alternative lenders.

Certified Vendors

Certified vendors are agencies that have a partnership with the Small Business Finance Exchange. They distribute the data they receive from the SBFE. They do this by creating credit analysis products using the information that the Small Business Finance Exchange provides. Then they report the data to members who request a credit report on a business that is included.

Certified Vendors include Equifax, Dun & Bradstreet, and most recently, LexisNexis Risk Solutions. Of course, Equifax and Dun & Bradstreet are credit reporting agencies. LexisNexis sells lending risk insurance products.

While other credit agencies are available to lenders, when they are a member of the Small Business Finance Exchange, in a recession especially, they can get a double shot. If they utilize one of these certified vendors, they get the benefit of the vendor’s own information plus data received from the Small Business Finance Exchange. In a recession, this can be an essential link to risk mitigation and solid decision making.

What Goes Around Comes Around

As much as doing business with members of the exchange can help you, it can hurt you if you do not do things properly.

If you are doing business with SBFE members you eliminate the potential to not have any business credit. By default, members are reporting your information and therefore, you have business credit.

However, if you do not handle your business properly, the report members are getting about your business may not be favorable.

Members contract to report both positive and negative information.

How Do You Know If Data Related to Your Business is In the Warehouse?

If you are doing business with member entities, your data is there. How do you know if the companies you do business with are members? Ask them.

What Kind of Data do They Have on My Business?

They have identifying information related to your business. This would include your business name, DUNS number, EIN, address, and NAICS code.

They also have both positive and negative payment information. Bills paid to vendors, suppliers and business partners on time or early are all included. It also includes bills paid late, or not at all, to suppliers, business partners, and vendors.

The limits on your credit accounts, payment information on lease payments, and credit card payment history are also included.

What Action Do I need to Take?

The Small Business Finance Exchange, in a recession, can benefit small businesses. They want to see these businesses thrive and grow, and one way they do that is by offering comprehensive credit information to those who lend them money to do so.

As a small business, you are responsible for your business credit. You control what information ends up on your credit report. What can you do?

Pay your bills consistently on time
Do business with SBFE members.
If the businesses you currently work with are not members, encourage them to join.
Join the SBFE if you are eligible. (Remember you cannot self-report your own information, but by joining, you can make better credit decisions for your business.)
Monitor your credit information

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

A Word on Credit Monitoring

There are a couple of ways to monitor credit. Remember though, that the Small Business Finance Exchange does not create or distribute any type of credit report.

You can request a report from one of the credit agencies such as Dun & and Bradstreet or Equifax. Even though they are members of the SBFE however, you cannot see that information specific to the exchange unless you are a member as well. You cannot be a member unless you extend credit to small businesses.

Working with members of the Small Business Finance Exchange in a recession is still beneficial, but it doesn’t really help with credit monitoring.

You can also join a credit monitoring service. This will give you continuous access to the information on your report, including your credit score and what is affecting it.

Use the information. Look for ways to build your business credit and report any mistakes. Send the agency a detailed explanation of what is incorrect, what the correct information is, and copies of all supporting documents available.

How to Take Advantage of the Small Business Finance Exchange in a Recession

It is a good idea to work with SBFE members regardless of the economic client. In a recession however, it can be even more beneficial for all the reasons already stated. The most prominent reason is that, by doing business with SBFE member, you ensure lenders see the most complete picture of your credit possible.

If the recession has been hard on you and you have missed a payment or two, those negative marks could have a reduced impact. This is based on information lenders receive from the SBFE. It may not make the bad things go away, but it can definitely add in other information that can help.

The Small Business Finance Exchanges in a Recession – Exists to Help Small Businesses

By offering a more complete credit picture to lenders, the SBFE ensures that more businesses have the financing available that they need to grow. As businesses grow, more businesses can be born. This is how we come out of a recession. Successful business begets successful business. And before you know it the economy is thriving again. It’s a win/win for everyone and the Small Business Finance Exchange, in a recession and out, is a superhero to all. Make your payments, do business with SBFE members, and your business can survive and even thrive during the recession.

The post How the Small Business Finance Exchange Can Affect Your Business in a Recession: 4 Things You Need to Know appeared first on Credit Suite.

Best Small Business Loans

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Unless you’re independently wealthy, most small business owners need a loan at one point or another. From paying for startup costs to expansion projects, equipment, or unexpected incidents, quick access to funding will make it easier for your company to grow.

Whether you’re launching a brand new venture or own an established business, there are so many different small business lending options out there to consider.

Which small business loan is best for you? This guide contains everything you need to know on the subject.

The Top 6 Options For Small Business Loans

How to Choose the Best Small Business Loans For You

Small business loans come in all different shapes and sizes. So as you’re evaluating different options, there are specific considerations that must be examined. I’ll explain each one in greater detail below.

Lender

When most people think about getting a loan, they automatically assume that a bank is their only option. But in addition to small local banks and national bank chains, there are lots of other lenders that can provide your small business with capital.

You can explore credit unions, crowdfunding sites, P2P lenders, loan marketplaces, nonprofit lenders, and even alternative lending solutions.

The qualification requirements and loan terms will vary from lender to lender.

Loan Type

Most lenders offer multiple types of loans for small business owners. Some common small business loan types include SBA loans, lines of credit, installment loans, short term loans, equipment loans, commercial real estate loans, and merchant cash advances.

In some cases, you’ll need to provide the lender with more information about what you’ll be doing with the funds. For example, an equipment loan couldn’t be used to purchase inventory, and a commercial real estate loan couldn’t be used to buy a new vehicle.

Lines of credit are great options to have since they can be used for lots of different purposes. We’ll talk more about these different loan types in greater detail shortly.

Capital Required

The loan amount you’re seeking also needs to be taken into consideration. There’s a big difference between $5,000, $50,000, and $5 million.

Certain lenders are better for microloans and small amounts, while others are known for lending large sums of cash.

Take a look at the minimum and maximum amounts available before you apply for a loan. Generally speaking, you shouldn’t apply for more than you need (unless it’s a line of credit). Otherwise, you’ll have higher interest payments.

Minimum Qualifications

In most cases, you won’t qualify for every type of loan. So pay close attention to these terms before you apply, or you’ll just be wasting your time (and potentially hurt your credit).

Some lenders will only loan money to companies that have been in business for a certain number of years. There are also some cash flow requirements, annual revenue requirements, and business owner credit score requirements for certain loans.

Loan Terms

The loan terms are crucial when you’re evaluating different options. How soon will you need to pay the money back? What interest rates will you be paying?

Make sure you look beyond the dollar amount and take a deeper look at the terms.

Businesses with bad credit won’t have access to the lowest interest rates and loan terms. So you’ll definitely want to shop around until you’re comfortable with the options presented to you.

The Different Types of Small Business Loans

There are tons of different small business loans out there. But I want to quickly highlight the most popular options to give you a better understanding of how they work.

SBA Loan

SBA loans are backed by the Small Business Administration. This federal agency helps businesses gain access to better funding resources.

These loan amounts typically range from $50,000 to $5 million with terms from 10-25 years.

SBA loans usually have great rates (since the SBA reduces the lender’s risk), but they can be tough to qualify for. The process to apply and get approved for an SBA loan can be slow.

Business Line of Credit

Lines of credit are great for those of you who need flexibility. Instead of receiving a lump sum of cash, you can borrow up to your credit amount as needed.

Business lines of credit can range anywhere from $1,000 up to $500,000.

It’s usually easy to qualify for a line of credit if you’ve been in business for more than a year and have $50,000+ in annual revenue. Interest rates vary based on the lender, your credit score, and other qualification terms. But you’ll only pay interest on the amount you borrow on the revolving line.

Term Loan

Term loans are funded quickly. In some instances, you can receive cash within 24 hours of getting approved. It’s common for term loans to be used for working capital, equipment, operations, and more.

Some of these loans are short term and must be paid back as early as 12-24 weeks. Others have repayment terms in the 1-5 year range.

Term loans typically have fixed interest rates or flat fees, so your payments won’t increase throughout the lifetime of the loan.

Merchant Cash Advance

With a merchant cash advance program, small businesses can borrow against future earrings to secure capital. These loans are repaid with a daily percentage of your credit card sales, as previously agreed upon with the lender.

Most merchant cash advances can be used for a wide range of needs. Similar to a term loan, you can usually get access to funds quickly as well.

It’s easy to get approved for a merchant cash advance, but the interest rates are usually high.

Equipment Financing

The name is pretty self-explanatory here—the money from equipment financing must be used to purchase equipment. But it’s worth noting that the term “equipment” is pretty broad.

In addition to things like conveyor belts, forklifts, and machinery, other types of equipment like accounting software, or payment processing systems would also fall into this category.

Equipment financing is usually secured by the equipment you’re purchasing. If you fail to repay the loan, the lender can seize the equipment.

Business Credit Card

Credit cards and loans are obviously not the same. But a business credit card can potentially be a great option to finance certain purchases.

Some cards offer businesses introductory promotions like 0% APR financing within the first year of opening an account. So you can potentially buy something at 0% interest by putting it on your new credit card (assuming it’s less than your credit amount). But beyond the introductory offer, credit cards will have significantly higher interest rates than other types of loans.

You can read my reviews of the best business credit cards here.

Secured Loans

A secured loan requires some type of collateral in order for you to qualify. This is common for high-risk businesses. If the business defaults on the loan, the lender will seize the collateral.

Since secured loans don’t pose as much of a risk to lenders, the interest rates are usually low.

Unsecured Loans

An unsecured loan is the exact opposite of a secured loan. Businesses can borrow money without having to put up any collateral.

In order to qualify for an unsecured loan, your business usually needs to have a long track record of profitability and success without any liens or outstanding debts. If the lender thinks you’re a high risk to default on the loan, they might require you to secure the loan with collateral.

Crowdfunding Loans and P2P Loans

These types of loans are sourced from a pool of investors. You can get these loans from crowdfunding websites with small amounts collected from the general public or get them from alternative lending platforms where individuals offer P2P loans as a source of income.

If you can’t qualify for a traditional loan, you might consider a crowdfunding or P2P borrowing option.

#1 – Fundbox Review — Best For Short-Term Loans

Fundbox is used by 100,000+ businesses across a wide range of industries.

Technically, they offer business lines of credit. But the repayment period on the amount you borrow gets paid back over a 12 or 24-week plan, which falls into the short-term loan category.

Using Fundbox is simple, and you’ll get fast access to cash whenever you need it. To apply, you just need to connect your bank account and accounting software, so Fundbox can view your financials.

You’ll only pay for funds that you draw from your line of credit, so you can use Fundbox multiple times for various short-term loans. There’s no penalty for early repayments.

Before you withdraw funds, Fundbox gives you a transparent calculation of the principal, interest amount, and weekly payments due. So you can plan accordingly and know exactly how much you owe each week for the duration of the loan.

Fundbox is perfect for short-term situations when you need a little extra cash. It’s commonly used for late invoices payments, unplanned expenses, and to float small businesses during periods of slow sales.

Apply online, and get a decision within minutes. Funds can be transferred to your account as soon as the next business day.

#2 – Funding Circle Review — Most Versatile Loan Options

Funding Circle is an industry leader in the small business lending category. It’s a popular choice for businesses that want fast and affordable loan options.

With a single application, Funding Circle will provide you with multiple loan types and options to choose from.

Loan types and funding solutions provided by this lender include:

SBA loans
Business term loans
Merchant cash advances
Business lines of credit
Invoice factoring
Working capital loans

You can get a decision in less than 24 hours and gain access to funds within three days of getting approved. Funding Circle has term loans from $25,000 to $500,000 and SBA loans from $20,000 to $5 million.

I also like Funding Circle because the platform makes it easy for you to manage your loan online. Apply on their website by filling out an application—it takes just six minutes to complete.

#3 – Accion Review — Best For Startups

Accion is a nonprofit organization dedicated to helping small business owners and entrepreneurs fund their startups.

In fact, Accion is the largest nonprofit lending network in the US.

Accion offers term loans of up to $250,000 at an affordable rate. You can apply online or over the phone to get a tailored solution that fits your unique needs.

Here are some of the business types that Accion commonly lends money to:

Women owned businesses
Minority owned businesses
Food and beverage businesses
Small businesses
Startups
Veteran owned businesses
Business owners with disabilities
Green businesses

Accion also has a wide range of small business resources available to help you achieve success in your industry. With 25+ years of experience in the small business lending space, I strongly recommend Accion to startups and other businesses in the categories listed above.

#4 – Lendio Review — Best Small Business Loan Marketplace

Lendio isn’t a small business lender. But it’s one of the most popular online marketplaces for business loans.

If you want to compare loan options from 75+ lenders with a single platform, look no further than Lendio.

This marketplace has facilitated $10+ billion in funding to 216,000+ small businesses. There is a wide range of loan types available through Lendio’s network of lenders, including:

Startup loans
Term loans
Commercial mortgages
Short term loans
SBA loans
Merchant cash advances
Business lines of credit
Business credit cards
Equipment financing
Accounts receivable financing
Business acquisition loans

I also like Lendio because they provide additional resources for small business owners, like financing calculators and bookkeeping guidance.

Just fill out some quick information about your business online to get loan offers from lenders in the Lendio network.

#5 – OnDeck Review — The Best For Revolving Credit

OnDeck has delivered $13+ billion to businesses across the globe. They offer term loans of up to $250,000 and business lines of credit up to $100,000.

I like OnDeck because it’s so simple. After you complete an application online or over the phone, a dedicated loan advisor will go over your options with you. OnDeck offers funding as early as the same business day.

Your line of credit from OnDeck is a great option for working capital. Only withdraw what you need, when you need it, and just pay interest for the amount borrowed.

Repay your line of credit over a 12-month term agreement with automatic weekly payments and no prepayment penalties.

To qualify, you must be in business for at least a year with a minimum personal FICO score of 600 and an annual revenue of $100,000+.

OnDeck periodically reviews your credit profile. So you can automatically qualify for higher credit line limits without having to apply for an increase. You’ll also benefit from a consolidated weekly payment on all withdrawals, so you won’t have to worry about making multiple payments.

#6 – Kiva Review — Best 0% Interest Small Business Loans

If you need a microloan and you’re not in a rush to get it, Kiva will let you borrow up to $15,000 at 0% interest—no strings attached.

As a global nonprofit, Kiva has helped 2.5+ million entrepreneurs raise $1+ billion.

The only downside of Kiva is that it takes quite a bit of time to actually get the loan. So it’s not ideal for businesses that need cash fast.

First, you need to fill out an online application that can take up to 30 minutes to complete. Then you need to prove your creditworthiness by convincing your friends and family to loan you money, which is about a 15-day process. Finally, you can go public on Kiva and make your loan visible to 1.6+ million lenders across the world (an additional 30 days).

On the positive side, you’ll have up to 36 months to repay your loan at 0% interest. It’s tough to beat that deal.

But if you’re looking for large sums of cash as fast as possible, this won’t be the best choice for your business.

Summary

If your small business needs money, there are lots of different small business loan options for you to consider.

Which one is the best?

The answer depends on a wide range of factors, like the amount you need, the loan type, lender, and more. Regardless of your situation, you can find the best loan options for your business based on my recommendations in this guide.

The post Best Small Business Loans appeared first on Neil Patel.

Small Business Fundraising: Let Me Count the Ways

Most people only think of loans when they think about funding a business. Financing is for sure the most common way to do it, but not all financing comes in the form a traditional term loan. Furthermore, there are options that are not even considered financing because you do not have to repay the funds. The truth is, small business fundraising may not look the way you expect it to.

Small Business Fundraising Can Happen in More Ways than You Thin

Small business fundraising can include loans, but it can also include investors, grants, and more. Beyond that, if you do go with financing of some sort, there are other options out there besides traditional banks and credit unions.

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

Small Business Fundraising: Loans

When you think of loans you probably think of traditional loans. These are the most popular, but they are not an option for everyone. There are other types as well.

Traditional Loans

These are loans from traditional banks and credit unions. As a business, your business credit score can help you get some types of funds even if your personal score isn’t awesome. That isn’t necessarily the case with this type of lending however.

With a traditional lender term loan, you are almost always going to have to give a personal guarantee. This means, personal credit will likely weigh heavy on their decision. If your personal credit score isn’t in order, you’ll probably have trouble.

How high does your credit score have to be? Typically, if you have at least a 750 you are in pretty good shape. Sometimes you can get approval with a score of 700+, but the terms will not be as favorable.

If you have awesome business credit, your lender might be more flexible. However, your personal credit score will still play a large role when it comes to terms and interest rate.

These are the most popular choice for small business fundraising because they typically have the best rates and terms. However, they are also the hardest to get.

SBA Loans

SBA loans are traditional bank loans, but they have a guarantee from the federal government. The Small Business Administration, works with lenders to offer small businesses financing solutions that owners may not be eligible for based on their own credit history. Because the government is offering a guarantee, lenders are able to be more flexible when it comes to the owner’s personal credit score.

In fact, it is possible to get an SBA microloan with a personal credit score between 620 and 640. These are very small loans, up to $50,000. They may also require personal collateral.

The trade-off with SBA loans is that the application process is lengthy. There is a ton of paperwork connected with these types of loans.

Here are some of the most popular SBA loan programs.

7(a) Loans

These are federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

This is by far the most popular of the SBA loan programs, and the funds are available for a broad range of projects, from working capital to refinancing debt, and even buying a new business or real estate.

504 Loans

These loans are also available up to $5 million. Funds can buy machinery, facilities, or land. They are generally used for expansion, and private sector lenders or nonprofits process and disburse the money. They work well for commercial real estate purchases especially.

Microloans

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle the administration of these programs as intermediaries. Unlike most other SBA loan programs, financing comes directly from the Small Business Administration.

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

SBA Express loans

These loans max out at $350,000. The turnaround for express loans is much faster, with the SBA taking up to 36 hours to give a decision. The application process is shorter also.

SBA CAPLine

There are 4 distinct CAPline programs. The main difference between each is the types of expenses they can fund. Each of them carries a maximum amount of $5 million and an interest rate that ranges from 7% to 10%. Funding can take 45 to 90 days.

The four different programs are:

Seasonal CAPLines

Financing for businesses preparing for a seasonal increase in sales.

Contract CAPLines

Financing for businesses that need funding to fill a contract.

Builder’s CAPLines

Financing for businesses taking on a real estate or construction project.

Working capital CAPLines

Financing for businesses that are struggling with a short-term slump in sales.

SBA Community Advantage Loans

This is a pilot program set to either expire or extend in 2020. It’s designed to promote economic growth in underserved areas and markets. Those that make decisions about debt approval look over factors such as poor credit or low revenue if the business has the potential to stimulate the economy or create jobs in underserved areas.

Private Non-Traditional Loans

These are loans from lenders other than traditional banks and credit unions that offer terms loans. Usually they operate online. The difference between these and traditional lenders is that the loans have looser approval requirements and a much faster application process. Most often you can simply apply online, get approval in as little as 24 hours, and the funds are in your account within 24 to 48 hours after approval. Here are just a few options for this type of small business fundraising.

Funding Circle

If you are looking for a low APR, go with Funding Circle. They have fixed rate term loans and require a credit score of 620 or above. There is no minimum revenue requirement. However, they do require you to be in business for at least 2 years.

OnDeck

OnDeck offers lines of credit and term loans with fixed interest rates. You can get up to $500,000 with a term loan. The minimum FICO they require is 600. In addition, you must have $100,000 minimum annual revenue and be in business for at least one year.

Rapid Finance

With a large selection of financing products that includes term loans, Rapid Finance can be a great option for larger amounts. In addition to term loans, they offer bridge loans, healthcare cash advances, and lines of credit. Terms are from three to six months. Amounts range from $5,000 to $1,000,000. Unfortunately, they do not make their minimum credit score readily available. Still, you can use their quote tool. It will give you an idea of what you qualify for.

StreetShares

StreetShares offers invoice financing, term loans, and lines of credit. There is only a one year time in business requirement. Also, they require less minimum annual revenue than the others at only $25,000. The minimum credit score is 600.

Small Business Fundraising: Other Financing

In addition to term loans, there are other types of financing available for small business fundraising.

Lines of Credit

This is basically the traditional lender’s version of a business credit card. The credit is revolving. That means you only pay back what you use, just like a credit card. Rates are typically much better than a credit card however. The application and approval process is more similar to that of a traditional term loan than a credit card.

If you need revolving credit and can qualify for a term loan, this is the best of the available business money types for you. It is great for bridging cash gaps and covering short term expenses without the high credit card interest rates.

Unlike credit cards, there are no cash back rewards or loyalty points with a line of credit. As a result, some business owners prefer business credit cards despite typically higher rates.

Invoice Factoring

If you are an established business with accounts receivable, you have invoice factoring as an option. This is where the lender buys your outstanding invoices at a premium, and then collects the full amount themselves. You get cash right away, without waiting for your customers to pay the invoices.

This is a good option if you need cash fast, or if you do not qualify for other types of funds. The interest rate varies based on hold old the invoices are. A merchant cash advance is a similar option, in which a lender lends cash based on average daily credit card sales. Repayment is made daily credit card sales as well.

Small Business Fundraising: Crowdfunding

Crowdfunding is a newer option for finding investors. While the average Joe that wants to start a business needs funding, it is not always possible to find one or two large investors. With crowdfunding, you can literally have a “crowd” of investors fund your business $5 and $10 at the time.

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

Kickstarter requires a preset goal, and you do not receive your funds until you reach your goal. For example, if you set a goal of $20,000 when you start your campaign, you will not receive any money that investors offer up until you reach that $20,000.

Indiegogo also requires a goal. In contrast to Kickstarter, they offer the option to receive funds as you go if you prefer. They also have an option called InDemand. This program allows you to continue raising funds after your original campaign is over without starting a whole new campaign. It is more of an extension of the first one.

There are other crowdfunding sites out there as well. Different ones work better for certain businesses and vendors. To determine which one you might have the most luck with, you will need to do some research. Keep in mind your type of business and the specific business each one appeals too.

Small Business Fundraising: Angel Investors

These are informal investors that generally invest at the start of a company. They typically receive equity in exchange.

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

Angel investing is risky. If a startup fails early on, investors will lose their investments completely. As a result, professionals will look for a defined exit strategy, acquisitions, or initial public offerings (IPOs).

The best way to find angel investors is to ask around. You can also try an angel investors website or network.

Small Business Fundraising: Grants

While grants are less commonly available than other options, they are more common that you probably think. Typically, they are offered by professional organizations. There are some government grants available also. There is stiff competition, but they are definitely worth a shot if you think you may qualify.

While requirements vary from grant to grant, and most are only awarded to a certain number of recipients, they are definitely worth exploring. This is especially true if you fall into one of these basic categories.

Women owned business

Minority owned business

Businesses run by veterans

Businesses in low income areas

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

Small Business Fundraising: Explore All Your Options

When you need to think about small business fundraising, be sure to consider all your options. It may be that traditional loans will work best for you, but that may not be the case at all. Even if you do qualify for loans, why not consider grants and investors as well. It’s free money. Any money you can get that will reduce the amount of debt you have to take on is a good thing.

If you want to expand your opportunities even further, work on the overall fundability of your business. There are things affecting it that you probably don’t even realize can make a difference. There is a lot more to it than just your credit score.

How you set up your business, your business phone number, and even past speeding tickets can indirectly affect fundability. If you work to reduce negative impact and increase positive impact on fundability, you can open the door to even more small business fundraising opportunities.

The post Small Business Fundraising: Let Me Count the Ways appeared first on Credit Suite.

25 Online Marketing Tools For Small Business

All businesses, irrespective of their sector, can significantly benefit from digital marketing. It allows you to cost-efficiently reach clients, places your brand in the right circles, and positions your business in the same standing as your peers. Moreover, digital marketing platforms – such as your website or Facebook page – can also double up as …

Approaches For Small Business Success

Techniques For Small Business Success

For numerous people, the need for looking for a little business opportunity has really revived. What are a few of one of the most reliable techniques to see to it that your regional company possibility decorations? When beginning with your really own little company possibility, right below are a number of criteria to remember.

Make the effort to notify on your very own pertaining to running a firm itself, to ensure that when you do begin to seek your small company opportunity, you are furnished with understanding that will definitely help preserve you from shedding essential time as well as additionally power.

When searching for success with your little company possibility, another critical point to keep in mind is that education and learning as well as understanding calls for to be constant. As your business increases along with the world around you continues, there will definitely frequently be new adjustments as well as likewise problems in the world of your small business opportunity.

Keep in mind, totally pleased customers are the technique to success in your little solution opportunity. After you have really done this, take therapy to produce a method for your little firm opportunity that permits others recognize particularly why your product or service is totally fit to their needs.

Another fantastic thing of suggestions for those beginning a neighborhood service possibility is to work purposefully, seeing to it to build a framework that will definitely last. When you situate customers for your little solution opportunity, spend time paying interest to them as well as situating out what it truly is that they need as well as wish.

Acknowledge that if you can develop a high quality link with your customers, this will definitely bring wonderful benefits to your neighborhood service possibility for a number of years in the future.

While trying to be likewise pleasurable as well as not ludicrous, still frequently get on the look for a feasible client or customer that could be curious about what your little solution opportunity needs to provide. Lug specialist firm cards with you in any way times, as well as likewise ensure your chums in addition to member of the family have actually included cards promoting your little company opportunity.

When creating your little solution opportunity, be specific to operate on one aspect at once. In time, framework upon that will definitely create outstanding end results for your little business opportunity.

Pursuing as well as additionally producing your really own neighborhood company possibility does take an affordable amount of prep work as well as likewise work. Reaching the purposes you have in fact developed for your actually very own little solution opportunity can be among one of the most meeting experiences of a life time.

Put in the time to inform by yourself pertaining to running a solution itself, to make sure that when you do begin to seek your little solution opportunity, you are furnished with understanding that will definitely aid keep you from wasting helpful time along with power. As your company increases along with the world around you advancements, there will definitely regularly be new alterations along with problems in the world of your little organisation opportunity.

Spend time paying interest to them as well as finding out what it truly is that they need as well as wish when you uncover customers for your little organisation opportunity. Lug professional solution cards with you in any way times, as well as additionally make sure your buddies as well as additionally relative have actually included cards marketing your little solution possibility.

When building your local business possibility, be particular to work on one component at once.

The post Approaches For Small Business Success appeared first on ROI Credit Builders.

Approaches For Small Business Success

Techniques For Small Business Success

When building your local business possibility, be particular to work on one component at once.

The post Approaches For Small Business Success appeared first on ROI Credit Builders.

The Best Small Business Credit Cards with no Annual Fee

Are you looking for the best small business credit cards with no annual fee? We’ve got them right here. This is the case despite what the economy or the pandemic are doing. Great business credit cards are not dependent upon a recession or COVID-19.

The Very Best Small Business Credit Cards with no Annual Fee

We looked into lots of corporate credit cards for you. So, here are our choices.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more funding with business credit cards. And it likewise shows you can have personal credit cards at shops. So, you would now have an additional card at the exact same shops for your small business.

And you will not need collateral, cash flow, or financials to get business credit.

The Best Small Business Credit Cards with no Annual Fee: Benefits

Benefits can differ. So, make sure to choose the benefit you would prefer from this selection of alternatives.

The Best Small Business Credit Cards with no Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®.

But you will need outstanding credit scores to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Small Business Credit Cards with no Annual Fee for Fair Credit Scores

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, with no minimum to redeem.

While this card is within reach if you have fair credit scores, beware of the APR. However if you can pay on time, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Best Small Business Credit Cards with no Annual Fee with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent each year. Get 1 point per dollar afterwards.

But you will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash instead of points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first twelve months. Afterwards, the APR is a variable 14.74 – 20.74%.

But you will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Best Small Business Credit Cards with no Annual Fee for Cash Back

Flat-Rate Rewards and No Annual Fee

Discover it® Business Card

Have a look at the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match at the end of the first year. There is no minimal spend requirement.

You can download transactions| quickly to Quicken, QuickBooks, and Excel.

But keep in mind: you will need good to superb credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Best Small Business Credit Cards with no Annual Fee with Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

But you will need superb credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Flat-Rate Rewards with an Introductory $0 Annual Fee

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

But you will need good to outstanding credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Small Business Credit Cards with no Annual Fee for Luxurious Travel Points

Best Small Business Credit Cards with no Annual Fee for Travel Rewards

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no annual fee while still getting travel rewards, take a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Likewise get 3 points per every dollar spent when you reserve your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

But you will need excellent credit scores to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Flat-rate Travel Rewards with an Introductory Annual Fee of $0

Capital One® Spark® Miles for Business

Take a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is wonderful for travel if your costs do not fall into typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee.

But you will need a good to outstanding FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

The Best Small Business Credit Cards with No Annual Fee for You

Your outright best small business credit cards with no annual fee will rest on your credit report and scores. This is always going to be the case.

Just you can select which features you want and need. So, make sure to do your homework. What is exceptional for you could be catastrophic for another person.

And, as always, make sure to develop credit in the advised order for the best, quickest benefits. Current economic conditions will not last forever. In the meantime, you can do your best to position yourself and your business better. Come out of the crisis and into the recovery with better financial prospects than ever before. It can be done.

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