Josef Newgarden won at Texas Motor Speedway for the second consecutive year when a thrilling wheel-to-wheel battle with Pato O’Ward came to a sudden halt by another car’s crash.
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Fox News host Brian Kilmeade slammed President Biden for deflecting blame on the nation’s crises on ‘One Nation.’
Podcasting isn’t necessarily a stranger in today’s digital world. However, it’s only recently that podcasting gained popularity, especially when the pandemic hit. As a result, people had to remain at home and look for different …
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Credit Strong is a Division of Austin Capital Bank. It offers credit building programs for both personal and business credit. Does it work? Yes, but not on its own. It can be a legitimate part of a credit building system. Is it worth it? The short answer is, it depends. It can, if you handle it properly.
The credit builder program at Credit Strong is an account that combines a cash secured commercial installment loan and a commercial savings bank account. When you open the account, you choose the program you want. There are two different ones when it comes to the business credit builder.
The 5 year plan is $199 per month and the 10 year plan is $115 per month. Both programs report on your business credit report as payment on a $10,000 installment loan. However, you do not receive any loan proceeds.
Rather, the funds from the loan are deposited into the savings account as collateral for the loan. You can not access the funds in the savings account for the life of the loan. During this time, the loan and payment activity for the loan are reported to commercial credit bureaus. In turn, you are building the credit profile for your business.
Right now, the business credit builder accounts only report to Equifax and PayNet. They claim plans to expand reporting for commercial credit to Experian and the SBFE soon. It’s also important to note, they do not do a hard pull, or inquiry, on your personal or business credit. So, just applying for an account will not negatively impact your personal or commercial credit.
To qualify, a company must:
Individuals must:
Also, these accounts are not available in Florida currently, and some industries and activities may be prohibited.
This is a tricky question. In short, the answer is yes. It does help build your business credit score by reporting payments to business credit reporting agencies. It’s a little more complicated than that, however.
First, it takes way more than just one account reporting to build strong business credit. Also, there are more business credit CRAs than just Equifax and PayNet. If a lender pulls your business credit from Dun & Bradstreet or Experian, this account will not even show up. Therefore, it will not affect your business credit score on these reports at all.
That’s not to say the plan doesn’t work. On the contrary, it can be very helpful. It just won’t work on it’s own. It works better as a part of a complete business credit builder process.
Of course, if you are making deposits into an account that you cannot touch, you are probably wondering how you get access to that money. After the loan’s balance and outstanding interest is paid, and your account is closed, there is a processing period of 6 business days before the savings account is unlocked. You can keep the funds in the account or submit a request to the customer support team to transfer the funds.
After the savings account is closed, remaining funds can be sent to the payment method on file via direct deposit. That is of course, after interest and fees.
What if you can no longer afford the payments? You can close your Credit Strong Business credit builder account at any time. There is no prepayment or early termination fee required. To close your account, you will need to pay any outstanding interest and loan balance using your linked payment method.
However, payments more than 30 days late will be reported as “late” to credit bureaus. Also, using funds from a locked business account to pay off a credit builder loan will result in the loan being reported as “paid out of collateral.”
This is where some customers run into issues. Basically, what happens is, the funds you have in your account are used to pay the loan. It looks the same as if you put up another asset for collateral and the bank took it in payment for the loan. So, be careful. Once you start, it’s best to keep going.
Credit Strong has a B rating from the BBB. There are a lot of bad reviews, but they are mostly related to the personal credit builder product. Furthermore, they are typically from customers that did not understand exactly how the product works.
It appears that most thought they could cancel and get the full amount of payments back at any time. However, what they actually get is the full amount minus interest and fees. It’s important to understand all of the details before entering into any agreement.
Yes, they are a legitimate division of an FDIC bank. They offer a product that can help you build credit in the name of your business. However, that is all it is. The main benefit is that you build business credit. There are no funds for use. That is what they promise, and that is what you get.
This is a product that can and will help you if you use it properly and understand what you are getting. However, for it to do any good, it must be combined with other accounts that help build business credit as well. How do you get more accounts? The Credit Suite Business Credit Builder can help! It can help you set up properly and find vendor accounts that will help you build business credit and get things that you need for your business. This allows you to use your money, rather than having it locked away.
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Hitting the 5 year mark is a tremendous achievement when it comes to running a business. Especially considering that nearly half of all companies fail in their first 5 years, and about ⅔ fail in the first 10 years. Truly, your company has beaten the odds.
With half a decade under your belt, your business should be profitable. However, you may still be using your personal credit on occasion. Maybe you built initial business credit and then stopped, thinking that you were done.
For example, maybe you already have several vendors reporting from the first couple of vendor tiers. Vendors such as Uline, Quill, and Grainger are great to work with. They offer net terms with fewer requirements than most business credit cards. Even better, they report your payment to the business credit CRAs. Working with them helps you build an initial business credit score. But you can’t stop there.
Not only do you want to keep building your business credit score, but you want to build a well-rounded business credit portfolio. This includes much more than Tier 1 and 2 vendors, and even more than business credit cards.
Here are some other factors that you need to consider when it comes to a strong business credit score and portfolio.
If you stopped at tier 2, thinking you were done, you are missing out. There are a ton of tier 3 vendors that can help you run your business more smoothly and manage cash more efficiently.
These are vendors that require a longer time in business and an established business credit score. They typically like to see regular business revenue before they will offer net terms. Some even offer revolving credit similar to a credit card. They are an important part of a strong business credit profile, and they are essential to building the strongest business credit score possible.
By the time you get to Tier 3 vendors, you should have at least 6 trade accounts reporting. That’s enough to help you get approval with vendors in tier 3, but not enough to be finished. You need at least 3 of these vendors reporting, making for a total of 9 trade accounts on your business credit report.
Here are some examples.
You can get paper and other office supplies through Crown Office Supplies. They report payments to all three of the major business credit reporting agencies. These are Dun & Bradstreet, Experian, and Equifax. The major benefit here is that it can be hard to find vendors that report to Equifax.
To qualify, you will need:
There is a membership fee of $99 annually upon approval, but payment of this fee is reported to the business credit bureaus as well.
Gempler’s sells work supplies and products, such as:
They report to Dun and Bradstreet. You have to place your initial order for over $50 and select the “Invoice me” option. Then, they will pull your credit. If you’re not approved, make sure to pre-pay for your order, and keep purchasing and choosing the “invoice me” option until you’re approved for a Net 30 account.
Along with the large variety of office supplies, Summa also offers a number of downloadable products. They offer Net 30 terms with up to a $2000 limit. A minimum $80.00 purchase is required,for the first order only, for them to report.
To qualify a business needs:
Even nonreporting trade accounts are important to a business credit portfolio. Do not neglect them. There is no need to put everything on a credit card. Even vendors that do not report can help you get the things you need without dipping into cash reserves, while allowing you to save revolving credit for larger concerns or times when trade credit is not available.
What’s the goal of a strong business credit score? It’s to help you build a business credit portfolio for your business. Of course, with a strong score, you can add lines of credit and credit cards to that portfolio. However, the vendors you use to build your score, along with other vendors, are very useful additions. A well-rounded business credit portfolio is key to business success, and Tier 3 vendors are a bridge to get you there.
The post How to Use Tier 3 Vendors to Build a Strong Business Credit Portfolio appeared first on Credit Suite.
We always talk about building business credit, and how a strong business credit score can help you get funding for your business. It can help you fund your business without overloading your personal credit. Also, it can help you reduce your need for a personal guarantee when you need business financing. Yet, there is one huge benefit to strong business credit that is rarely mentioned. That is access to advanced business vendors.
There is a misconception among many business owners that are just starting to understand business credit. It is that a good business credit score can help you get a business loan without a personal guarantee. However, the truth is, pretty much every small business loan from a traditional lender will require a personal guarantee.
That being the case, is it really necessary to build business credit? Wouldn’t it be better to work on personal credit so a lender will accept your personal guarantee? What is business credit good for if not to help you get a business loan?
What frustrates you the most about funding your business? Check out how our free guide can help.
First, it can help you get a business loan. If your personal credit isn’t great and you have good business credit, underwriters will see that as a positive. Also, good business credit can help reduce the reliance of lenders on a personal guarantee, even if it doesn’t go away completely.
But the real benefit of business credit is that it allows you to access advanced business vendors.
These are vendors that offer credit to businesses that have strong business credit, but they may not report your payments. That means they don’t help build your business credit score. Still, they are pivotal to running a thriving business.
Unlocking access to these vendors is a little realized benefit of a strong business credit score. If you have access to credit with advanced vendors you can grow your business in ways you may have never imagined
For example, you can bid on the big project even if you don’t have the cash flow to buy the supplies. You can offer the latest new product despite not having cash flow to keep up with demand. Basically, it opens up a whole new world as far as what you can and cannot do in your business.
It may be hard to wrap your mind around exactly what this looks like in real life. Especially when you are just thinking about credit cards and business loans. Some examples may help.
Suppose a contractor is hired to remodel a kitchen. The supplies are going to cost money, but the client isn’t going to pay until the job is done. However, if the contractor has business credit with advanced vendors to purchase the supplies, he or she can still take the job. They will pay suppliers when the customer pays.
A restaurant owner needs to keep up with customer demand. Dishwashers are not keeping up, and they need more utensils and serving dishes. A vendor account with a restaurant supplier makes this a non-issue. Just purchase what you need now, and pay the next month when meeting the increased demand pays off.
A music teacher has a studio to offer lessons to children. As beginners, many of them do not have an instrument at first, They likely do not even know what they want to play. Business credit accounts with instrument suppliers, as well as suppliers of those things needed to maintain instruments can help. They will allow the teacher to provide a number of various types of instruments for students to try.
Students may even purchase instruments from the school once they choose what they want to play. This may offer an incentive to choose lessons at that specific school, as parents will not be spending on an instrument that may or may not get played.
Each example shows how advanced business vendors can help a business grow in a way that would not be possible otherwise. Of course, business credit cards may work. However, with vendors you usually have net terms. That means you cannot carry a balance, which reduces the risk of racking up huge amounts of debt. Accounts like this are the reason you work to build strong business credit.
What frustrates you the most about funding your business? Check out how our free guide can help.
Not all suppliers will offer this type of credit. The ones that do don’t necessarily advertise it. You typically have to know to ask for it or develop a relationship with them first. This can take a lot of time.
Luckily, you can speed up the process by working with someone who knows who these vendors are. You need someone who already has a relationship with the vendors. They can help you find the ones that will work best with your business. Of course, whoever you are working with has to know and understand your business as well. Then, they will know which vendors you will qualify for advanced business credit with.
This is a little known benefit of the Credit Suite Business Credit Builder. You have access to the platform for 5 years! So, after you work through the business credit building process, you still have access to our huge database of advanced business vendors.
Furthermore, we tell you just what is required to get approved with each one. Of course, there are too many vendors to list in one presentation. Still, a little taste of what is available can help you see that advanced vendors are just what you need.
Then you can run your business the way you need to.
Access Hardware Supply is a leading wholesale distributor of products from the top names in door hardware and security technology.
Qualification requirements include:
There is no minimum time in business necessary, and terms are net 30, 60, or 90. You can apply online or on the phone.
Central Restaurant Products has beens selling pretty much anything needed for the food service industry since 1981.
Qualification requirements include:
Terms are Net 30.
Sherwin Williams is a widely known provider of paint and coatings for over 150 years.
Qualification requirements include:
If there is not enough business credit history, a personal guarantee (PG) is required. You have to apply for the account in the store, and terms are net 20.
Sherwin Williams is a great example of how business credit can help your business, and help you avoid a personal guarantee in some instances. If you give a personal guarantee, the account may show up on your personal credit report. However, without a personal guarantee, using your business information, that is likely not to be the case.
Remember, a personal guarantee isn’t a bad thing. In fact, it may be the only option you have to get the funding you need until you build strong business credit. At least, that is, if you have good personal credit and you want to avoid very high interest rates.
But not using a personal guarantee keeps your personal credit available for personal financial needs.
You may also notice that each of these vendors requires trade references. A trade reference is a report that details the payment history between a company and a vendor. It can come verbally, in a letter, or on a business credit report. Vendors that do not report to the business credit reporting agencies may be willing to provide a trade reference. As a result, they can still help you get funding.
What frustrates you the most about funding your business? Check out how our free guide can help.
Access to advanced business vendors is a huge benefit of strong business credit. They offer funding to help you build and grow your business, without paying unnecessary interest. They also help you avoid the temptation of carrying a large balance unnecessarily.
Of course, you have to manage the vendors in your credit portfolio carefully. Be sure you can repay and do so on time. Even if they do not report positive payment history, they are likely to report negative payment history. Plus, you want to keep a good relationship with them. Not to mention, if you do not pay responsibly, you will not be able to get good trade references from them.
Ready to get started business business credit and unlock the power of advanced business vendors? Try a free consultation with a business credit specialist.
The post How to Use Strong Business Credit to Unlock the Power of Advanced Business Vendors appeared first on Credit Suite.
Cash flow management is essential to running a successful business. This is true for a number of reasons. Some of the reasons are obvious, and some are more subtle.
First, you need to understand exactly what cash flow is. Investopedia says:
“Cash flow is the net amount of cash and cash equivalents being transferred into and out of a business.”
But what does that mean practically for your business? Basically, cash flow relates to the actual, liquid cash flowing in and out of your business. Strong, positive cash flow allows you to have the funds you need ready and available. You can use them at any given time to do the things you need to do to run your business effectively and efficiently. Why is this important? Because you need cash to:
None of these things are possible without cash. You need a cash flow management strategy.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
This is one of the most common misconceptions when it comes to cash flow management. Many think if you have a strong bottom line, you have cash. Some business owners are surprised when they find their business can be doing quite well, but they still struggle to pay the bills. This is because sales do not automatically convert to cash. It can take time to collect payments from customers. Also, if you run a seasonal business, certain times of the year are going to find your business shorter on cash than others. Even non-seasonal businesses have times when they aren’t making as much money.
It’s possible that you may have all the cash you need for day to day business operations, but you still need more. For example, if you have an investment opportunity, like a bulk wholesale deal on inventory, or a growth opportunity, you need to be able to act fast. The more cash you have immediately available, the faster you can act on these opportunities with confidence. A sensible cash flow management system will take this into account.
A cash pool can help you manage your cash flow effectively. It’s a way to make sure you have access to the cash you need, when you need it. A cash pool is an aggregate collection of three different types of cash.
It includes cash on hand, cash available to spend on vendor accounts, and cash available to spend on business credit cards. How do you build a cash pool for your business? How do you do so and keep business expenses off your personal credit accounts? You need to build business credit. Using business credit to build a cash pool is key to cash flow management.
Cash reserve is simply cash on hand. This is the money you have in your business bank accounts that you can spend. Vendor accounts are accounts that you have with vendors that allow your purchases on credit. These are typically net accounts rather than revolving. Net accounts have to be paid off completely within 30, 60, or 90 days, depending on what terms you get with that lender.
This is the total of all available credit you have on business credit cards. Business credit cards can serve your business well in a number of ways. First, they can help protect your business by limiting exposure when making purchases online. This is because most credit card companies have fraud protocols. These protect you from having to pay for fraudulent charges on your account.
In contrast, if you use a debit card connected to your business bank account and it gets hacked, you could easily lose all of your available cash with potentially very few options for recovery.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
It sounds easy, and essentially it is. However, you can’t just go out and apply for vendor accounts and business credit cards and expect to get credit that is only related to your business and does not affect your personal credit report.
This is the tricky part. There are specific steps that you have to take in a specific order to build a separate business credit profile and score. It starts with how your business is set up. It has to have a foundation of fundability. Then, you have to get accounts reporting initially, which can get interesting.
If your business isn’t set up right and you don’t apply for the right types of accounts in the beginning, you will be denied every time.
The first step is to make sure your business has a fundable foundation. The includes a number of things such as:
This is only the beginning, but it is a good start.
Once you have a fundable foundation, you can start applying for business accounts. The key is, you have to start small by applying with starter vendors first. These are vendors that will not do a personal or business credit check. Rather, they will extend net terms to your business based on other factors.
These factors may include:
Vendors may look at one, all, or any combination of these factors to verify the creditworthiness of your business. Then, they will report your payment on these accounts to the business credit reporting agencies.
This brings up another issue. Unlike personal credit accounts where pretty much all creditors report your payment to your personal credit profile, only about 7% of business credit accounts actually report payments. Of course, the other 93% will not hesitate to report defaulting payments.
As a result, it can be difficult to find vendors that will both extend credit without a credit check and report payments. They do not make this information easy to find. Still, having accounts that report is vital to building a strong business credit score. Without that, you will not be able to get the accounts you need to build your cash flow pool.
We have a list of vendors that we know do both of these things. They include vendors like Uline and Grainger, among many more. Start building your credit pool with these and other starter vendors by applying for accounts, and buy things like packaging, cleaning products, and office supplies that you will use in the course of your business anyway.
Once you get enough of these accounts reporting, you will be able to apply for more vendor accounts and business credit cards and get approval.
Of course, you need more than just a few vendor accounts to build a strong business credit score. The next steps include applying for credit with increasingly harder to meet requirements. If you do things in the right order, you will have no problem getting approval. That is, assuming you handle all accounts responsibly.
You can apply for accounts like Quill and Office Depot that are a little harder to get, but apply with starter vendors first. That way, you’ll be closer to meeting their requirements.
After that, you just have to keep the ball rolling. You should be well on your way to building your cash flow pool. You can apply for higher limit cards with more rewards. Remember to keep using all of your accounts responsibly, as It does no good to build a cash flow pool if you have no cash available on any of your accounts.
It is not easy to start the ball rolling on your own. It is much faster, cheaper, and easier in the long run to get expert help to build your cash flow pool. A business credit expert can help you evaluate your current fundability. Then, they can get you on the right path to building and improving fundability if necessary. Furthermore, they can point you toward those initial business credit accounts that will open the door to many more,
With a business credit expert, you will not waste time applying for accounts you do not qualify for. You won’t waste time and money on accounts that do not report to the business credit reporting agencies. You will know exactly what step you are on and what needs to be done to move on to the next step in the process, so you can build your cash flow pool effectively and efficiently.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Once your business credit is strong, a business credit expert can guide you toward even more accounts that may be great additions to your specific credit pool. These may not be accounts that report, but rather may be more suitable for the type of business you run. Once your business credit profile is strong, you can use non-reporting accounts to continue to grow your business long into the future.
It means you can run your business without worrying about cash flow gaps. You can take advantage of wholesale deals when they come along. It will be possible to apply for larger jobs, knowing you can get the tools and equipment you need to get the job done without depleting cash reserves.
You will be able to quickly take advantage of investment and growth opportunities with confidence, knowing you have the cash available to do what you need to do. In addition, you can limit your exposure to fraudulent charges when making online purchases. That is sensible cash flow management.
The post How To Use Business Credit Wisely to Help With Sound Cash Flow Management … So Your Cash Flow is Always Strong and Never a Headache appeared first on Credit Suite.
U.S. stocks climbed Thursday as blue-chip companies reported strong earnings and fresh economic data showed a sharp improvement in consumer spending and the labor market.
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As a veteran, your country owes you a debt of gratitude. Unfortunately, it can be difficult to reacclimate to normal life after the trauma of service. Starting a business can be a great way to get back on your feet, and there are a ton of resources that can help. These resources, coupled with opportunities opened by strong business credit, mean veterans have more support than ever before to help start and run their own businesses successfully. F
Surprisingly, according the SBA findings released a couple of years ago, 2.52 million U.S. businesses are Veteran-owned. That is 9.1%. To put it in perspective, almost 10% of the U.S. economy is made up of veteran owned businesses. It seems, not only do veterans deserve our support for fighting for our country, but for helping to keep the economy running as well!
What frustrates you the most about funding your business? Check out how our free guide can help.
In addition, the same report shows veteran-owned businesses, have 5.03 million people working for them. What’s more, that’s an annual payroll of $195 billion. What does this mean? Surprisingly, it means that if veterans aren’t given a way to fund new business ventures, a significant section of the U.S. economy will be hurting.
Thankfully, there are loans, grants, and other resources available for veteran business owners. Consequently, you have to know where to find them. Fortunately, we can help with that. While we can’t list them all, this should get you started.
First, the list of available business loans for veterans could go on forever. We selected a few of the most popular to help you get your research started.
This is an SBA loan that helps both veteran and current military reservists that own a business that suffered when they were called to active duty. As a result, if you own a small business that is having financial issues due to active military service on your part, you likely qualify. The MREIDL, (Military Reservist Economic Injury Disaster Loan) Program will offer 4% interest loans to help the business stay afloat.
Remember, it is available to business owners that are also veterans for only up to one year after release from active duty. Terms are available for up to 30 years. Remember, there is a collateral requirement for loans over $50,000. Also, by law the SBA has to make a determination that the business will not recover without help from the government.
Another great option, the Veterans Business Fund, is a newer resource for veterans. Those are looking to fund a new business or an expansion, and those that want to purchase an existing business or franchise, may find help with this fund.
It’s funded by donors, and seeks to provide veteran business loans with manageable terms. Per their website, these loans are for veterans, and are non-interest bearing to the extent permitted by law.
You cannot finance a business through VBF alone however. The program offers loans only in conjunction with personal equity and the funding of an outside banking institution.
StreetShares is veteran owned and run. They have a passion for funding veteran business loans, though they help those who are not veterans as well. Operating as an online auction marketplace, they connect entrepreneurs directly to investors with an interest in small businesses.
They also provide other information and resources for veterans online. They claim to offer funding approvals in just a few hours. Find out more about StreetShares in this review.
Along with several other companies, including UPS, 7-Eleven is offering benefits to veteran franchisees. Eligible business owners can receive up to 20% off the franchise fee. In addition, they may receive up to 65% financing through 7-Eleven, along with other special benefits.
What frustrates you the most about funding your business? Check out how our free guide can help.
In the past, the SBA’s Patriot Express Loan program was top notch for veterans. Unfortunately, that program has ended. However, veterans can still apply for the regular Express Loan program. SBA Express loans are available up to $350,000, and decisions are made in up to 35 hours. This is a far cry from the 5 to 10 days SBA loans regularly take for decisions.
One benefit for veterans is that loans through this program, for those who have served, will have their guarantee fees waived. This is part of the SBA VA Program.
This is an angel group that specializes in startups run by U.S. military academy graduates. West Point, Annapolis, the Air Force, and the Coast Guard are all involved. Find out more here.
Although the following lenders do not focus specifically on veterans, they offer small business loans that can supplement what is obtained from veteran resources.
LendingClub works by giving investors a fixed income alternative by investing in personal loans, while offering borrowers loans with investors’ funds.
It’s a simple process. Just enter how much you want to borrower. Next, choose the type of loan you are looking for. Then, enter some very basic information. You’ll get two different offers at least. One will have a lower payment but a higher interest rate. The other will be vice versa.
Loans range in amounts from $1,000 to $40,000 with an origination fee of 1% to 6%. This fee comes off the top before funds go into the borrower’s account. That means if you have a $1,000 loan with a 1% origination fee, you will only receive $990 in your account. You still have to pay back the full loan amount of $1,000 of course.
Interest rates range from 6.16% to 35.89%. Repayment terms are typically monthly, spanning over 3 to 5 years. After approval, it can take up to a week to receive loan funds.
The minimum credit score for a loan is 600. In addition, you must have a credit history that goes back at least 3 years. If you do not have the personal credit needed, they may take strong business credit into consideration.
The great thing about Fundation is that they will report payments to the business credit reporting agencies. In return, this helps you build strong business credit. They offer a streamlined, automated process. Originally, they only had invoice financing. However, now they offer a line of credit service as well. Repayments are automatic, meaning they draft them electronically. This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, since the repayment period is comparatively short.
Loans range from $100 to $100,000. The max initial draw is $50,000 however. They do have some products that go up to $500,000. There is no minimum credit score requirement, but they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.
As I said, they report to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian, which makes them a great option if you want to build strong business credit.
Funding circle is one of your best options if you are looking for a low APR. They offer fixed rate term loans. The credit score requirement is 620 or above. Still, they make take a strong business credit score into consideration if you do not quite meet that. They do not have a minimum revenue requirement, but they do require at least 2 years in business. Find out more in our Funding Circle review.
In addition to loans, there are many grant opportunities for veteran business owners. They are not all right for every veteran, but if you are eligible, they can be great supplemental funding.
This is a grant opportunity for those that have been awarded a franchise through the IFA VetFran program. Go here to find out more.
This is a grant that helps veterans get started in the farming industry.
The StreetShares Foundation offers this award to 3 veteran business owners each year.
There are three prizes as follows:
To apply, a business must meet the following requirements:
In the end, the foundation will choose 5 to 10 finalists. They base their decision on the social impact of the business idea. Additionally, they consider how the business will use award funds, and the social impact of that use. The fit of the product market, the history of the team, and the history of the company also play into the decision.
Lastly, once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!
Thankfully, there are many resources available to veteran business owners that provide support not related to business funding.
This is the government department set up to help ensure veteran business owners get their fair share of the pie. That includes government contracts. Find out more at: https://www.va.gov/osdbu/programs/index.asp
Veterans Business Services, or VBS, offers the following:
VBS offers all of this and more. Go here for more about these and other ways they can help service-disabled veterans.
The VetBiz program helps veterans “transition military skills into small business success” per their website. Similar to other programs, they offer training, coaching, and consulting. Also, they partner with the Small Business Administration for the Boots to Business program. More information can be found here.
Honestly, there are many programs at Syracuse University for veterans and their families. Read about all of them here. However, one of the newest programs is an outstanding opportunity for veterans that want to start their own business. It’s called EBV Accelerate, and it consists of 3-phases.
What frustrates you the most about funding your business? Check out how our free guide can help.
Self-stated, the goal of the program is to give veterans business tools and coaching to rocket their business to sustainable growth. To qualify, you must be a veteran business owner that has been in business for 3 years or more. Of course, the veteran must have at least 50% ownership.
In addition, there must be active duty with honorable discharge or general discharge under honorable conditions. Also, 5 people have to be full time employees. It’s short, lasting a little over two weeks. The first phase, Phase 1, is 2 weeks of online work. Next, Phase 2, is a 3-day residency course. Phase 3 consists of resources to support business growth.
For more help, here are a few more resources that can help veteran business owners in a number of ways.
Truthfully, strong business credit can help any business owner, including veterans, get the funding they need. Consequently, if you don’t have business credit, now is the time to start building it. In reality, even though it is easiest to start at the beginning, you can start at any time. Find out more about how to start and build strong business credit here.
There are resources available to help veteran business owners, but you have to know where to look. Most of them will not work singularly, but rather they will work together to help ensure the business has the funding and other support necessary to be successful.
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