Former President Trump has said he will testify at his upcoming hush money trial in New York City.
“I’m testifying. I tell the truth. I mean, all I can do is tell the truth,” Trump told reporters at a press conference at Mar-a-Lago on Friday. “And the truth is, that there’s no case.”
He’s set to appear at the trial, which stemmed from accusations that he falsified business records to cover up a payment to adult film star Stormy Daniels during the 2016 election, on Monday.
The ex-president and current 2024 White House candidate made the announcement alongside Speaker Mike Johnson, R-Fla., who was in Palm Beach to roll out a legislative package aimed at bolstering election integrity.
When you get a credit card tied directly to a store, it’s called a retail credit card. Common examples include retail credit cards from Lowe’s and Office Depot. Generally, you can only use these accounts at the specific store that issues the card. Some stores offer credit accounts with net terms rather than retail credit cards.
Retail Credit Cards and Accounts Can Push Business Credit Beyond the Beginning
There are a lot of steps to building a business credit profile that many business owners just don’t know. We do our best to help out in that area, but once you get started, you have to keep going. Building a fundable foundation is important, of course. You cannot have business credit without that.
Then, you have to get initial accounts reporting. That’s where starter vendors come in. Yet, you can’t stop there. That is just the effort it takes to build the snowball and get it to the edge. You have to push it down the hill if it is ever going to grow.
That is where you get to the next step after starter vendors. In the Business Credit Builder we call it Tier 2. This is where second step credit providers live.
Retail Credit Cards and Accounts: AKA Tier 2 Credit Providers
There are various types of credit providers in the Tier 2 category. These are credit providers that will approve you with limited business credit history or a personal guarantee. What really sets them apart is that they will report your on-time payments to the business credit reporting agencies.
Not all business credit providers do that. Many will only report late or missed payments, if they report anything at all. However, if you find those that report positive payment history, your business credit profile continues to grow. Your business credit score continues to grow as well.
This is how your business credit score can really take off.
Finding Tier 2 Retail Credit Providers
It can be a bit tricky to find these types of accounts. Despite the fact that most large retailers offer retail credit cards or net accounts, many do not make it easy to find out whether or not they will report. If you are working on building business credit, reporting on-time payments is vital.
That’s part of the value of the Business Credit Builder.There is a whole database full of Tier 2 vendors that report. We list them for you along with what it takes to get approval and which business credit agencies they report to.
Some will still extend credit, and still report to the business credit reporting agencies, even if you do not meet the requirements or do not have enough business credit history. The catch is, they will require a personal guarantee.
Retail Credit Cards or Net Accounts and a Personal Guarantee
Others will not require a PG, but it will make it much easier to get approved with minimal business credit history. This is why the first steps of the Business Credit Builder are so important. Without a strong business credit profile, you may be able to get approval with a PG. In contrast, if you build a solid foundation and business credit score with starter vendors first, you can get approval without a PG.
That right there is the secret that no one wants to talk about when it comes to retail credit. You do not have to give a personal guarantee to get it. There is another way. You can build a strong business credit profile before you apply.
It’s not that a personal guarantee is bad, per se. Sometimes you may need it to get started. Still, it does add more liability to you personally. So, if you can get away without it, why not?
Examples of Tier 2 Retail Credit
Here are just a few options from the Business Credit Builder.
They also like to see a minimum of 2 accounts reporting. But, they will look at the merit of the overall application, so minimum accounts reporting isn’t necessarily a deal breaker.
They also require a business phone number listed in the 411 directory and at least 3 years in business. The minimum PAYDEX required is 80, and you must also have a good Experian business score. You can request Net 60 terms after the account is established.
If there is not enough business credit history or you have been in business for less than 3 years, a Personal Guarantee(PG) is required.
Quill.com
Quill.com sells supplies any business can use in day-to-day operations, including office and cleaning supplies. For approval, they want to see:
Business address- matching everywhere
D & B number
Business License- if applicable
Business Bank account
At least 3 trade/credit references
A good D&B paydex score of 80 or higher
That the business has been established for at least 6 months
New businesses or businesses with no credit history with D&B may need to pre pay purchases for 3 consecutive months until Net 30 is approved.
Office Depot
To get approval for Net 30 withOffice Depotyou must have:
An EIN
A business address- matching everywhere.
Your business License- if applicable
A business bank account
At least 3 years in business
A good D&B paydex score of 80 or higher and good Experian business credit score
If any above criteria is not met, a Personal Guarantee (PG) is recommended but not required.
Once you’ve got your 5 (or more) starter vendors reporting, you should be eligible for credit from these retailers. That is, assuming you have handled your credit from starter vendors wisely. As you can see, exact requirements for approval vary by lender.
Retail Credit Cards or Net Accounts and Building Business Credit
Many of these credit providers have more than one option for business credit. For example, they may offer net terms as well as a revolving account. If you do not qualify for the revolving account, you may qualify for net terms.
You can use the net account to help you build your business credit profile until you qualify for the revolving account. These examples can help you see what’s out there and what it takes to get approval. They make it crystal clear why building a fundable foundation and getting initial accounts reporting using starter vendors is vital.
Once you do so, you can get retail credit accounts from tier 2 reporting as well. This keeps the snowball rolling and growing allowing you to pick up bigger accounts with better terms. If done properly, the need for a personal guarantee can be kept to a minimum.
What are All the Different Types of Business Loans?
There are several different types of business loans out there.
All Businesses Need Funding
It’s that simple. You would be hard-pressed to find a business owner that doesn’t know that. What many do NOT know is that there are many more types of small business loans out there than the traditional banks loans everyone knows about.
Choosing Among the Many Different Types of Business Loans Means Knowing What’s Right for You
Knowing the different types of small business loans is only half the battle. You have to know how to figure out which one is right for you. The answer to that will vary based on a number of factors, and it may even change over the course of your business.
But the right type of loan for your business now may not be the right type for your business later. The best way to start figuring out which loan is right for your business is to figure out what’s available. Did you know that traditional bank loans are not the only option?
Types of Small Business Loans
There are many more, including:
SBA loans
401(k) financing
Merchant Cash Advances
Equipment Financing
The Credit Line Hybrid
Traditional Lines of Credit
Let’s dive in to each one and figure out which one is best for your business right now
Different Types of Business Loans: SBA Loans
Guaranteed by the federal government. Issued by participating lenders, usually banks. They offer a lot of the perks of traditional loans, such as lower interest rates and favorable terms. Due to government guarantee, lenders are able to offer them to those with a lower credit score than would typically be required.
Eligibility for SBA Loans
Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Hence even those with bad credit may qualify for startup funding.
Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See www.sba.gov/document/support–table-size-standards.
More About Eligibility for SBA Loans
General eligibility also includes:
Being a for-profit business – the business must be officially registered and operating legally
Doing business in the US – the business must be physically located and operating in the US or its territories
Having vested equity – the owner must have invested their own time or money in the business
Exhausting other funding options – the business must not be able to get funds from any other financial lender
Ideal credit scores for an SBA loan are 680 or above. There are a number of SBA loan programs, each one designed to work for different needs and situations. Some of the most common SBA loan programs include:
7(a) loans
504 loans
Microloans
Disaster loans
Express loans
These are just a few the of the options available. Find out more at SBA.gov.
The thing about SBA loans is that they each have a specific purpose. For example, if your business has suffered due to a natural disaster, you need a disaster loan. If you need $50,000 or less, a microloan may be the best option. But the 7(a) loan program is the most versatile.
SBA 7 (a) Loan Program Details
A standard 7(a) loan can be for up to $5 million. The maximum SBA guarantee is 85% for loans up to $150,000 and 75% for loans greater than $150,000. The interest rate varies but cannot exceed the SBA maximum. The turnaround is 5 – 10 business days. These funds can be used for a number of things, and the minimum credit score is 640. But of course the higher the better.
Who Do SBA Loans Work Best For?
These loans work well for those that are not in a hurry to get funding
The approval and funding process can take a while, especially with the government red tape required for the government guarantee. If you can wait, meet all the requirements, and want a more traditional type of loan, SBA loans are an option.
Different Types of Business Loans: 401(k) Financing
If you have an eligible 401(k), you can use those funds to get money for your business. You must not be currently contributing. You must not longer be working for the company that the 401(k) is under. And you must have a balance of at least $35,000.
You can even still earn interest on your account, and there are no tax penalties. Personal credit doesn’t really matter much. Interest rates are usually low.
401(k) Financing Details
In fact, they are often less than 5%. Close and fund in less than 3 weeks. Can usually get up to 100% of what’s “rollable” within your 401(k). This type of loan works well for anyone that has an eligible 401(k) account.
Different Types of Business Loans: Merchant Cash Advances
Businesses that accept credit cards as a form of payment may qualify for a merchant cash advance. This means your business must have a merchant account in order to be able to accept credit card payments. Your business must bring in $100,000 or more per year in credit card sales. Typical approval is equal to one month’s credit processing volume. The minimum credit score is 500.
Qualifying for a Merchant Cash Advance
They do not ask for a lot of documents. This is not like what most conventional lenders will want. You won’t need financials, business plans, or resumes. You don’t even need collateral.
Your business’s credit card receipts and business bank statements tell lenders all they need to know. These loans work well for businesses that qualify and need funds fast, and those with credit that is less than perfect. It’s a great way to get money for your business fast with few requirements.
Different Types of Business Loans: Equipment Financing
Businesses looking to buy or lease equipment can use equipment financing. Rates vary widely depending on risk factors. Usually can get approval with a 650 or better credit score. This is for major equipment only, not a combination of a lot of small equipment. These loans work well for those that have good credit and just need to financing equipment. The equipment is the collateral, so that helps out some with rates.
Credit Line Hybrid
It can provide some of the highest loan amounts and credit lines for startups. You can get 0% business credit cards with stated income. There are no financials required. These report to business CRAs; you can build business credit at the same time. This will get you access to even more money without a personal guarantee.
Credit Line Hybrid Details
You can usually get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000. Easily five times what you could get on your own when applying for cards. You can get cash out on this program as well.
Credit Line Hybrid Benefits
There will be no impact on your personal credit with this type of financing. You need a 680 credit score or a guarantor with good credit to get an approval. In addition, this type of financing report to the business credit reporting agencies. This means you can build stronger business credit while funding your business.
Who Does the Credit Line Hybrid Work Best For?
This is a good option for virtually everyone. Because even if you have bad credit, you can get funding by using a credit partner. Works especially well for those who need to build business credit. See www.creditsuite.com/business-loans.
Different Types of Business Loans: A Traditional Line of Credit
This is similar to a traditional term loan in terms of where you get it, and approval requirements. However, it is revolving financing more like a credit card. Typically have better interest rates that credit cards. They work well for those who qualify for traditional term loans but want revolving credit rather than a term loan.
Which Types of Small Business Loans are Best for Your Business?
If you know what types of business loans are available to your business, you can make a more educated decision about which types of business loans will work best for you. Knowing what’s out there is only half the battle. You also have to understand your own eligibility and funding needs.
The Different Types of Business Loans: Takeaways
All businesses need funding. Traditional term loans are not the only option. Other options exist to help you money faster. Or funding despite bad credit. And you can better rates and terms than you would get with a traditional term loan.
Suddenly you notice that none of your social media activity seems to be showing up at all. It’s like you don’t even exist on the site… Weird!
Is it a bug? Every website suffers from them sometimes, and the interactive features can often be the first to go haywire. Server maintenance could also be the culprit.
But another possibility is that you might have been “shadowbanned” (previously called ghostbanned).
Accounts that are shadowbanned are put into a kind of invisible mode. In other words, they become a “shadow” that no one can see.
In this post, we’ll talk more about what exactly shadowbanning is, and how you can tell if it happened to you.
What Is Shadowbanning?
Shadowbanning is when your posts or activity don’t show up on a site, but you haven’t received an official ban or notification.
It’s a way to let spammers continue to spam without anyone else in the community (or outside of it) seeing what they do.
That way, other social media users don’t suffer from spam because they can’t see it. The spammer won’t immediately start to look for ways to get around the ban, because they don’t even realize they’ve been banned.
Now, all of this might sound a little odd or shady. Since many websites and apps deny that they shadowban, there’s no way to know for sure that it’s happened.
If you suspect a shadowban, a change in the website’s search or newsfeed algorithm might actually be to blame. And since the algorithms are the property of social media companies, it’s not in their best interest to reveal everything about them publicly.
Regardless of whether you’ve been penalized deliberately or accidentally, the effect is still the same… no one can see your posts.
Sites That Shadowban
There’s no way of getting a full list of sites that shadowban people, since the practice isn’t entirely out in the open.
Respondents to a survey called Posting Into the Void reported four general types of shadowbans:
a username or hashtag not showing up in search suggestions
a decrease in follower engagement
certain features (e.g. likes or replies) being blocked
a temporary ban that then reverts back to normal later on
Here’s how to tell if you’ve been shadowbanned on some popular social media sites:
Twitter Shadowbanning
Does Twitter actually shadowban people? Well, yes and no.
In a blog post, Twitter claimed that they don’t “deliberately make people’s content undiscoverable to everyone except the person who posted it”, and they “certainly don’t shadowban based on political viewpoints or ideology.”
However, they did say they “rank tweets and search results” to “address bad-faith actors”. Basically, if Twitter thinks you’re a spammer or a troll, its algorithm will penalize your content.
How to Avoid Getting Shadowbanned by Twitter
Twitter lists these as some of the factors they use to tell if you’re a “bad-faith actor” or not:
Whether or not you’ve confirmed your email address
Whether you’ve uploaded a profile picture
How recently your account was created
Who you follow and retweet
Who mutes, follows, retweets, and blocks you
To avoid getting shadowbanned on Twitter, you should confirm your email address and upload a profile picture.
Don’t spam people and don’t be overly promotional. If you’re trying to sell a product or service and are posting too much, other users might block your content, causing a shadowban on your account.
You should also try to avoid trolling, getting into online arguments, or being too confrontational in your posts and comments. This can lead people to mute or block you.
How to Tell If You’re Shadowbanned on Twitter
There’s no way to tell for sure if you’ve been shadowbanned on Twitter. However, you could try using the site Shadowban.eu, which claims to be able to detect a shadowban.
Specifically, they mention sexually-suggestive content. According to their Community Guidelines, spammy content and content associated with illegal activity or violence is also a no-go.
Instagram prefers “photos or videos that are appropriate for a diverse audience”… so less family-friendly content may be at risk of a shadowban.
How to Tell If You’re Shadowbanned on Instagram
There’s no surefire way to tell if you’ve been shadowbanned on Instagram, but there are sites that say they can test it. Triberr is one option.
Reddit Shadowbanning
Shadowbanning on Reddit is a bit different from shadowbanning on other social media sites. Up until 2015, Reddit openly shadowbanned users who broke the site’s rules by hiding their posts.
Reddit then announced that the shadowbanning system had been replaced with an account suspension system. Basically, some Reddit staff thought that the shadowban tool had been useful for dealing with bots, but that banning real human users without telling them what they did wrong was unfair.
However, the site appears to still occasionally be using shadowbans, with the r/ShadowBan subreddit still active.
According to their official content policy, Reddit may enforce their rules by “removal of privileges from, or adding restrictions to, accounts”, and also by “removal of content”, among other methods.
How to Avoid Getting Shadowbanned on Reddit
Of course, to avoid getting shadowbanned on Reddit, you’ll need to follow their rules. But one tricky thing about that is that the rules on Reddit actually depend on the subreddit you are submitting to.
You’ll want to read and comment a lot first before submitting your own links. Watch how people react to various types of submissions within a specific subreddit, and then act accordingly.
Don’t spam or post too many links to your own content (if you post a lot of other things too, posting one or two links to your own work is OK)
Don’t harass or constantly downvote another user
Don’t dox others or encourage doxxing (posting someone’s personal information without their consent)
Don’t post illegal or inappropriate content
Don’t abuse moderators or admins
How to Tell if You’re Shadowbanned on Reddit
To find out if you’re shadowbanned on Reddit, make a post in the r/ShadowBan subreddit. A bot will respond to you, letting you know if you’re shadowbanned.
Even if you’re not, the bot will tell you which posts of yours have been removed recently (if any).
TikTok is a popular social network for sharing short videos. Unfortunately, you can get shadowbanned there too (kind of).
While there’s no official mention of the term “shadowban” in TikTok’s Community Guidelines, like other social media networks, TikTok uses algorithms to privilege certain content. If you get on the wrong side of the algorithm, fewer people might see the content you post.
To have more people see your content and avoid penalties, try to follow best practices for TikTok’s recommendation algorithm, and always follow the Community Guidelines.
Stay away from illegal material, violence, hate speech, spam, and other similar topics.
To check if you’ve been shadowbanned on TikTok, look at your pageviews and “For You” page statistics. You can also use a hashtag and see if your post shows up under that hashtag.
Basically, content that violates Facebook’s Community Standards will be removed from the site, while other undesirable content (like misleading information) may be less visible on Facebook or have a warning label placed on it.
If Facebook is consistently “reducing” your content, that could be considered a type of shadowban.
The main thing you can do to trigger a shadowban on Facebook is to share links to fake or misleading information. Content on the site is checked by independent fact-checking organizations.
Facebook groups where a lot of misleading links and clickbait are frequently shared may be shadowbanned.
If you’re worried your personal page, business page, or group might have been shadowbanned on Facebook, check for a change in engagement levels on your recent posts.
LinkedIn Shadowbanning
While people don’t often think about getting shadowbanned on LinkedIn, it’s possible for your content’s reach to be throttled there.
Like other social media sites, LinkedIn has Community Policies that all members need to follow to avoid problems.
Since LinkedIn is a professional site, its content policies are even stricter than other platforms. Not only should your content be safe, legal, and appropriate, it has to be professional as well.
Although LinkedIn is obviously a place for career growth and self-promotion, spamming people is still a no-go.
You’ll need to respect others’ privacy and intellectual property. You should also avoid harassment or unwanted romantic advances towards other members.
If you violate LinkedIn’s policies, they may “limit the visibility of certain content, or remove it entirely.”
That said, the LinkedIn algorithm is pretty complicated. Even if your content is perfectly professional and high-quality, it might still not be getting the reach you want.
Engagement and relevance are the top two factors to keep in mind when creating content for LinkedIn.
YouTube Shadowbanning
While it’s not exactly a social network, it’s definitely still a site where people go to learn and share content. Can you be shadowbanned from YouTube?
Well, YouTube shadowbanning has been in the news because of popular creator PewDiePie. According to his fans, the Swedish videogame YouTuber’s channel was penalized in YouTube search.
YouTube’s official response was that it doesn’t shadowban channels, but that some videos might be flagged and need to be reviewed before they show up in search.
7 Ways to Avoid Getting Shadowbanned on Social Media
Different social networks have their own opinions on what type of violations merit a shadowban. However, we can definitely see some general trends that are worth noting.
Adhere to these guidelines if you want to be safe from a shadowban:
Always stick to the Terms of Service
Follow and watch power users in your category (see what and how they share)
Don’t post links or copy-pasted content over and over
If you’re unsure if the content is appropriate, avoid sharing it
Treat others politely and respectfully
Don’t use banned hashtags
Avoid posting about illegal topics
Conclusion
You may not have any idea you are being shadowbanned. At least not at first… though over time, you may begin to suspect it.
What you should do to protect yourself is to be careful that what you post isn’t against the terms and conditions of the site or app. Also, try to avoid spamming content, starting fights with and trolling other users, or posting things that might be considered inappropriate.
A shadowban can be frustrating, especially if you don’t feel like you deserve one. Maybe you don’t agree with the social media algorithm about what is or isn’t inappropriate, or maybe you think you were having a constructive debate while the algorithm thinks you were being a troll.
However, hopefully the tips in this guide can help you avoid being shadowbanned in the future, so your content can get better engagement.
What other ways can help people know if they’ve been shadowbanned? Let us know in the comments.
Need a business loan in a recession? Beyond the SBA’s PPP program, you should also be looking at lenders outside the SBA’s purview. And you need to make it easier for them to approve your application.
We Smuggled out these Secrets: The 5 Ways You Can Get Denied for a Business Loan in a Recession – Your Banker Will Never Tell You About These
Did you know there are 5 ways you can get denied for a business loan in a recession? And let’s face it, your banker won’t tell you about ANY of them. It is, unfortunately, pretty easy to get a bank loan denial. This is particularly true in recessions. Bank loan money is always tighter.
And not everyone knows how it happens. So read on, and learn the secrets!
A Look at Bank Credit vs. Business Credit
Before going any further, do you know the difference between bank credit and business credit? Business credit is the full and complete amount of money that your small business can get from creditors. This includes leasing companies. It is also suppliers, under what’s called vendor credit.
Bank credit is the full amount of borrowing capacity which a small business can get from the banking system only.
What are Bank Credit Scores?
Even during a recession, a small business can get more business credit quickly, so long as it has two things.
One, it must have at least one bank reference. And two, it has to have an average daily account balance of at least $10,000. And that has to be for the most recent three month time period.
This set up will yield a bank rating of a Low-5. And that means it is an Adjusted Debt Balance of from $5,000 to $30,000.
Lower Ratings
A lower rating, like a High-4, or balance of $7,000 to $9,999 will not necessarily reject the small business’s loan application. However, it will slow down the approval process (in a recession, it could grind to a screeching halt). And a Low-5, we know, is far more likely to be necessary for an approval.
A bank credit rating is the average minimum balance a company maintains in a business bank account over a three month long period.
Hence a $10,000 balance will rate as a Low-5. And a $5,000 balance will rate as a Mid-4. By the same token, a $999 balance will rate as a High-3, etc.
A small business’s chief goal should always be to maintain a minimum Low-5 bank rating. So that means an average $10,000 balance. And they will need to do so for at least three months.
This is because, without at least a Low-5 rating, the majority of banks will operate under the assumption that the business has little to no ability to repay a loan or a business line of credit.
But here is one thing to keep in mind. You will never actually see this number. The bank will just keep this number in its back pocket.
Low-5 –$10,000 to $39,000 (your small business needs this level bank score or better to get loans)
High-4 – $7,000 to 9,999
Mid-4 – $4,000 to $6,999
Low-4 – $1,000 to $-3,999
Bank Credit Problems that can Get Your Business a Denial
There are several ways to get a denial when you want a business loan. Here are the top five.
#1 Way You Can Get Denied for a Business Loan in a Recession
You’ll get a denial if you don’t maintain a minimum balance for at least three months. Since every bank credit cycle is based on the previous three months, a continually seesawing balance should damage your bank credit.
How You Can Fix It
So, what is the remedy? Keep cash in your account, by any means you can. This can be tough in a recession, but it is not impossible.
#2 Way You Can Get Denied for a Business Loan in a Recession
Looking to get a denial? Then don’t bother to assure that your business bank accounts are reported exactly the same way all of your business records are. And they would also have to be with the exact same physical address and phone number.
Sow confusion in this area by changing one and not another, or not correcting an error if there is one. And use a post office box!
Wrong.
How You Can Fix It
So, what is the remedy? Keep your records consistent. Copy and paste whatever you can. Do not chance it by retyping. And as for your location, if you do not want or need a physical office, go with a virtual one. We particularly like Regus and Alliance.
Can’t find any virtual office space nearby or within your budget? Then talk to other area business owners. And find out who they work with.
#3 Way You Can Get Denied for a Business Loan in a Recession
To go along with #2, you’ll get a denial if you don’t keep consistent, congruent records. That is, to make sure that every credit agency and trade credit vendor, every record keeper, lists the business name and address the exact same way.
These include record keepers for financial records, income tax, web addresses and e-mail addresses, directory assistance, etc.
No lender is going to stop to consider all of the ways that a business might be listed. That will not happen when they look into the business’ creditworthiness.
Therefore, if they are unable to find what they need easily, they will just deny the application. Or your carefully cultivated credit won’t report to the business credit reporting agencies. So if you want a denial, make sure your records are a mess!
No. Don’t do this.
How You Can Fix It
So, what is the remedy? Again, keep your records as consistent as possible. And if you need to hire someone to help you with this, then be sure to do so. It will be well worth it to get some peace of mind this area.
#4 Way You Can Get Denied for a Business Loan in a Recession
This one happens if you never manage your bank account responsibly. It means that your small business should not avoid writing non-sufficient funds (NSF) checks at all costs.
NSFs will decimate bank ratings.
Non-sufficient-funds checks are something which no business can afford to let happen.
But balancing checkbooks and accounts is so dull anyway. And you’ve got enough money without even making sure, right?
Wrong!
How You Can Fix It
So, what is the remedy? Carefully balance your books and make sure you have enough funds for your transactions.
So this might mean you hire someone with a bookkeeping or accounting background to help you. And that’s a great idea!
Beyond taking care of your business bank accounts, such an employee should be able to help you with the tax implications of pretty much everything that you do. All businesses will have to pay taxes. There are no exceptions to this rule! So why not legally and ethically pay less?
#5 Way You Can Get Denied for a Business Loan in a Recession
To add to #4, you’ll get a denial if you don’t add overdraft protection to your bank account as soon as possible, in order to avoid NSFs. But why bother thinking ahead or planning for the future? Everything is going to be great forever, right?
Wrong.
How You Can Fix It
So, what is the remedy? Overdraft protection is a valuable feature. So make sure you can get it. That might mean going to a bank that isn’t right around the corner from you. Or it might mean maintaining a specific minimum balance.
And if it does, then that’s even better. You’ll kill two birds with one stone and also address #1, above.
Bonus: #6 Way You Can Get Denied for a Business Loan in a Recession
Want to get a denial? Then don’t let your business show a positive cash flow. A positive free cash flow is the amount of revenue left over after your company has paid all of its expenses.
So if you really want to get a loan denial from your bank credit, go ahead and treat yourself. And buy whatever’s expensive for your business. And make sure your expenses outstrip your profits.
Because doesn’t every factory deserve plush carpeting in the loading dock?
Wrong.
How You Can Fix It
So, what is the remedy? The cash coming in and leaving your company’s bank account should reflect a positive free cash flow.
When an account shows a positive cash flow it indicates your business is generating more revenue than is used to run the company. That means the bank will feel your business can pay its bills.
Can’t afford to add a lot at a time? That’s okay – long as you are adding something.
In a recession, it’s obviously harder to keep adding to a business bank account. Just … try.
Bonus: #7 Way You Can Get Denied for a Business Loan in a Recession
Banks are highly motivated to lend to a business with consistent deposits. And a business owner must also make regular deposits. So this is in order to maintain a positive bank rating.
The business owner must make a lot of consistent deposits, more than the withdrawals they are making. This is the best way to have and maintain a good bank rating.
If they can do that, then they will have a good bank credit score.
But consistency is the hobgoblin of little minds, right?
Hence depositing whatever, whenever has got to be the best way to handle your company’s bank deposits, right?
Wrong.
How You Can Fix It
So, what is the remedy? Consistency! Showing your bank is dependably and regularly adding funds will go a long way to assuring your bank that your business is credible.
And it’ll assure them that if they loan you money, that you’ll be able to pay them back.
And you’ll maintain your ethics and do so.
There are Many Ways You Can Get Denied for a Business Loan in a Recession
Yes, you can wreck your bank credit these five seven ways. So don’t! If you wreck your bank credit, then you may as well throw in the towel. And in a recession, you just plain can’t afford that.
This is because you’ll also tank your business. And no one wants to see that happen.
Particularly now, in the age of COVID-19, you need to help your business in any way you can.
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