Author: Thomas Marin

New comment by IDSinc in "Ask HN: Who is hiring? (July 2021)"

Integrated Data Services, Inc. | US – REMOTE | Full Time | Various Positions | www.get-integrated.com

Integrated Data Services (IDS) is a leading provider of custom software products and Government financial management services. IDS was founded in 1997 in El Segundo, CA, and since that time has seen tremendous growth and success. Currently IDS has offices supporting customers nationwide. By providing customers with fast, efficient and reliable information systems and support services, IDS has become a preferred provider of financial and programmatic systems, services, and solutions across a wide variety of government agencies.

We are hiring for a few positions:

* Data Engineer
* Sr Java Developers
* Sr Oracle PLSQL Developers
* Qlik Sense Engineer/Administrator

Apply by filling out an application here: https://www.get-integrated.com/company-careers.html or email Carson directly at pillaschc@get-integrated.com if you have any questions.

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New comment by claudio-viola in "Ask HN: Who wants to be hired? (November 2020)"

Location: REMOTE | EUROPE | Remote preferred Willing to relocate: unlikely, but do contact me about it – Technologies: Javascript, Typescript, Node.js, graphql, Docker, kubernetes, jenkins, aws, cloud, devops, backend, agile, scrum, kanban, python, ruby, shell scripting, linux, chef, ansible, ci/cd – Résumé/CV: http://bit.ly/2HucTwp – https://www.linkedin.com/in/claudio-viola/

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Fund your Business with Crowdfunding During a Financial Recession

Financial Recession Got You Down? Then Fund Your Business with Crowdfunding

There are thousands of businesses using crowdfunding to raise money to fund their next business venture. For some entrepreneurs, crowdfunding is the ticket to financial independence. Starting a new business without adding debt or taking out equity, can be unheard of for startups. But with a little planning and creative marketing, starting a new business can be more enjoyable than disappointing. Yes, you can fund your business with crowdfunding, even during a financial recession.

Financial Recession Period Funding

The number of American financial institutions and thrifts has been decreasing slowly for a quarter of a century. This is from consolidation in the market along with deregulation in the 1990s, minimizing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger financial institutions is troublesome for local business proprietors. Big banks are a lot less likely to make small loans. Economic recessions imply banks become more careful with financing. The good news is, business credit does not count on financial institutions.

Beating the Financial Recession: What’s Crowdfunding All About?

Crowdfunding gives today’s business owner a new way to build a successful business. Don’t be fooled. Not everyone with a campaign on a crowdfunding site becomes an automatic millionaire! Success on crowdfunding doesn’t happen overnight. In fact, being an instant success on a crowdfunding site doesn’t usually happen. To succeed at crowdfunding, do your due diligence. And see if you would be successful at crowdfunding.

Beating the Financial Recession: What’s a Good Crowdfunding Platform?

Find which crowdfunding platform is best to use for your business. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. If you’re like most new business owners, you’re looking for investors. Before you start putting your campaign out there, make sure that you have everything ready and perfect. This way, you can get the investors that you want to fund your campaign.

Beating the Financial Recession: How Do You Get Creative With Crowdfunding?

Trying to get the investors you want will take time. You need to brainstorm, create, and perfect the right pitch that gets investors pouring money into your campaign. To help you get your campaign started in the right direction, use this quick guide.

Getting the Best Crowdfunding Platform For Your Needs

Pick a Crowdfunding Platform. Before you get started with your campaign, pick a crowdfunding platform that’s the right fit for you. There are several crowdfunding platforms to choose from. Kickstarter and Indiegogo are two to start looking into.

And you need to be aware of what you are doing when you’re developing your campaign. If you’re raising rewards and not investments, then Kickstarter and Indiegogo should be on your list.

Kickstarter is great to use for creative projects, but it’s all or none. This means that if you don’t raise 100% of your initial funding goal, then you don’t keep the pledged money. Indiegogo is a little different from Kickstarter. If you choose to pay up to 9% of your funds raised, then you can keep the funds pledged to your campaign. The only drawback is that your project will need some minimum funding to work.

GoFundMe is another choice; they let you keep the money even if you don’t meet your goal.

Beating the Financial Recession: Crowdfunding Pitches

Prepare and Get your Pitch Perfect. Remember that the content in your campaign is vying for the attention of your potential investor and client. There are so many other distractions that pull for the attention of your viewers. For this reason, your pitch and its messaging has to grab their attention immediately. Once you get their attention, you can’t stop there. You’ll want to keep your viewers engaged, which means that you need to have a great story to tell about yourself or your project.

Pitch Videos

Your pitch video will need to be good. Use a professional to film it and develop the script. Unable to afford professionals? Then try schools, both pupils and instructors.

Your script doesn’t need to be word for word but you must have points you want to make and not babble. Create a script and stay with it. This is not the right time to wing it.

Show the Evidence

If you have physical evidence of your project, then make sure to show it in your campaign video and on your campaign web page. This means an image of your spa’s sign or a short video recording of your prototype robot.

Address Skepticism

A great deal of people don’t trust crowdfunding. A photo and a tangible thing will go a long way to demonstrating to them that your project isn’t vaporware.

Good Manners Matter

Say please, thank you, and you’re welcome to everyone. Use these magic words in your pitch and in your interactions with your donors. And use them in the cover letters you deliver with your perks (even virtual perks can include a cover e-mail). You don’t need to grovel, but you must be polite.

Financial Recession Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Don’t Be Greedy!

If you need $250,000 for your campaign, but you ask for $1,000,000, that does not do anyone any good.

You’ll just seem like you want to bum off others’ generosity. As an alternative, explain your overhead as transparently as possible. Because if you misuse your funds, you may find yourself in an unpleasant meeting with your state’s attorney general. So be truthful!

Beating the Financial Recession: Crowdfunding and Focusing on Your Investors

Focus On What You’re Giving to Your Investors. One of your goals in crowdfunding is to raise funding. But you need to focus on your investors. You want to create rewards or terms that will help you raise the money that you want. When developing the rewards for investors and backers, have your rewards tie back into your story.

One way to come up with a great reward for your campaign is to check out the most successful campaigns which raised the most money.

Donor Strategy

Line up the most significant and most reliable donors you can before you start. Tell your mother to postpone handing over her donation till you launch your campaign.

And ask them (nicely!) to release their money at a very specific time. Which time? The first or final day of the campaign. Separate the expected funding as well as you can. If the split isn’t around half and half, then ask for more to come on the final day of the campaign. Make the most of the novelty factor of the very first day of the campaign, or the urgency factor of the very last.

It’s like a busker with a few of her own dollars in her hat. To motivate people to donate, you want your biggest donors to show other donors that they believe in you and your project. It helps if they tell other donors that they’d best get in on investing in your company before the opportunity ends.

Beating the Financial Recession: Crowdfunding Supporter Engagement

Get Supporter Engagement. Don’t make the common mistake of not engaging the people in your network of friends, family, and supporters. When creating a campaign, be ready to start funding once you launch everything. It’s especially important if you are using equity crowdfunding. Supporter engagement is vital. Because these people are your stakeholders, advisors, board members, partners, and existing investors.

Courtesy Counts

Be gracious if your campaign fails. Even with GoFundMe (where you can keep the money even if you fall short), you still may not get enough to make a significant dent in your funding needs. If you wanted $100,000 and you only got $500, your best option may be to give back the cash.

If you almost got there with $95,000, then thank everybody who donated. See what you can do, although there’s a deficiency. And tell them what you are doing! Perhaps you’ll buy your building next year, or hire four people as opposed to five.

Once more, give your donors a stake in and an inside look at your startup. This will help them to feel invested. And they may decide to make up the shortfall themselves. Just because your crowdfunding campaign ends doesn’t mean a donor can’t send a check or buy more goods or services. If that comes about, then politeness is crucial.

Financial Recession Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Beating the Financial Recession: Finding Influencers

Get to know Notable Investors. Get the attention of people who have never heard of your project before. One of your main goals should be to get people, organizations, and businesses that are familiar with you involved with your campaign. And ask them to spread the word. This sort of networking can only help you.

Social Media

Share your campaign on social networks and ask your friends and family to do so, too. Tweet the link. Add it as a Facebook status. Turn it into a Tumblr blog post or a snap on Snapchat or publish a blog post about it. Ask your network to distribute the link. The best technique to get your network to help you out is by assisting them in return. If your nephew’s band is on Facebook, share their page, or tweet about it.

Be a cooperative member of your own personal community. Then your online community will be more likely to help you out when you ask. And rerun these social media posts. Consider time zones and our all-too busy lives. People might not see your message the first time around. Mix it up and send it at irregular hours. Use scheduling software such as HootSuite for this. This includes what is the middle of the night where you live.

Beating the Financial Recession: Crowdfunding Strategy

Plan your Marketing and Outreach Strategy. You will need to put hours into creatively marketing your campaign before it launches. Successful campaign owners spend hours developing a plan that will market their campaign. And they have a defined goal that raises funding efforts both online and offline.

COVID-19 funding Credit Suite

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Stretch Goals

Your stretch goals should be a mix of easy to get and pie in the sky. If you are crowdfunding for $100,000, a pretty easy to meet stretch goal is $125,000.

Pie in the sky will be more like $300,000. Make it clear what you will do with any added cash if you are fortunate enough to get it. Will you buy the property your startup is in? Hire five more people? Replace your worn out equipment? Open a brand-new market on some other continent? Let your donors know what you are striving for, so they can dream with you.

Beating the Financial Recession: Takeaways

Starting a new business venture doesn’t have to be restrictive or stressful. This is especially when you know how to use crowdfunding and its various platforms. Crowdfunding can be another way to fund your business or a new project without having to pay for upfront marketing costs. And you get to keep your equity!

As a business owner, you should always look for ways to grow your business. And by using crowdfunding you can provide your business with new avenues to get funding.

The post Fund your Business with Crowdfunding During a Financial Recession appeared first on Credit Suite.

On the Hunt: Finding Elusive Recession Startup Business Loans

COVID-19 threw our country into a recession that no one really saw coming.  The drastic turn in the economy was jarring to say the least.  Starting a business now can be scary.  Here’s what you need to know about recession startup business loans and other funding options. 

How to Find Other Funding Options Besides Recession Startup Loans

Small businesses continue to report problems finding credit. About 45% do not apply, most likely due to the fact that they do not need to. Another 20% don’t apply because they are discouraged from doing so. They either feel they will not qualify or they believe the process is too hard, and therefore not worth the time.

Small business owners report that competition among banks for their business came to a head from 2001 to 2006, and that this competition has declined from 2006 to the present.

But Wait, There’s More to Recession Startup Business Loans and the Economy
recession startup business loans credit suite

Even more concerning, according to one report, the number of American banks and thrifts has been decreasing slowly for 25 years. This is coming from consolidation in the marketplace in addition to deregulation in the 1990s, reducing barriers to interstate banking.  What does that mean in layman’s terms?  In short, recession is coming. Will you be able to find funding? 

Assets focused in ever‐larger financial institutions is a problem for small business owners. Big banks are a lot less likely to make small loans. Economic declines usually mean financial institutions will become more mindful with financing. 

The good thing for small businesses is, business credit does not rely on traditional financial institutions. What about recession startup business loans? How do you find them? Does such a thing even exist?

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

In the strictest sense, yes.  I mean, startup business loans do not just disappear during a recession.  They are just harder to get.  Startups are a big risk, and few lenders are willing to take such risks, especially during a recession.

That doesn’t mean you should lose all hope however. There are options that can make it easier for you to qualify, and if you are still not able to get startup business loans, other types of funding do exist.  

The Credit Game? 

Lenders check credit to help determine whether or not a borrower is likely to repay the loan. It is an effort to reduce risk. If you have great personal credit, you are home free. No need to hunt, the loans will come to you whether there is a recession or not.

While credit is a good indicator of likelihood to repay, it is far from perfect. The problem is, for business loans, most owners have to rely exclusively on their personal credit.  This is because, as a startup, they likely do not have any business credit yet.  It is possible to have not so great personal credit and still be able to meet business obligations.

What Else Can Lenders Use besides Credit to Approve Recession Startup Business Loans?

There are a ton of potential borrowers out there that could be great for lenders. Unfortunately, they will never get a second look because of a poor personal credit score or non-existent business credit score. 

Some lenders are willing to take other factors into consideration when they determine whether to approve business loans. They may look at credit, but they look at income, current debt, and length of time in business as well. 

Often a business can get approval based on length of time in business and annual revenue. It is important to remember that startups can be as young as a couple of years. It does not have to be a brand-new business to qualify as a startup.

Most loans that do not require a great credit score do require at least 6 months in business. Some will go with 3 months. Few and far between are the loans that do not have a minimum time in business requirement. 

Some lenders will get as personal as to ask why your personal credit score is low. If there is a personal situation that caused a decline in credit, telling them about it may help. In addition, if your score is low but has increased significantly, you should bring that to their attention as well.

For example, if you can show them that your score went low as a result of a health problem, but has increased 100 points since that problem was resolved, it can only help. 

What Exactly Are You Hunting For?

Loans are hard to come by in a recession, period.  Recession startup business loans may be some of the hardest to find.  The key is to remember you are hunting more for the right lender, rather than the right loans. Not only that, but you may be better off looking for another type of funding all together.  Here are some surprising alternatives to traditional lenders and loans.

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Alternative Lenders

Alternative lenders are likely the best option when it comes to business loans in a recession.  They are alternatives to the standard banks and credit unions. Many operate solely online. They often process applications in just a few days, and borrowers receive funds quickly. 

The main difference in alternative and traditional lenders is that there are many occasions where they may not even do a credit check. Often, if you can show that you are generating sufficient revenue to repay the loan and interest, you are golden.

You do have to do your research still.  Do not assume every loan an alternative lender offers is what you are looking for. 

The interest rates with alternative lenders are generally higher, and the repayment terms are less liberal. They may also require a personal guarantee or collateral of some sort. 

Despite the often less favorable interest rates and terms, these are a great option for those looking for recession startup business loans. 

Crowdfunding as an Alternative to Recession Startup Business Loans

Crowdfunding is not technically a loan, though some crowdfunding sites offer a lending option. These are more in line with investments. This means you do not have to pay them back. 

It won’t work for everyone.  You have to set a goal for the amount of investment you want. With some sites, if you do not reach that amount, you do not get your funds. Other crowdfunding sites are more flexible, allowing you to take whatever you can get. 

The main reason this doesn’t technically fall into the category of business loans is that the main product is not a loan. You do have to provide in depth information however, and most sites require you to offer backers an incentive for their investment. It is only fair to mention, also, that it may be harder to find those willing to participate in crowdfunding during a recession.

Angel Investors

Again, this isn’t a loan, but it is an option if finding recession startup business loans is proving difficult. The idea is very similar to that of crowdfunding, except you replace the crowd with one investor.  Sometimes it is two or three investors. It is a few, and not a crowd, that provide the bulk of the funding. 

It’s important to note that angel investing in your endeavor can be really informal.  Even your mother can be an angel investor. 

Invoice Factoring

If you have been in business long enough to have open invoices, invoice factoring could be an option. The lender is not concerned with your credit, because they will not be collecting from you.

They will pay you a discounted value for your open invoices and then attempt to collect the full amount from your customers. This is an excellent funding option, but it does not operate exactly the same as traditional loans.

Credit Line Hybrid

A credit line hybrid is the funding option many do not know about, and it is perfectly suited for business funding during an economic downturn. It allows you to fund your business without putting up collateral, and you only pay back what you use.  

How hard is it to qualify?  Not as hard as you may think.  You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less 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. 

If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

What are the Benefits of a Credit Line Hybrid? 

There are many benefits to using a credit line hybrid.  First, it is unsecured, meaning you do not have to have any collateral to put up.  Next, the funding is “no-doc.”  This means you do not have to provide any bank statements or financials.  

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business. 

The process is pretty fast, especially with a qualified expert to walk you through it.  One other benefit is this.  With the approval for multiple credit cards, competition is created.  This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Self-Funding with Friends and Family During a Recession

Your friends and family are often your best source of recession startup business loans.  If they believe in your cause and have the funds, they may be willing. They may also be more flexible and generous in terms of interest rates and repayment terms. It never hurts to ask. 

If you have savings or retirement funds available, there is no doubt you will have guaranteed approval with what’s called securities-based financing. An added bonus is that you can repay yourself, and if you choose to do so with interest, even a little, you could end up better off. If you need to take it more slowly, you can do that too. You can be as flexible as you want with yourself. 

Avoid the Hunt for Recession Startup Business Loans

If you are weary of the hunt, start now working to establish and build business credit. Many times, this is an issue for the simple reason that business owners do not understand business credit and personal credit are not the same thing. 

By working to establish a credit score for your business separate from your own, you make it easier to fund your business endeavors in the future. 

First Things First

If you do not currently have business credit and need to get it established, there are some simple steps you can take to get started. 

  • Incorporate your business as a corporation, S-corp, or LLC.
  • Get your business its own phone number and address separate from your own.  
  • List this information under your business name in all the directories. 

These steps establish your business as its own entity separate from you and your finances. This is the essential first step to establishing business credit. 

Build Strong Business Credit

This should be the ultimate goal.  Once your business is its own entity, you can work on building, or repairing, bad credit. When that part is complete, you no longer have to worry about finding funding based on your personal credit alone. You will just be able to apply for a loan and negotiate for the best terms and rates. 

How do you get there? First, make sure you are doing business with vendors that report to the credit agencies. Then, get whatever credit you are eligible for. 

Even if you don’t need credit at the moment, get something. Make your payments on time, consistently. This builds a credit score where there was none before, and it can begin to repair a poor credit score. 

 

A Successful Hunt Many Not Even Include Recession Startup Business Loans

There is always an obstacle to overcome. There is always a problem of some sort. Don’t let the finding recession startup business loans be the thing that keeps you from starting and running a successful business.   

You may be able to find a loan, but if you can’t, there is more than one way to bag the prize. The alternatives to business loans for startup funding are numerous. If the regular weapons are not available for whatever reason, find another way. Take a look at alternative lenders, invoice factoring, merchant cash advance options, Crowdfunding, Angel Investors, or even friends and family.

Recessions come and go.  It is the nature of the economy.  No matter what, it just happens.  It can be counted on the same way as the sunrise and sunset.  Thankfully, it doesn’t have to bring success or progress to a halt.  Explore your options and be diligent to find the funding you need for your business. You have to get creative and seek out alternative methods, and that is okay.  Having a strong business credit score can definitely help also.  Find out more about that here.  

Just don’t give up.  Remember, the key is to put yourself in a better situation so that once you survive the battle, you can win the war. 

The post On the Hunt: Finding Elusive Recession Startup Business Loans appeared first on Credit Suite.

New comment by InternetOfStuff in "Ask HN: Freelancer? Seeking freelancer? (September 2020)"

SEEKING WORK | Germany or remote | DevOps strategy and (as a hobby) implememtation

I’m a senior DevOps person. My mission is to enable teams to work together better, faster, more enjoyably.

I firmly believe that engineering is what happens when engineers talk to one another. I
enable teams by making them understand what they can do and what they feel they should be doing.
It’s not enough to work on one aspect of your practice; instead you’ll need to address improvements at all levels.

To that end I offer everything you need to level up your development efforts:

* training on cultural aspects of DevOps
* training on methods used in DevOps
* training on technology to support DevOps
* ongoing consulting and coaching
* potentially, some hands-on work to get your tech stack off the ground

I’m also pretty active in the community, and am happy to speak at events or on podcasts.

Website: https://ingianni.eu/

Linkedin: https://www.linkedin.com/in/luca-ingianni/

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Don’t Let Bad Credit Sink Your Business: Recession Vendor Credit Can Pull You Out of the Quicksand

How Recession Vendor Credit Can Be a Lifeline Out of Mud and Muck

You’re trying to sleep but anxiety is creeping in.  You can’t shake the cold feeling in the pit of your stomach.  The recession hit and you are about to start sinking fast.  What can you do?  Is there any hope?  Your personal credit can only hold so much, and it won’t last for long the way things are going.  The business credit situation isn’t great either.  You need to find a vine so you can pull yourself out of this mess.  That is exactly what recession vendor credit can do, if you know how to use it.

Bad business credit is like quicksand.  It can pull you down and choke the life out of your business before you can think.  The more you struggle the deeper you sink.  How can you possibly pull your business out of this sticky situation?  Reach for the vine of recession business credit.  Not only can it help rebuild and repair damaged business credit, it can start you on the path to stronger business credit than you have ever had.  If you don’t have business credit, then recession vendor credit can help you establish it.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession! 

The vendor credit tier of business financing offers terms that count as credit, and reports payments to credit agencies.  This allows you to establish and build business credit that will get you out and keep you away from more business finance quicksand.

To fully understand the vendor credit tier however, you need to know what it is, and how it fits in to the other business financing tiers.

The Recession Vendor Credit Vine Hangs Low

If you are sinking in quicksand the first thing you have to do is stop struggling.  The more you struggle the faster you sink.  You do not reach for vines and branches that are too high.  The low hanging vine that is easy to get to is really the only option you have.  Recession vendor credit is easy to recognize because, unlike the other credit tiers, it is going to be easy to grab a hold of from right where you are.

Start Vendors

This is a low hanging vine that you need to grab to build your business credit. Even if you do not have business credit at all when you first start, it will still work. In fact, it may work better from the beginning.  However, this vine can pull you out of a bad credit mess as well.

Starter vendors are the businesses from which you purchase the things you use day to day in your own business. It may be inventory, raw materials, office supplies, or any number of things. They offer terms such as net 30, meaning you get 30 days from the date of purchase to pay for the items purchased.  Some vendors offer net 15, net 60, or even net 90.

In the end, they report your payments, or lack thereof, to credit agencies. The beauty is they do not require a credit check typically, meaning if you handle things properly, they offer an opportunity to build business credit from the ground up.

Store Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, you can start to reach for some of the higher vines, like store credit. These are service providers like Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

There are several options that report to various credit reporting agencies.  For example, Lowe’s reports to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or more.  If you have handled your recession vendor credit properly, this will be no problem.

Fleet Credit

Are there more accounts reporting? Then you can reach for the next higher vine, fleet credit. These are companies like BP and Conoco. Use this credit to purchase fuel and vehicle maintenance. Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.

Shell is an example of a company in this tier.  They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411-business phone listing.

Shell might say they want a certain amount of time in business or revenue. However, if you already have adequate recession vendor credit, that won’t be necessary. You will still be able to get approval.

General Credit Cards

Have you been responsibly handling the credit you’ve gotten up to this point? Then keep reaching for higher vines and get yourself out of the muck for good.  General credit cards include businesses such as Visa and MasterCard. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN.

 

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession! 

Additionally, they want you to have an established company.

How to Make Starter Credit Work for Your Business

Using recession vendor credit doesn’t help you at all if you are operating under your personal credit. You have to establish your business as its own entity before it can build its own credit. It’s much easier to stay out of the quicksand, but if you do fall in, knowing what to do is essential.  It also helps if you have been working out and have a solid core to help pull yourself up.  When it comes to business credit, these are the things you must do to build your core:

  • Incorporate your business (or at least begin operating under a DBA)
  • List separate business contact information in directories
  • Obtain an EIN and D-U-N-S number
  • Open a bank account in your business name and run all business expenses through that account.

These steps will help you establish your business as an entity with finances separate from your own. That means vendors will report credit information in your business name. Thus, your business credit will be born. This is the foundation of your strong core and what will help you begin the process of pulling yourself out of a sticky credit situation.

Now, who are these vendors that can save you?   We picked a few of the best to highlight, but the list isn’t exhaustive by any means.

Grainger Industrial Supply

Grainger sells power tools, pumps, hardware and other things. In addition, they can handle maintenance of your auto fleet. You need a business license and EIN number to quality, as well as a D-U-N-S number from Dun & Bradstreet.

Quill Office Supplies

Quill is the ultimate starter vendor . They sell office supplies as well as cleaning and packaging supplies. Products range from office furniture and printer ink to snacks and coffee.

Uline Shipping Supplies

Uline reports to Dun & Bradstreet and carries shipping boxes, trucks, dollies, janitorial supplies, and more. Initially, you may need to prepay. After that, they are likely to approve you for Net 30 terms.

Behalf.com

Behalf is way of getting paid through an app, but they also offer funding. The more you have your customers pay you through Behalf, the more likely they are to offer you favorable terms when it comes to funding.

Avoid the Quicksand All Together

Once you are out of muck and safe, don’t jump right back in. Stay on solid ground and on top of your business credit. How do you do this when quicksand can sneak up on you so quickly?  It’s not as hard as it sounds.

If you are working with recession vendor credit, be certain to make payments on time or early. Then, monitor your credit. When you see things moving in the right direction, keep moving up the vines and building strong business credit.

Don’t become a victim of credit agency mistakes. If you see a problem on your report, signal for help. Let them know about the mistake in writing, give them the correct information, and provide documentation. Don’t send originals though. Be sure to make copies and keep the originals for yourself.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession! 

You should note that it is isn’t as easy to monitor business credit as it is to monitor personal credit. You can get a free personal credit report annually, and you can monitor your score and changes in your report through several free websites.  It costs money to monitor your business credit score.  There is no way around it.  However, we can help you monitor business credit at Experian and D&B for 90% less than it would cost you with the credit reporting agencies.  Find out how at www.creditsuite.com/monitoring.

Grab the Recession Vendor Credit Vine: Don’t Let Bad Business Cause Your Business to Sink

If you know it’s there and are watching out for it, quicksand is totally avoidable. Unless, of course, you find yourself in a COVID-19 situation.  Then, you may very likely be pushed in before you even know what is happening. Bad business credit is also avoidable and fixable, even in a recession. It may take some time, but you can establish and build great business credit following the process, starting with recession vendor credit.

Start with starter vendors and work your way up to traditional financing.  If you trust the process, your business can thrive. Be careful not to move too fast. Start slow. If you move to quickly you could be sinking before you know it. When it comes to building business credit, slow and steady wins the race.

What does it mean to take it slow? Don’t bite off more than you can chew. Do not take on more credit than you can handle. Know your limits, and pay attention to the market. If you move to fast when trying to get out of quicksand you are just going to sink faster.  You have to stop struggling and move with slow, controlled movements. Any progress is progress toward where you want to be, meaning you are getting closer no matter how slowly you are moving.  Just keep moving in the right direction.

The same is true of building a business. You don’t have to move quickly, you just have to keep moving in the right direction.

 

 

 

 

 

 

The post Don’t Let Bad Credit Sink Your Business: Recession Vendor Credit Can Pull You Out of the Quicksand appeared first on Credit Suite.

Looking for an Online Lender? We Have a List of 12 to Get You Started

Online lenders can be the perfect option for a business loan.  This is especially true if your credit isn’t the best. An online lender is likely to have more relaxed terms and lower interest rates.  Good ones can be hard to find however. We’ve done the research so you can get a head start on the game.

Need a Business Loan? Try These Top 12 Picks for an Online Lender 

When looking for an online lender, it’s important that you find one that will work for your specific needs.  They all have different requirements, terms and rates. Which one will work best for you will depend on a number of factors.  For example, what do you need to funds for? How much do you need? What does your credit score look like? Consider the following options. 

Find out why so many companies use our proven methods to get business loans. 

Fundbox

If you start with a search for an online lender, Fundbox is going to be one of the first to pop up.  It is a line of credit rather than a loan, but it is a great funding option because there is no minimum credit score requirement. 

They offer an automated process that is super-fast. Repayments are automatic, meaning they draft them electronically, and they occur 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, as the repayment period is comparatively short.  This means you need to be sure you have enough funds in whatever account you connect them to so that it can cover your payment each week. 

Loan amounts come as low as $100 and as high as up to $100,000, but the max initial draw is $50,000. Though there is no minimum credit score requirement, 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.

BlueVine 

You will find with most any online lender, they often offer options more similar to invoice factoring and lines of credit.  This is because these present fewer risks than straight term loans.  

The minimum loan amount available from BlueVine is $5,000 and the maximum is $100,000. Annual revenue must be $120,000 or more and the borrower must be in business for at least 6 months. Your personal credit score has to be 600 or above. It is important to note also, that BlueVine does not offer a line of credit in all states.  You can find out more in our Bluevine review.

Upstart

Upstart is an online lender that uses a completely innovative platform for loans.  The company itself questions the ability of financial information and FICO on their own to truly determine the risk of lending to a specific borrower.  They choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data instead.  They then use this data to help them make credit decisions.

This alternative data can include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances.  The software they use learns and improves on its own. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities.  Typically, business loans are available ranging from $1,000 to $50,000.  Interest rates vary greatly, ranging from 7.5% to 35.99%.  Repayment terms can be either 3 -year or 5-year. 

To be eligible for a loan with Upstart, you must meet the following qualifications:

  • Credit score of 620+
  • No bankruptcies or negative public records
  • No delinquent accounts
  • Meet debt to income standards (they only note they will check this ratio, not what their standards are.)
  • Have fewer than 6 inquiries in the past 6 months on your credit report, not including those related to student loans, vehicle loans, or mortgages

These are the requirements they list on their website.  One independent review said that the requirement for the debt to income ratio is a maximum of 45%. It also says that the minimum annual income has to be at least $12,000.  For more information visit our Upstart review. 

Find out why so many companies use our proven methods to get business loans. 

Fora Financial 

Founded in 2008 by college roommates, online lender Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify. 

The minimum loan amount is $5,000 and the maximum is $500,000. The business must be at least 6 months in operation and the monthly revenue has to be $12,000 or more. There can be no open bankruptcies. 

OnDeck 

Obtaining financing from OnDeck is quick and easy. First, you apply online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.

Just like any other online lender, they do have certain requirements to qualify for a loan.  For example, a personal credit score of 600 or more. Also, you must be in business for at least one year. Annual revenue must be at or exceed $100,000. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements. 

Bond Street

Offering term loans of $10,000 to $1 million, Bond Street terms are for up to 1 to 3 years. Bond Street will ask for both EIN and SSN.

The offer arrives within 3 days. Bond Street will only do a soft credit pull, and 640 or better credit score is likely to get you a loan.  However, Bond Street will look at other factors too. For example, they require 2 years in business and annual revenue of at least $200,000.

Rates start at 6% and go up to 22%. APR works out to 8 to 25%, and there is a 3 to 5 % origination fee.

Advantages are the soft credit pull and the fact that they will look at factors other than your personal credit if your FICO score is low. Another benefit is that Bond Street can offer very large loans if you qualify. Disadvantages are the longer time in business requirement and high APR.

Lending Club

Popular online lender Lending Club offers term loans. Business loans from $5,000 to $300,000. Loan terms are 1 to 5 years.

Get a quote in less than 5 minutes. Funds are available in as little as 48 hours if approved. There are no prepayment penalties.

Annual Revenue must be $75,000 or more. You must be in business for 2 years or more. Personal FICO score of 620 or better is required.

Rates of 5.99% to 29.99%. Total annualized rates starting at 8%.

Advantages are that the annual revenue requirement isn’t too high. Funds are available quickly. Disadvantages include high maximum rates.

Quarter Spot

Quarter Spot is an online lender that offers short term loans. $5,000 to $150,000 is available. The terms are 9 to 18 months. Quarter Spot will only do a soft credit check when you apply. They confirmed this information when we asked.

Your company must have annual revenue of $200,000 or more. You have to have a personal FICO Score of 550 or better. There is no fee to apply.

The minimum time in business is 12 months. You must have a minimum average bank balance of $20,000. You must also show a minimum of $16,000 in monthly sales.

The borrower must own at least 50% of the business. Their rates are 25% to 40%. 

Advantages are that the personal FICO score requirement is relatively low. Minimum average bank balance requirement is also fairly low. Disadvantages are that maximum rates are rather high.

Rapid Advance

Rapid Advance offers standard, select, and preferred loans. For standard loans, $5,000 to $1 million is available. Their terms are 4 to 12 months.

Your company must have annual revenue of $120,000 or more. You must have a personal FICO Score of 580 or better. The minimum time in business is 2 years. There is a 1.16 to 1.30 factor rate.

For select loans, $15,000 to $1 million is available. Their terms are 6 to 15 months. You must have annual revenue of $240,000 or more and a personal FICO Score of 620 or better. The minimum time in business is 3 years. 1.12 to 1.31 factor rate.

For preferred loans with Rapid Advance, $15,000 to $200,000 is available. Their terms are 9 to 18 months. You must have annual revenue of $240,000 or more. You must have a personal FICO Score of 660 or better.

The minimum time in business is 6 years. You must have a minimum bank balance of $10,000 or more. Borrowers must have at least 10 deposits from 5 different sources every month. There is a 1.11 to 1.25 factor rate.

The advantages are a few choices for loan types. And the maximum available amounts are high. Disadvantages are minimum bank balance requirements are fairly high. Their annual revenue requirements are also high.

Kiva 

Kiva is an online lender that is a little different. For example, the interest rate is 0%, so even though you have to pay it back it is absolutely free money. They don’t even check your credit. However, there is one catch.  You have to get at least 5 family members or friends to throw some money in the pot as well. In addition, you have to pitch in a $25 loan to another business on the platform. 

Find out why so many companies use our proven methods to get business loans. 

Accion 

If your personal credit is okay, Accion may be a good fit for small business startup loans bad credit. It is a microlender, a nonprofit, that offers installment loans to both startups and already existing businesses. The minimum credit score is 575. In some places they will go as low as 500. You don’t have to already be in business, but if you are not, you must have less than $500 in past due debt. In addition, your business needs to be home or incubator based. 

Loans are from 6 to 60 months and interest rates range from 7% to 34%. A personal guarantee, and sometimes specific collateral, is necessary in most circumstances. 

Credibly  is a Great Online Lender

Credibly is also a good option for business loans for startups if you are already generating some revenue. They offer short term loans for both business expansion and working capital. You must be in business for at least 6 months to qualify, and they will approve loans to those with credit scores as low as 500. 

Why Choose an Online Lender?Online Lender Credit Suite

It is very possible you are reading this thinking to yourself, why would I choose an online lender over a traditional lender.  There are actually a few reasons. First, it is often easier to get funding from an online lender. This is especially true if your personal credit score is not up to par. 

Even if you have great business credit, most term loans and many lines of credit require a personal credit check.  They may take your business credit into account, but if your personal credit stinks, it won’t help you much. Online lenders tend to have lower minimum personal credit score requirements than traditional lenders. 

Next, an online lender will typically send you the funds faster.  Sometimes you can have the money in as little as a few days, with approval coming in as little as 24 hours.  The traditional lending process can take months.

An Online Lender Could be the Answer to Your Funding Needs

If you can go with a traditional lender, great.  They often have better rates and terms. However, if you, like many business owners, do not have that option, an online lender may be the perfect solution.  Approval requirements allow many more borrowers to get their funds quickly and easily. Take into account the following factors: 

  • How much do you need? 
  • What do you need the funds for? 
  • What is your credit score? 
  • How much of a payment/ interest rate can your budget handle? 

It’s also important to note, there are a lot of predatory lenders online.  You have to be careful. The list above is a great starting point, but don’t stop there.  There are a lot of options, so take the time necessary to do your research. 

The post Looking for an Online Lender? We Have a List of 12 to Get You Started appeared first on Credit Suite.