Thursday April 17, 2014
The past few articles I've written have covered various aspects of obtaining financing for your business. As you know acquiring business credit
and finding working capital
does not have to be an uphill battle.
When starting up a small business
or working with an existing one, it all starts with assessing what strengths you and your business bring to the table and what weaknesses you have to overcome. For example, if your business has a strong idea and you have some initial backers but need to raise additional capital why not consider crowdfunding
Let's say your business has revenues but you have challenged credit. Why not consider revenue based financing as an alternative? The good news is there are solutions and funding programs that are designed to work with virtually every type of business situation. In addition to business funding I also covered the importance of separating your personal and business credit.
For starters, did you get your DUNS Number for your business yet? Stay tuned as we will continue to post new informative articles geared to helping you acquire the financing your business needs without putting your personal credit at risk every time.
Until next time!
Sunday March 2, 2014
Your personal credit report is a financial report card of how you have managed your credit. Anyone who has a legitimate need can pay a consumer credit agency such as Equifax, Experian, or Transunion to view your report.
As a consumer it's important to closely monitor your credit reports to ensure all information being reported is accurate. To check your personal credit reports go to Annual Credit Report.com to take advantage of your free annual credit report from each of the major consumer reporting agencies.
But how do you check your business credit reports?
Like consumer credit reports, business credit reports are a company's financial report card of how a business has managed its financial and credit obligations. Unfortunately, there are no laws entitling business owners to a free annual business credit report.
While there are over 30 business credit agencies in the U.S., the three largest and most prominent ones are Dun & Bradstreet, Equifax Small Business, and Corporate Experian. Each of these agencies serves large segments of the financial industry. They collect data on millions of companies and compile the information into a readable format; the business credit report.
Saturday February 22, 2014
Obtaining a traditional business loan is a lengthy process and requires a great deal of documentation. When you apply for a conventional business loan, you'll need to submit various documents regarding your company and its financial standing. While the exact documentation needed is different between lenders, some of the common requirements include a business plan, credit reports, personal and business tax returns, financial statements and the list goes on.
Although traditional lenders are beginning to loosen their belts; a high level of scrutiny is still imposed when reviewing a business for a loan. If time is a luxury you simply don't have there is an alternative funding program that enables you to get a quick business loan approval in 2 business days and funding as fast as 7 business days.
It's called a Revenue Based Loan
Revenue based financing also known as cash flow based lending is the ideal funding solution for business owners who are in need of fast funding. Read More...
Friday February 14, 2014
Your business bank account plays a crucial role in how your company manages its day to day finances. Did you know your bank history of deposits, withdrawals, average daily balances, overdrafts, etc. all play a factor in how your financial institution views your company's bank rating?
The three most important types of credit ratings a business owner should be aware of are; consumer credit scores, business credit ratings, and bank credit ratings. Consumer credit reports and scores are considered a financial report card on how well an individual manages his personal finances.