Posted by Juliette Riddle
Uploaded 92 days ago
When you are looking to expand your company, whether you need to hire more employees or purchase tools and software, where do you look for financing for your small business?
Do a quick Google search for small business loans and you will find the SERP’s full of companies spending a lot of money on ads waiting for you to click. Proceed with all lending options with caution, but don’t disregard companies like PayPal or Kabbage. They can connect small businesses to thousands of lenders depending on your unique needs.
PayPal Small Business Lending
With loan amounts from $5,000 to $500,000, if you are looking for fast access to cash, a fixed fee, competitive rates and no late fees, PayPal makes it easy. Like other lenders, interest charges and approval will depend on credit. However, checking your eligibility is much simpler than traditional lenders. You can check online or over the phone.
Kabbage is about 10 years old and began to help the undeserved small business community. With loan amounts up to $250,000, Kabbage can help businesses who have an established company for at least one year, and an annual revenue of $50,000 or more. Like PayPal, qualifying is easy and there are no application fees. Interest amounts and terms are on approved credit, but Kabbage prides themselves on looking at the business as a whole, and not just your credit score.
You can also investigate LendingClub, a big player and OnDeck, both of which cater to newer businesses.
With the advent of technology, everything becomes easier, including securing a working capital loan. However, don’t discount your local banks, especially the bank you use for your business. You probably have a dedicated account manager, and bank loans will always give you the best rate for qualifying customers. Bank loans also provide a more personalized service and will have someone to walk you through the process. There are many different types of loans available, depending on your business needs, so make sure to do your research and find the best fit for you.
Everyone has a differing opinion on money matters. If you need capital to grow, taking out a loan might make the most sense. However, just like taking on a new mortgage, using a credit card, buying a vehicle, or extending any line of credit, there are pitfalls. You are borrowing money against collateral and must have a plan in place. It is always wise advice to not borrow money you cannot pay back. Be careful moving forward with any loan with excessive interest rates or with any loan you do not fully understand.
If you have one in your area, connect with small business development centers for resources and education. You can also join your city’s business chamber and network with other small business owners for shared resources and experiences. Your local bank may offer small business education information or financing seminars as well.
No matter which lending route you choose, ensure you have a need for the loan and a business plan in place to use it wisely. Just as our member, Josh Beyer, points out, there are many scenarios where using other people’s money to grow is beneficial to your business. Cash flow can help boost your profits making it easy to pay back what you borrow and turn a profit in the meantime.
There are always individuals looking for a way to make money without working for it, and they see plumbing and HVAC vans loaded with tools as easy targets. It is a service pro nightmare, so how can you protect your property from theft?
Uploaded 90 days ago
If you are unfamiliar with it, the phrase guerrilla marketing might make you take a pause and ask, what? Afterall, the terminology conjures images of warfare, ambushes or surprise attacks. While using unconventional techniques won’t have you attacking unsuspecting customers, it does encapsulate the element of surprise in your marketing strategies.
Uploaded 91 days ago
These are the best books recommended by other business owners to help elevate your business mindset.
Uploaded 93 days ago