For a trucking business that has poor cash flow, an enormous truck loan can end up being a millstone around the business owner’s neck. This is one reason why lenders want to see bank and cash flow statements.
Specialty lenders that only work in truck lending and leases will often be a good choice. Dump truck owners can also borrow via strictly online loan providers. There is a lot more out there beyond banks.
Unlike a mortgage or a traditional bank loan, a construction loan is paid out in stages as the new home construction progresses. Often, these draws will happen when major milestones are completed. For example, when the foundation is laid or the start of the framing of the house.
There are a lot of business funding options out there. It can be hard to figure out which one will work best for you. There a lot of factors that can come into play. Do you have collateral? What does your credit score look like? How quickly do you need the funds? How much do you need? It all makes a difference.
If you need to purchase real estate or equipment, a 504 SBA loan could just the ticket. But, what if you don’t qualify? Are there other options?
Inventory is a huge and ongoing expense for many retail businesses. Funding its acquisition is top of mind, particularly right before a busy season. And, if your business has a slow season, then you will need to concern yourself with funding inventory storage as well.
Many of these options are not just good for getting money now. They are good for helping your brewery get financing in the future. In particular, corporate credit will help you get money long after you have fulfilled your first need for financing.
If you have signed a contract for a loan, you may have come across a legal term—confession of judgment. While it may look like just another paragraph of the ‘fine print’, you should still know what this legal term is all about. Every borrower should be able to make an informed decision. What is a
Building and improving your business credit is a great way to help your business ride out inflation. Buying on credit means you can wait a bit (although not forever) to pay for goods and services. If prices go down, particularly during a grace period where you don’t have to pay, you’ll do better. But better terms will only come to your business if your business credit is good.
Maybe the simplest way to achieve and maintain a good bank credit score is to deposit at least $10,000 into your business bank account and maintain it there for as long as a half year.
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