Funding

Always use credit sensibly! Never borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying in a timely manner and fully will do more to boost business credit scores than almost anything else.

Trade references for a small business can provide a much clearer picture of the overall health and day to day operations of a company. These allow a credit or loan provider to dig much deeper into the financial guts of a company.

Venture capitalists give money to help build new startups, if the VCs believe a company has both high-growth and high-risk potential. These tend to be fast-growth companies with an exit strategy already in place. Venture capitalists often look to recover their investment within a 3-5 year time frame.

There are many reasons to apply for an SBA loan, but there are just as many reasons someone who qualifies for financing another way may not want to do so. For example, SBA loans offer longer repayment terms and lower interest rates, but there is an extensive and complicated application process.

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs.

With commercial vehicle financing, business owners may need to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Starting off by giving a personal guarantee means you can get money, and start building your commercial fleet now instead of later.

Most SBA loans have terms that stretch into years, with 7(a) loans having a repayment term going up to 10 years. The Builders CAPLine (a type of 7(a) loan), however, cannot have a loan term of more than 5 years.

There is a such thing as business loans with bad credit. However, it is important to use them wisely. Let them help you dig yourself out of a bad credit rut, not keep you in it.

Are you looking for the best business credit cards for cash back? Check out what we’ve found, including cards with other kinds of perks, as you may find those are a better value for you than just cash back.

Looking for an LLC credit card? Your limited liability corporation needs its own credit. Don’t use your personal credit to bankroll your business. We show you a better way.