knowledge

South Dakota has a decent rate of new business owners. South Dakota also has the second best business tax climate. But the pool of potential workers to hire is small in the state. South Dakota has the lowest percentage of available employees at 0.52%.

In a recent GOBankingRates.com study, New Hampshire was the best state for families to live a richer life. This is important when considering where people want to live.

Montana has a ranking near the top for key economic indicators. These are items like export growth, entrepreneurial activity, long term job growth, small business lending and business birth rate.

Consider the lender’s perspective. They want assurances that you will pay your bills on time and will not skip town.

Keep in mind that there are several 411 directories. Each carrier maintains their own data. Fortunately, there are services such as List Yourself which will submit your business name and business number to thousands of directories.

The state of the world economy, including rising inflation and impending recession, is causing lenders to get tougher on underwriting loans. Here’s how to increase your chances of getting a favorable decision from underwriting when it comes to a business loan.

According to a 2018 Forbes article, North Carolina clocked in at number one (for states in which to start a business)! Forbes cited the state’s business costs and labor supply mainly, and its regulatory environment. Quality of life and growth prospects also ranked highly.

Opening a business bank account is vital for building small business credit. In fact, many starter vendors for business credit will not provide true business credit cards unless you have a bank account!

For virtually all business loans, particularly if your business is new, you will need to provide a PG. Hence, you provide personal details and they will likely perform a ‘hard pull’ to check your credit history.

To check eligibility, a loan provider will review your business plan. They often check personal credit. Personal FICO score is often a factor in lending terms and interest rate.

It doesn’t take much to figure out that a business website is important for many reasons. Of course, if it isn’t well designed, it won’t do you much good. However, did you know bad website, or no website at all, can actually affect your ability to get funding?