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How Do SBA Coronavirus (COVID-19) Loans Work?

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Source: Lendio

As the coronavirus (COVID-19) pandemic continues to spread, the federal government has allocated resources to support small businesses through economic hardship and hopefully restore some of the jobs lost (now at 9.6 million people according to the latest jobs reports) as a result of mass stay-at-home orders and business closures.

Given how quickly the rollout has come—and how many changes have happened along the way—many small business owners have been left scratching their heads, saying, “Wait a second, how do these SBA coronavirus loans work, and will my business even qualify?”

Great question. Let us answer it.

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April 5, 2020 |

Small businesses, slammed by coronavirus, plead for quick help

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Source: Politico

U.S. lawmakers are moving to give a cash infusion to small businesses that have been hammered by the economic fallout from the coronavirus pandemic, but the industry is already sounding the alarm that it won’t be enough.

The $349 billion contained in the Senate version of the stimulus package — which stalled in Congress on Sunday — would guarantee private-sector loans to companies through the Small Business Administration, freeing up more funds for outfits struggling to keep their head above water as revenue evaporates.

But small-business owners and trade groups warn that the money is probably not sufficient and that it’s not likely to get to those most in need fast enough. Others wonder whether enough help can be distributed to a sector that’s so vulnerable because so many businesses have no cash cushion.

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March 25, 2020 |

13 Best Small Business Grants for Women

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Source: Nav

Women are a core pillar in business, but in far too many cases women face inordinate challenges and find themselves behind their male counterparts based on several measures when it comes to business ownership and incomes. While there are many incredibly successful female entrepreneurs that come to mind when discussing women in business, women remain underrepresented at the workplace and often earn less than their male counterparts for the same work.

Business owners already struggle to qualify for business loans or other forms of financing as they try to build business credit and build their businesses, and women business owners moreso. When loans are tough to come by, money can be in short supply and small businesses struggle.

These 13 grants are doing something to solve that problem. If you are a woman looking to start or grow a business, these small business grants for women and other resources may be just what you need to get to the next level.

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February 10, 2020 |

Widening Borrower Protection’s Scope To SMBs

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Source: PYMNTS

Borrower protection initiatives have taken aim at predatory lenders, both online and brick-and-mortar, with legislators at the state and federal levels addressing concerns that include a lack of transparency and sky-high fees and interest rates.

But only recently have these efforts begun to gradually turn toward small business borrowers, too.

Last month, reports in The Wall Street Journal, citing Federal Reserve data, found that nearly one-third of U.S. small businesses had sought a loan online, compared to just 19 percent that did so in 2017. As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees.

As the publication noted, Opportunity Fund recently dug into the numbers and found that the average interest rate among 150 online small business loan contracts is 94 percent, with one rate topping 358 percent.

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January 30, 2020 |

5 Things Banks Look For In A Business Plan

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Business Journals | LoanNEXXUS

Source: American City Business Journal – Boston

When it comes to securing a commercial loan, business plans aren’t only for startups. Bankers want just as much information from an established business as they do from a new company.

You will have to demonstrate that you and your business qualify for a loan. Doing so will require you to present a story that is both compelling and complete.

“We want to hear the good, the bad and the ugly,” said David Bennett, senior vice president of business banking at Middlesex Savings Bank. “We may be able to help by connecting the business with mentoring partnerships like SCORE and the Small Business Development Center network.”

“Middlesex works so closely with its customers that its bankers might be considered part of the customer’s team of advisors, along with CPAs, attorneys, and insurance agents,” Bennett said.

“We can help them grow their company and ease their cash flow concerns. A lot of times they don’t have a team in place to help solve important issues,” he said.

A bank’s ability to help a business stems largely from the initial meeting with a client.

Click here to read the full article

December 1, 2019 |

When Venture Funding Becomes A Pipe Dream, Entrepreneurs Looks To Loans

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Forbes | LoanNEXXUS

Source: Forbes

Kevin Banahan operated his Brooklyn-based skateboarding academy as a side gig for years, renting space from another business. Eventually, he and his partner decided the academy had grown strong enough to merit its own location.

When Banahan’s local bank wouldn’t grant him a loan to establish a physical space for SKATEYOGI, due to his lack of collateral, he applied for financing through Lendio’s marketplace. Banahan received a loan of about $35,000 from American Express that was based on his business credit card sales.

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November 25, 2019 |

The SBA Provided Over $330 Million In Business Loans To Black Woman Entrepreneurs In 2019

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Black Enterprise | LoanNEXXUS

Source: Black Enterprise

Tameka Stigers has achieved perpetual success as one of the country’s many black woman entrepreneurs.

She launched Locs of Glory in 2009 after discovering a niche styling technique known as “Sisterlocks” for people with textured hair. She started with a 400-square-foot salon in her home. But she outgrew the space fast, recognizing the need to expand and add more employees. She landed a $455,000 (7a) loan from the U.S. Small Business Administration in 2016. That capital allowed her to relocate into a custom-built 3,000-square-foot building in St. Louis to run her hair salon and spa business.

“The SBA loan has allowed me to provide employment opportunities for people in my community,” Stigers says.

Now, Stigers employs about 15 people and independent contractors and has realized steady sales growth since 2014. She expects to generate revenues of about $400,000 by late by 2020. She is part of the SBA St. Louis 2019 Emerging Leaders Initiative. This year she was named Minority-Owned Small Business of the Year by the SBA for her district in Missouri.

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November 10, 2019 |

Personal Loan or Car Loan: Which Should You Get?

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Source: The ascent from The Motley Fool

Car loans and personal loans are both term loans, but there are important differences. Find out about car loans vs. personal loans here.

There are lots of different ways to borrow money for big purchases. And for many of us, one of our biggest purchases is a vehicle. If you’re buying a car, you may need to decide whether you should do so using a personal loan or a car loan. While car loans and personal loans have some similarities, there are also important differences between them.

Click here to read the full article

August 12, 2019 |

Three Tips for Applying for a Small Business Loan

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Source: The Roanoke Times

If you run a small business, you know the worry that comes from financial pressure.

No matter how much planning you did before opening or how careful you are with spending now, expenses just seem to crop up for small businesses. They’re especially stressful when you’re trying to turn even a small profit.

First, rest easy knowing that you’re in good company—many small business owners find they need more cash in the early days to keep things running, or even a few years in as they work to grow. And there are a lot of small business owners, with the majority of United States companies having less than 20 employees, according to the Small Business & Entrepreneurship Council (SBEC).

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July 14, 2019 |

The Best Small Business Loans in 2019

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Source: U.S. News

Small business loans are typically used to start a business, purchase inventory or equipment, purchase real estate, or expand an existing business. According to a report from the National Small Business Association, about three-quarters of small businesses were able to access adequate financing at the end of 2017, including through loans, credit cards, venture capital and crowdfunding.

The NSBA report indicates small business loans are a key component of economic growth for small businesses and their employees. There is a direct correlation between small business financing access and the ability to hire employees., small business bank loans totaled nearly $600 billion in 2015. At the same time, lending from alternative sources such as finance companies and peer-to-peer, or P2P, marketplace lenders amounted to $593 billion.

While small business loans can be difficult to obtain, there are options. In this guide, you’ll learn how small business loans work and how you can find the best loan to start or expand your small business.

Click here to read the full article

June 11, 2019 |
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