When you apply for small business funding, you have to answer a lot of questions. Some are easy to answer—how long have you been in business? What is your average monthly revenue? Other inquiries—how much do you spend on inventory per month?—are more challenging and may require some extra effort to answer. How you answer these questions will impact the type of funding you receive, as well as the terms of your working capital loan. But when it comes to applying

The U.S. economy is heavily reliant on small business, with an estimated 95% of business operations dependent on small businesses for everyday goods and services. Small business owners are no stranger to risk and uncertainty, but even the most well-prepared businesses can’t plan for every contingency. Until the economic impact of COVID-19 becomes clear, many small business owners are concerned about the uncertainty they will face over the coming weeks and months. Read this post to understand the potential impact of

Businesses are facing new challenges as they continue to navigate the ongoing novel coronavirus (COVID-19) pandemic. According to the latest U.S. Census Bureau Small Business Pulse Survey, 82.5% of businesses surveyed experienced a “moderate or large negative effect” from COVID-19, with 42.5% of businesses reporting a drop in revenue. In addition to providing ongoing counselling support and relaxed eligibility criteria for their Economic Injury Disaster Loan program, the SBA has launched several new types of loans to help small businesses navigate

As a small business owner, you’re no stranger to surmounting challenges and overcoming obstacles. But when it comes to getting the funding you need to strengthen or grow your business, the process can seem discouraging and difficult. Between determining what kind of funding you need, collecting the required documentation, and submitting your application—nevermind actually getting approved—it’s hard to know where to get started. Here’s some good news: there may be some minor variations depending on the type of funding and type

There is no “one size fits all” list of small business loan requirements. Like all things small business funding, the exact eligibility and approval requirements of your funding will depend on the specific type of financing you’re seeking, as well as the type of lender you’re working with. This guide will: Compare how requirements vary by lender type Explain 8 of the most common small business loan requirements Provide a list of documentation you may be required to submit Let’s jump

“How do small business loans work?” may seem like a simple question with an equally simple answer, but if you’ve ever considered applying for small business funding, you know that small business loans are far from straightforward. Each type of small business loan works differently and the requirements vary greatly by lender. Understanding how they all work and which loan type or lender is a good fit for your business can be exhausting. Don’t be discouraged! The specifics may differ significantly,

There are many different small business loans available to business owners. Each type of loan has different qualification requirements, interest rates, and terms. To complicate matters further, each funding option is ideal for different circumstances, depending on variables such as the size of your business, the type of business you conduct, what you intend to do with your funding, and other factors unique to your situation. Ultimately, the type of funding you receive and the terms of your loan will depend

Lack of working capital and other cash flow woes are the most common problem reported by small business owners, especially when they’re planning for growth. Many enterprises face up-front costs before the anticipated income starts rolling in, but what can you do to kickstart your growth if you don’t have cash-on-hand to fund your ambitious plans? That’s where small business loans come in. The word “loan” can be a turn-off for many small business owners, especially if you’re an established business

According to a survey conducted by the National Federation of Independent Businesses, roughly 75% of small business owners applied for a Paycheck Protection Program (PPP) loan and 40% of small businesses applied for an Economic Injury Disaster Loan (EIDL) before these programs were closed to new applicants on April 16, 2020. Of these applications, only 20% received PPP funding, and about 10% received an EIDL emergency grant. If you applied for but did not receive federal funding through the SBA, there