Andrew Wan

Terminating a Rollover for Business Startups (ROBS) 401(k) plan can lead to hefty fines and penalties from the IRS if done incorrectly. These types of plans are heavily regulated, so it’s important that you understand the steps involved to ensure you don’t incur unnecessary fines or other expenses. If you have a ROBS provider or…

One of the many financing options offered by the Small Business Administration (SBA) is its microloan program. SBA microloans offer up to $50,000 in funding and are designed to help small businesses and certain not-for-profit childcare centers. Startups are eligible, and funds can be used for almost any business-related expense that helps the company grow….

SBA Form 1919, also known as the Borrower Information Form, is designed to gather various information about the borrower, the owners of the business, and the financing request. This can include basic identifying information, the purpose of the loan, and the nature of the company’s products and services. Lenders use the information provided to determine…

The purpose of SBA Form 159 is to identify the fees that were paid to an individual or company that meets the SBA’s definition of an Agent. The form also informs applicants that hiring an Agent to assist with an SBA loan is not required. However, if you hire someone to help with your SBA…

Getting funding as a startup business can be difficult, largely because lenders are aware of the high failure rate of newer companies. As a result, many will not offer funding unless you have a track record of two or more years of performing well. Even if you can find a lender willing to offer funding…

Common methods for solving cash flow problems include identifying the amount of the shortage, understanding the impact it’s having on your company, and determining what sources of income and expenses you can adjust. For example, you might negotiate better terms, refinance debt to a better interest rate, or encourage faster payments from your clients. We’ve…

When applying for a small business loan, you must satisfy the lender’s requirements and eligibility criteria, which can vary depending on the lender and the type of loan you want. However, several common small business loan requirements apply to many business loans. From a simplified standpoint, common small business loan requirements are broken down into…

You can refinance a merchant cash advance (MCA) in five steps. Once you’ve confirmed the payoff amount, you can find loans you’re eligible for, shop lenders, apply, and then accept the loan terms and confirm the payoff of the merchant cash advance. Refinancing a merchant cash advance can provide lower monthly payments to help with…

A commercial bridge loan is a type of short-term financing commonly used to purchase real estate. These loans are typically used if traditional long-term financing is not an option, which can occur if the borrower has bad credit or the property needs repairs. Commercial mortgage bridge loans have eligibility criteria that are often easier to…

With a business credit card and business line of credit, you can make purchases up to the credit limit your lender has issued to you. While both are typically most useful for short-term financing, they have differences when it comes to costs and methods by which you can access the credit limit you’re given. In…

Debt-to-income (DTI) ratio is a measure of your monthly debt obligations in relation to your monthly income. It’s calculated by taking the total dollar amount of your monthly debt payments, and then dividing it by your gross monthly income. Lenders often evaluate your DTI ratio to determine your eligibility for a loan and how much…

Getting an SBA loan may seem like a complex process. Funding can take one to three months, and there’s typically more paperwork involved compared with traditional loans. However, you’ll often be rewarded with some of the best rates and terms available. You can learn how to apply for an SBA loan by following five major…