Barbers and stylists who own their salon may need financing for short-term working capital to expand the number of chairs and invest in retail products for added revenue. The best beauty salon loans provide quick access to financing for owners who have been in business for at least one year. Best Beauty Salon Loans at…
About the Author
Dennis Shirshikov
Dennis Shirshikov is Fit Small Business’s authority on small business financing. His work has been featured in USA Today, the Wall Street Journal, Huffington Post, Business Insider, and Bloomberg. He has a master's degree in risk management with an emphasis on financial modeling. When not working with small businesses, Dennis teaches Economics at Queens College.
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Contractor Loans: Costs, Terms & Requirements
Contractors needing to invest in materials and supplies for new jobs can get contractor loans. A good business loan for contractors is a line of credit, which you can use repeatedly and funds in just one to three days. Other loans for contractors include longer-term Small Business Administration (SBA) working capital loans for large, capital…
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Auto Repair Shop Loans: Costs, Terms & Requirements
Auto repair shop loans can provide mechanics and shop owners with cash to offer new services, buyout another shop, or expand the current facility to increase revenue. The best auto body shop financing options are short-term loans or business lines of credit because of their minimum qualifications, low fees, and quick funding speed. Best Auto…
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Restaurant Loans: Costs, Terms & Requirements
Restaurant loans are offered by both traditional and online lenders and often are used for working capital expenses like payroll, utilities, and inventory. Restaurant financing can also be used for large projects like new locations, equipment, and renovations. Average rates range from 6% to 50%, with repayment terms ranging from three months to 10 years….
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Trucking Business Loans: Costs, Terms & Requirements
Trucking business loans are typically short-term loans for working capital growth or lines of credit (LOC) to help truckers overcome unforeseen cash flow gaps. The best working capital loans from trucking companies have short repayment terms and fast funding because truckers sometimes need to make quick repairs or get owner-operator startup loans quickly. Types of…
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Medical Practice Loans: Costs, Terms & Requirements
Doctors who own their own practice can generally qualify for most medical practice loans because of their high earning potential, strong net worth, and stable revenue. A Small Business Administration (SBA) loan typically will give a doctor the lowest monthly payment of most term loans. However, alternative lenders offer quicker business loans for doctors with…
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6 Best Construction Factoring Companies 2020
Construction factoring is a financing option for businesses in the construction industry. Instead of delaying work because of slow-paying clients, factoring allows your business to forge ahead, taking on more and larger projects. We examined eight construction invoice factoring companies and compiled our list of the six best for small business owners. Top 6 Construction…
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Debt Service Coverage Ratio – What It Is and How to Calculate It
When you apply for a small business loan, numbers can mean everything. For example, the lender will want to know your income, your credit score, and your debt service coverage ratio (or DSCR). Debt service coverage ratio (DSCR) measures your business’s ability to repay debt by dividing your net operating income by your total debt…
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10 Ways to Solve Business Cash Flow Problems
Cash flow problems arise when businesses cannot cover debt payments, payroll expenses, or inventory restocking. Many of these problems are temporary and only pose a serious threat if they become chronic. The first four solutions are types of financing that can be used for quick, and the remaining six are long-term managerial adjustments you can…
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Dental Practice Loans: Costs, Terms & Requirements
Dentists use dental practice loans for working capital like payroll or major projects like purchasing a facility. Small Business Administration (SBA) loans for dentists have the best rates and longest terms but take 30 to 90 days to fund. Alternative loans have higher rates but are quick to fund and easy to qualify for. Types…
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Payroll Funding Options and Alternative Solutions
Payroll funding refers to financing used to cover your payroll expenses when you can’t make payments with available cash. It may be needed to fund an upcoming busy season, when you grow too fast, or if you have slow-paying customers. Funding speed is the most important aspect of choosing the right payroll financing option to…
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What Is a Business Line of Credit?
A small business line of credit (LOC) allows you to draw against a predetermined credit limit as you need it, instead of receiving the full loan amount at one time like a term loan. Every draw you make must be repaid, with interest, over a set period of time. This makes lines of credit best…
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