Only a small percentage of eligible self-employed workers, freelancers, gig workers, and sole proprietorships received Paycheck Protection Program (PPP) loans. Those that did receive loans received their funds much later than other companies. Paycheck Protection Program data through January 2021 posted by the Small Business Administration (SBA) shows that only 1.1 million first-draw loans have…
The Best Hard Money Lenders for 2021
With no proven track record, new investors can struggle to find investment property financing. Even experienced investors sometimes can’t get funding for a growing portfolio. This is where hard money loans can help. We’ve evaluated the five best hard money lenders for funding both new and experienced real estate investors. Which Hard Money Lender Is…
50+ Paycheck Protection Program Loan FAQs
The Paycheck Protection Program (PPP) is a new loan from the Small Business Administration (SBA) intended to help businesses meet payroll costs. The loan can be forgiven and converted effectively into a grant for qualified expenses. We’ve collected questions from around the web and on Facebook and provided answers to the most frequently asked questions…
Paycheck Protection Program Loans: The Ultimate Guide
Small business owners can borrow up to $10 million to pay for payroll, rent, mortgage interest, and utilities under the newly available Paycheck Protection Program (PPP) loan. The loan is available from any Small Business Administration (SBA)-approved lender as well as through online loan brokers. Loan proceeds used for eligible expenses will be forgiven for…
What the COVID-19 Stimulus Package Means for Small Businesses
The United States Congress has passed several measures in response to the COVID-19 pandemic designed to help small businesses, including tax rebates, tax-filing extensions, business loans, emergency relief, and modified tax treatment. Perhaps the most significant benefit, the Paycheck Protection Program (PPP) loan, which can convert into a grant for small business owners that use…
How to Get an Unsecured Business Loan for Startups in 4 Steps
There is an inherent risk in lending to a startup, which is why unsecured business loans for startups are rare. Lenders typically protect themselves by requiring collateral. If you’re seeking an unsecured business loan, you should understand how they work, what your options are, and what the qualification requirements are before applying. The rates and…
Need Financing? Understand the Dun & Bradstreet PAYDEX Score
Dun & Bradstreet’s (D&B) Paydex score is one of the most common business credit scores banks and lenders use to consider you for business loans, credit, and partnerships. This score is based on your company’s payment history to vendors and suppliers and ranges from 0 to 100, with 100 being the best you can score….
Fast Business Loans: 6 Best Quick Business Lenders 2021
Fast business loans are short-term financing options that make funds available in one to three business days. They’re best for businesses needing short-term working capital for payroll, inventory, and expenses. We compared the top providers according to their terms, costs, and qualifications and chose the top six fast business funding options. Top 6 Fast Business…
Experian Intelliscore Plus Ultimate Guide
The Experian Intelliscore Plus is a business credit score banks, lenders, and other companies use to evaluate your company’s creditworthiness. This business credit score predicts the likelihood your company will default or miss a payment and ranges from 1 to 100, with 100 being the best score possible. Maintaining a high Experian business credit score…
How to Get Unsecured Business Loans in 5 Steps
If you require an influx of capital for your business, a business loan can be a good option. However, if your business doesn’t have many assets, you’ll have to qualify for an unsecured loan, which is much more difficult than qualifying for a secured loan backed by property. Instead of collateral, unsecured loans use a…
Using a Home Equity Loan to Finance Your Business
Taking out a home equity loan (HEL) to finance your business is easier than getting traditional startup business loans. Individuals with equity in their home and strong personal credit can use a home equity loan for large one-time expenditures or other capital influx needs in the business. If you are considering using a home equity…
Business Loan Cosigner: When Should You Use One?
When taking out a business loan, a cosigner is a person who is willing to give the lender a personal guarantee to repay the loan in full. This increases your chances of getting an approval because the business loan cosigner becomes 100% liable for the loan in the event that you fail to make payments….