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…
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….
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…
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…
5 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…
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…
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…
10 Factoring Advantages and Disadvantages
Invoice factoring can help small business owners save time, access funding without collateral, finance growth, and receive large amounts of capital quickly. However, there are sometimes drawbacks like reduced control over invoice collections, the stigma of alerting customers to a factoring relationship, the high overall costs, and a reduction in profits. Each of these factors…
SBA Loans: What Is an SBA Loan?
When a small business owner needs financing, the first option to come to mind is usually a loan through the Small Business Administration (SBA). While many people are familiar with the term “SBA loan,” they often aren’t clear on what these loans are, or even how to get them. We’ve provided a general overview of…
SBA 8(a) Certification Requirements
SBA 8(a) certification requirements are primarily focused on the owner or owners of the business, their social and economic status, and net worth. While your business must be operating profitably, there are no debt-service-coverage or credit score requirements. When it comes to qualifying for the Small Business Administration 8(a) program, the certification requirements are, in…
What Is an SBA 8(a) Certification?
The Small Business Administration (SBA) offers qualifying small businesses the opportunity to apply for SBA 8(a) certification. This certification allows small businesses to contract with the federal government more easily for sole-source contracts to supply goods and services. While the SBA is most often referenced with regard to SBA loans, the agency provides other forms…
How to Complete the SBA 8(a) Application
Socially or economically disadvantaged small business owners may be interested in applying for SBA 8(a) certification, which allows exclusive access to sole-source federal government contracts. This is not a Small Business Administration (SBA) loan, but rather an opportunity for small businesses to compete for federal government contracts. As with any federal program, there is an…