Internet businesses can be a great option for those who want a flexible and low-cost entrepreneurial opportunity. Without the restraints of a physical location and store hours and with listings as low as $1,000, it’s fairly easy to get your foot in the door. Here we identify the best places to find internet businesses for…
What’s the Difference Between Invoice Factoring and Invoice Discounting?
Invoice financing allows you to get money now in exchange for invoices that will be paid to you in the future. It can be a great way for small businesses to plug gaps in cash flow while they wait for customers to pay them. Traditional invoice factoring requires your customers to pay a factoring company…
Should You Use a Home Equity Loan or Line of Credit to Finance Your Business?
Around 25% of small business owners have used a home equity loan (HEL) or home equity line of credit (HELOC) to finance their startup or business, according to Barlow Research. HELOCs can be an inexpensive way to fund a business and are much easier to get than tradition business loans or SBA loans for startups. This…
Your Facebook Page Or Your Credit Score: What’s More Important For Getting A Loan?
7 out of 10 consumers prefer businesses with a social media presence, but having a strong social media profile isn’t just a tool for increasing sales. It may also help you get a business loan. Alternative lenders like OnDeck and microlenders like Opportunity Fund are using social media data to inform their lending decisions. At…
FlashFunders: Better Than CrowdFunding
I have been a crowdfunding skeptic and still am! However, you don’t need to be fan of crowdfunding to think that FlashFunders has a pretty amazing product for funding startups or early stage companies in the process of raising money. Instead of labeling FlashFunders as a crowdfunding company, I would prefer to call them an…
Why You Should Want to Speak With an Underwriter? An Interview with Sam Hodges of Funding Circle
Funding Circle is different than many of its competitors that offer small business loans. Many of its competitors have completely automated the process of loan approvals. They have a formula which, based on a number of numerical inputs, determines whether a small business can get approved for a loan, at what interest rate, how long,…
Who Will Lend to You to Start or Buy a Franchise? An Interview with BoeFly CEO Michael Rozman
BoeFly is an online platform for finding banks and financial institutions to lend money to businesses. While the platform can be used to find many types of financing, it has developed a reputation for being a great place to get a loan to start, buy or grow a franchise. I had a chance to interview…
Who’s in-charge of overseeing the SBA? An Interview With Chairman Chabot
The House Small Business Committee oversees the Small Business Administration. Recently, the Committee acquired a new Chairman, Congressman Steve Chabot of Ohio. While new to the chairmanship, Congressman Chabot has been serving on the Committee for 19 years. I had the chance to interview the Chairman on a late Friday afternoon. As I am not…
Why and when do small businesses borrow? An Interview With The CEO of Kabbage
I love talking to CEOs that are also company founders. They are excited about their businesses, and love talking about it. They don’t duck tough questions or give meaningless answers. The co-founder of Kabbage, Rob Frohwein, fits this description perfectly. I was told that Rob could only spare 10 minutes. We ended up talking for…
An Interview with Dealstruck’s CEO Ethan Senturia
Do you and your business meet the following 4 basic criteria? Your business has been around more than 1 year. Your business has more than $20,000 in monthly revenues. Your business is profitable. You have a personal credit score above 600, and no major recent blemishes on your credit history. If you meet those criteria,…
How To Make A Promissory Note To Fund Your Small Businesses
Borrowing money from friends and family is a frequent method of financing when starting a business, and during the early stages of growth. A promissory note is a very common legal document that a business owner signs to legally formalize the borrowing arrangement. In this article we go in depth on how to make a…
Raising Money From Friends & Family: Loans Or Equity?
The first financial supporters of new businesses are often family and friends of the founders. According to research, 36% of funding for startups comes from family and friends. Furthermore, family and friends invest on average $23,000 in a startup. This article will explore the complexities of accepting this money in the form of equity or…
