Business professionals are typically people like CPAs or consultants who usually bill their clients either hourly or by project. These professionals often have trouble getting working capital financing because their income depends on the consistent acquisition of new clients. Alternative online lenders, however, offer professional loan options up to $500k to business professionals with $100k+…
Succession Planning Template & 5 Steps to Writing a Succession Plan
A succession plan is a set of instructions for when a business owner or key employee leaves the business. Succession planning requires careful consideration of questions like who will take over, how long it will take, and what procedures need to be passed on. It can take a lot of time and effort to answer…
Small Business Line of Credit – Find Your Best Financing Options
A business line of credit (LOC) is good for small businesses that want a revolving credit line they can use over and over again for recurring or unexpected expenses. There are numerous types of line of credit products, each right for different borrowers. You can review each one below or take the quiz to determine…
SBA Loan Calculator: Payments, Rates & Qualifications
A loan backed by the U.S. Small Business Administration (SBA) can be the least expensive way to get capital for many small businesses. They typically offer small businesses lower interest rates and longer terms than other financing options. Our SBA loan calculator will help you see just how affordable your SBA loan can be….
6 Types of SBA Loans: Rates, Terms & Where to Find
The Small Business Administration (SBA) guarantees small business loans originated by approved lenders. SBA loans are difficult to qualify for but carry low interest rates up to ~9.75% and repayment terms up to 25 years. The 6 types of SBA loans are 7a loans, CDC/504 loans, CAPLines, Export loans, Microloans, and Disaster loans. Our recommend…
What is Prime Rate: How it Works & Formula
The prime rate (aka prime lending rate) is the best interest rate that banks offer the most creditworthy borrowers. Average current prime rates are typically calculated by taking the federal funds rate and adding a 3% margin. Business owners with a strong track record of success and high credit score, known as “prime borrowers,” can…
Best Hard Money Lenders 2018
Hard money lenders offer short-term loans to purchase and renovate properties. With more than 600 hard money lenders in the U.S., it’s hard to find a reputable lender that’s right for you. To help, we looked at a range of hard money lenders and compared the top six below, including their rates, terms, and qualifications….
Top 25 Reasons Why Businesses Should Buy Instead of Rent
One common dilemma that many small businesses face is whether to buy or rent office space. If you’re facing this choice, it’s important to consider a variety of factors that go into buying or renting a property. In this article, we will explore the different reasons why experts think buying a property is better than…
Section 1031 Exchange: The Ultimate Guide to Like-Kind Exchange
Section 1031 refers to an IRS tax code that allows investors and businesses to reduce their tax liabilities when selling certain property. A 1031 exchange helps defer capital gains taxes by selling your investment property and rolling your capital gains over to purchase a like-kind property. Usually, you have 180 days to purchase the new…
Small Business Loans: Find Your Best Financing Options
There are numerous small business loans available to you, depending on your creditworthiness, current business performance, and desired use for the funds. You can learn which one might be right for you by filling out the quiz above or by reading through the brief summaries of each loan type below. The 11 most common small…
Top 25 Small Business Loan Application Mistakes From the Pros
Applying for a small business loan can be a challenging process. You need to prove to the lender that you are responsible and capable of paying back the money you borrowed. One wrong move in a loan application can get you declined. We spoke with the pros regarding key mistakes they see small businesses make…
Retail Business Loans: Costs, Terms & Where to Find
Retailers obtain financing to help grow their business or to purchase inventory and ramp up for a busy 4th quarter. Retail business loans come in various forms, such as a short term business loan used to purchase needed inventory to prepare for the busy season or an SBA loan to buy real estate and expand….
