A business line of credit offers revolving financing similar to a credit card. The types of lines of credit fall into three categories: unsecured, secured, and personal. Unsecured business line of credit requirements are lower than secured options, but offer less funding. Costs typically start at 10% with funding from $5,000 to $5 million. How…
6 Best Companies Offering Equipment Financing for Bad Credit
Equipment financing for bad credit is challenging; however, it allows businesses to access needed equipment that can’t be purchased outright. Borrowers can work with a co-signer, or make a larger down payment on an equipment lease or loan in order to improve their chances of being approved for funding. We recommend because of its straightforward…
6 Best Business Loan Brokers
A business loan broker acts as an intermediary between borrowers and a network of lenders to present several lending options with one application. Small business loan brokers offer borrowers access to multiple lenders with the goal of finding the best type of financing at the lowest rates, typically at no cost to the borrower. Top…
How to Apply for an SBA Loan in 6 Easy Steps
There are six steps for how to apply for an SBA loan, including determining your eligibility, selecting an SBA loan type, finding a provider, assembling paperwork, and completing the SBA loan application and forms. Getting an SBA loan can take up to three months with traditional lenders, or approximately 30 days with a broker. The…
Equipment Leasing – The Ultimate Guide
Equipment leasing is an agreement that allows a business to gain access to a piece of equipment without buying it. Equipment leases are generally available through manufacturers, dealers, banks, and alternative financing companies. Equipment lease payments are typically 20% to 50% less than equipment loan payments, and many have a balloon payment due at the…
Uber & Lyft Financing: 10 Ways to Fund Your Rideshare Business
Uber financing and Lyft financing solutions include vehicle rentals, business loans, personal loans, and credit cards. Uber and Lyft partner with car rental companies, but don’t offer any direct financing solutions for drivers. Financing auto repairs, vehicles, and daily purchases like meals and gas requires drivers to work with an outside lender. Top Rideshare Business…
SBA Business Plan Template & Checklist
Businesses applying for a loan through the Small Business Administration (SBA) can benefit from a well-prepared business plan. Using an SBA business plan template can simplify the task of creating a business plan for your business. To assist you, we’ve defined the key components that should be included in your SBA business plan. What an…
SBA Guarantee Fee & Other SBA Loan Fees
The Small Business Administration (SBA) charges a guarantee fee on SBA 7(a) loans. This guarantee ensures lenders against loss if the borrower defaults on the loan. The amount of the SBA guarantee fee varies based on the loan amount. In addition to the SBA guarantee fee, there are other fees charged on SBA loans. If…
9 Best Small Business Grants
Grants for small businesses are a treasure that most small business owners seek. They are offered by various government agencies, local governments, banks, lenders, and organizations. Because grants do not require you to repay them, they are highly sought after as a source of funding for startups and emerging small businesses. There are many small…
Minority Small Business Grants: What They Are and How to Get Them
Minority small business grants are financial incentives given to minority-owned businesses based on race, gender, personal status, or location. Grants are not loans, and don’t have to be repaid once they’ve been awarded. Minority business grants are offered by corporations or special interest groups, with the goal to help minority businesses. Choosing the Right Minority…
SBA 7(a) Loan: Rates, Terms & Requirements
Small Business Administration (SBA) 7(a) loans provide up to $5 million in financing to small, United States-based, for-profit businesses. They feature relatively low-interest rates ranging from 7.75% to 10.25%. SBA 7(a) loans are good for businesses needing long-term capital to fund working capital, equipment purchase, or commercial real estate acquisition. If the COVID-19 pandemic has…
SBA Microloans: What They Are & Who They’re Right For
The Small Business Administration (SBA) makes microloans of up to $50,000 available to small businesses through nonprofit lenders. Interest rates for SBA microloans range from 8% to 13%, with terms of up to six years. SBA microloans are available to startups and established businesses, and provide funding much faster than other SBA loans. What is…