While no small business has gone untouched by the COVID-19 pandemic, it’s fair to say that the restaurant industry was hit especially hard. From fast food to fine dining, establishments were turned on their heads when lockdowns and social distancing requirements were implemented, forcing restaurant owners to rethink and overhaul their own business models in order to survive.  However, those restaurants that managed to make it through the worst of the pandemic have emerged stronger than ever. Patrons have proven their willingness to support their favorite take-out spots, and those sales ha ..read more

When it comes to financing your small business, the market has plenty of options to offer: short term loans, business term loans, SBA loans, merchant cash advances, equipment financing, credit cards, business lines of credit, and more. However, there’s also the question of secured and unsecured small business loans. Each has its own advantages and disadvantages, so if you’re considering getting a business line of credit, that should be one of your first considerations: secured, or unsecured? Below, we’ll discuss the key differences between a secured and unsecured line of credit, walk you throu ..read more

Small businesses often need access to additional working capital to keep growing their business. One simple, affordable way to secure this financing is through a commercial equity line of credit. A commercial equity line of credit lets you borrow against your property equity to access ongoing revolving capital. It’s a fast, reliable way to boost your working capital and fund minor expenses on a day-to-day and month-to-month basis. Below, we’ll explain everything you need to know about commercial equity lines of credit. We’ll break down the pros and cons and which businesses will benefit most f ..read more

Taking out a second loan for your business may sound intimidating, but there are several situations that can make it downright advantageous for your business. Whether you need additional funds to cover an emergency or keep product on the shelves, a second business loan can help. But be warned—sometimes it’s not the best option, and other times it’s not even an option at all. Not all lenders will allow you to have multiple loans at once—and paying off debt with debt can be a dangerous spiral. Debt is a powerful tool, but it’s also risky. It’s important to know what you’re getting yourself into ..read more

A business line of credit is arguably the most flexible financing you can find. It’s revolving, and you can use it to cover just about any business need. There’s a case to be made for why every business should keep a line of credit in their back pocket—but especially seasonal businesses. For those working in seasonal businesses, periods of accelerated cash flow are to be expected. Sales can skyrocket, but expenses will often soar at a similar rate to keep up with demand. However, sales aren’t the same thing as money in the bank, and it’s not uncommon for many businesses to run into cash flow i ..read more

Managing crises is all part of owning a business. Whether you’re facing natural disasters, personnel problems, tech crises, organizational collapse, or financial issues, if you’re the owner, you’re the one who has to play hero. Crisis can come in many forms: you might run out of inventory or lose power at the office, a critical member of your team may unexpectedly quit, a competitor might set up shop across the street, or a global pandemic may close your business for months and change the entire economy of your country. You have to be ready for it all.  However, you can’t just outsmart or ..read more

It takes money to make money, but securing financing for your small business isn’t always that simple. Fortunately, if you’re located in the Empire State, you have more options than most.  The State of New York is one of the best states for small business lending, with almost half of all applicants receiving the total amount of funding they request. Plus, New York boasts several grant opportunities and notable tax credits. If you’re looking to secure business funding in the Empire State, you’ve come to the right place. Below, we’ll cover all the small business financing opportunities you ..read more

The Small Business Administration (SBA) helps small businesses get essential financing for growth, expansion, working capital, and debt refinancing. The SBA doesn’t provide the funds—they just back up to 85% of the loan amount to lower the risk for banks and alternative lenders. It’s notoriously competitive, paperwork heavy, and painfully long to secure an SBA loan. However, small businesses are willing to invest the time and effort because these loans carry low interest rates, high borrowing amounts, and generous repayment terms. The whole process (from application to approval to funding) gen ..read more

For seasonal operations, maintaining steady cash flow is crucial to making the most of the busy periods. Beyond budgeting for upfront inventory and marketing costs, you also have to set aside enough cash for mid-season expenses.  Depending on your finances and level of preparation, you may need a seasonal business loan, line of credit, or another type of financing to cover periodic needs. It can be a lot to think about, especially when you’re in the off-season. However, getting ahead of the game with your financial estimates can help you secure more affordable financing well in advance. T ..read more

Veterans do more for our country than protect our borders and our freedom (as if that wasn’t enough already)—it turns out they play a critical role in our economy. More than 10% of veterans are self-employed business owners, employing over 5.8 million individuals. However, like for most American entrepreneurs, getting access to capital isn’t easy. It takes money to make money, especially when starting a brand-new business or financing expensive ongoing costs. The Small Business Administration (SBA) used to provide various loan programs to provide veterans with financial assistance. However, th ..read more