Small business loans enable entrepreneurs to invest in their operations and successfully manage cash flow. Online loan lenders are a great option for small businesses looking for fast approval, competitive interest rates, and repayment plans that are tailored to their needs.  Traditional bank loans can be difficult for new and small businesses to secure, as banks tend to see them as a risk. Applying for bank loans or funding from other organizations like the Small Business Administration (SBA) can be time consuming and resource intensive for small business owners.  Online lenders ma ..read more

As a small business owner, one of your most important partnerships is with your bank. When you’re choosing where to do your small business banking, it’s important to research which institutions will meet your unique needs.   Now that many financial services are available online, your list of options is growing, and it can be overwhelming to figure out the best place to start. Many banks offer similar features and services, but not all of them will be the right fit for your business as it grows. Here are a few factors you should keep in mind as you look for the right bank for your sm ..read more

Choosing the right line of credit for your business can be challenging for any business owner. Businesses often need access to funds to operate, and because cash flow gaps are not uncommon, many business owners find themselves without enough working capital.  You might need to purchase or upgrade expensive equipment, or you could be waiting on payments from several clients. Situations like these can have a serious impact on cash flow and even threaten the stability of your business. If you have a line of credit in place, however, you can handle these challenges with confidence, knowing y ..read more

As a small business owner, you’ve likely given more than a passing thought to how you can build business credit. Your business credit profile is one measure of the financial health of your company, and a reflection of how your business meets its financial obligations. Establishing a credit history and building good business credit are essential to the success of your business. If you’re wondering how to build business credit, it’s important to understand one of its key contributing factors: your business credit score. If you’re seeking financing, showing your creditworthiness will be a big pa ..read more

The old saying ‘money doesn’t grow on trees’ certainly rings true for new entrepreneurs. One in three new entrepreneurs begin their small business with less than $5,000. Hatching a bright business idea is one thing, but finding the funding to bring it to life is another matter altogether.  The reality is, money is a key ingredient in the recipe for startup success, and financing is a critical component in getting your business off the ground. Securing small business startup funding can be especially challenging and may simply feel out of reach due to the restrictive requirements of tradi ..read more

Need a lump sum of cash to buy equipment or make a large business purchase?  Investing in quality equipment or other business upgrades can be critical to boosting productivity and operational efficiency, and ultimately to the ongoing success and growth of a business. However, while these upgrades are beneficial for small businesses, the associated costs are often prohibitive, requiring substantial upfront investment. Term loans can help by providing the funds necessary to make an outright purchase.  When growing your business is a priority, having the right equipment is key. So how ..read more

Small businesses have the power to transform their communities for the better. In Shannon Ross’s experience, being an entrepreneur has empowered him to advocate for the marginalized community he belongs to: the population of previously incarcerated people, also known as system-impacted individuals.  Shannon is the co-founder of D’s Trucks, a trucking business he started with a childhood friend in the spring of 2021. However, the company is just one facet of Shannon’s overarching mission to support his fellow system-impacted individuals.  He is also the executive director of The Comm ..read more

As someone who owns or runs a business, there will likely come a time when you need to hire a reliable small business accountant. The value a good accountant can offer your business cannot be overstated. It’s one of the most important decisions you can make for your business.  A qualified and reliable accountant can help you handle dynamic and ever-evolving tax laws and navigate circumstances that could help you to scale your business in the most optimal, efficient, and economical ways. Choosing the right accountant can help you take your business to the next level; choosing the wrong ac ..read more

Taking on business debt is an effective strategy for financing business growth. Many small businesses need to take out loans or leverage credit to fund their operations, especially when they first start out. The Small Business Administration (SBA) reports that about 25% of small businesses are financed by loans and credit.  If you have multiple debts that you’re repaying to different accounts or institutions, you might consider business debt consolidation. Debt consolidation is the process of taking out a single loan to pay off all of your existing debts. It differs from refinancing in t ..read more

What is a profit and loss statement? There are many financial statements that your business should maintain and refer to, key among these is your profit and loss (P&L) statement. But why is it so important, what can you learn from it, and how do you calculate P&L? Below are answers to these and other frequently asked questions. What does the profit and loss statement show? A P&L statement is an important indicator of your business’ health – across its lifecycle.  As a startup, it can tell you if you’ve reached break-even point. This is the point at which the total cost of goo ..read more