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Announcement: Hawkeye Management is Now LenCred

Posted by Hawkeye Admin

Aug 11, 2014 7:00:00 AM

300x117Hawkeye Management, #177 on the 2013 Inc 500 list of the fastest growing privately held companies in the United States, is now LenCred. Founder, Tom Gazaway said “it was time for us to think about our 10-20 year vision and we wanted a brand that aligned with those places we plan to go as we continue to grow and develop the organization. “

The brand change is an energizing step forward as Hawkeye transitions to LenCred. The Inc 500 company’s ownership has not changed and we still boast the same team of extraordinary individuals.  Our core values of teamwork, excellence, bottom line performance, and embracing change remain unaffected. “Other than the company’s name, not much has changed. It’s still our vision to build a profitable, enduring company with committed people and simple, scalable systems.”

LenCred’s corporate office is in NJ and LenCred’s 10,000 square foot home office is situated in Bentonville, AR.  With the announcement of the new name LenCred will also be releasing our new website which is a robust – and totally FREE – membership area that is designed to arm small business owners with answers to all their small business financing questions.

LenCred believes the future holds lots of opportunity.  “With technology and the ever changing bank and non-bank business lending environment there will no doubt be lots of change and lots of opportunity in the years to come,” according to Gazaway.  The LenCred name and logo gives us a brand we can align with other organizations who are seeking to influence and inspire the small business marketplace in a positive and permanent way.

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Topics: LenCred

Answering all Your Small Business Financing Questions: The Funding Dr.

Posted by Phil Tuinstra

Aug 11, 2014 6:30:00 AM

I want to take a moment and introduce you to The Funding Dr. A new podcast sponsored by LenCred. The Funding Dr. is here to answer all your small business financing questions.  So with out further ado let me introduce you to The Funding Dr.

Take a moment to check out the latest Funding Dr. Podcast here

The_Funding_Dr.

In December of 2009 Tim joined LenCred full time to help manage the operations and growth of the company as it was apparent that LenCred had something to offer that small businesses across the country needed. As part of the growth that LenCred has been experiencing, Tim opened our Arkansas office in Bentonville with 2 people and we currently have 43 people working with us to serve our clients. Yes, Bentonville, AR, home of Wal-Mart headquarters, the original Wal-Mart, fantastic golf courses, and lots of great people. Tim has been in management most of his entire career. Tim was instrumental in helping Wal-Mart develop the vision centers as a start-up business that are located inside of their stores and later joined Sam’s Club in the Photo and Cellular phone start- up business. 

Tim

In his 15 year career with the world’s largest retailer as a regional manager in charge of operations in over 150 locations, Tim has been honored with numerous leadership awards including the “Sam M. Walton Excellence in Leadership” Award. Tim has been involved in numerous start-up divisions and businesses within his career and helped develop them into strong business segments. In 2005 he left Wal-mart Stores and opened his own Recording Studio in Cave Springs Arkansas where he himself became one of the 80% of small business owners whose business failed due to lack of capital as he grew. This was part of the inspiration to join his Nephew at LenCred so that he could teach other small business owners the right way to borrow money so they did not become part of that statistic. 

As the Funding Dr. He will bring experience, expertise in Credit and numerous knowledgeable guests to you for the best and accurate information to help you in your search for funding for your small business. Today Tim is SR.VP at LenCred . Same company, Same people just a different name that tells more about what we do. Tim often ends his story by saying “I am proud to be a part of a company whose values are formed on honesty, integrity and actually caring about the client which is novelty in these times.” 

 

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Topics: Small Business Financing

How to Borrow Money for a Small Business the Wrong Way

Posted by Brittni Abiolu

Jul 31, 2014 8:00:00 AM

MoneyBorrowing money to start or grow your small business is big decision to make. There are many things you should consider before deciding to borrow. You should ask yourself, can I afford to borrow? Am I confident that I can service the debt and payback lenders on time? In my professional opinion, being able to service the debt and payback lenders without defaulting should be a business borrower’s primary focus when considering using debt financing to start or grow a small business. The second focus should be how the financing will be used to start or grow the business (i.e. what the revenue generating activities will the money be spent on to grow the business). Not having a focused plan when borrowing money for a small business is one of the biggest mistakes that you can make and can cause you to do it the wrong way. Here I discuss the top 3 ways business owners borrow money the wrong way and find themselves defaulting on a business loan or going out of business completely.  

  1.       A complete disregard for your personal credit – Your personal credit is very delicate and the smallest delinquencies or derogatory accounts can hurt your credit score. That’s why it’s important to protect and preserve your personal credit history when you are borrowing money for your small business. It’s no secret that most lenders nowadays are requiring business owners to provide a personal guarantee for any business funds lent to them (especially if the business is a startup), so it’s important that you don’t neglect your personal credit if you plan on applying for small business financing. Lenders will check your personal credit history to determine if you are creditworthy. A bad personal credit history could land you with less than favorable interest rates and terms or even worse – denial of new credit! Lastly, it’s wise to avoid using things like personal credit cards for your business expenses. Your personal credit usage will be reported to the credit bureaus and if you find yourself maxing out the credit cards on business expenses, you may see a drop in your personal score, which will further affect your ability to get new credit for the business as it grows.

 

  1.       Not understanding the impact small business financing will have on your cash flow – Borrowing money can be ideal if you need the funds to grow the business, but what if that same money could contribute to your business failing? Before borrowing you need to know what you can afford to borrow. You need to understand how borrowing will affect your cash flow. You don’t want a get a loan or line of credit with unfavorable interest rates, fees, and terms that will cause you to have high monthly payments. High fixed or variable monthly payments could eat through your liquid assets causing your business to fail. To avoid this, plan ahead before borrowing. Know what you are going to use the borrowed funds for and how much you can afford to pay back to the lender on a monthly basis while you are growing your business.

 

  1.       Choosing a small business financing option that is not appropriate for you – This can negatively impact your business. For example, if you own a startup business with little to no revenues or inconsistent revenues, chances are a loan based on your daily credit card sales (e.g. a merchant cash advance) is not going to be right for you. Your business may not be making enough money on a daily basis to cover the cost of a merchant cash advances. (Merchant cash advances often have to be paid back to lenders by them debiting your business bank account daily or weekly). Therefore I you don’t have the liquid cash to cover the cost of that type of funding, you may default. Seeking something else such as a small business credit card or an unsecured business line of credit may be more suitable (with a monthly payment) instead of daily or weekly payment may work better. Choosing the most appropriate business financing requires knowing what options are the best options available to someone in your unique situation.

Borrowing the wrong way for your small business is avoidable if you have the proper knowledge. The best solution to gaining the properly knowledge is to work with an experienced small business financing expert that will help you determine what type of financing is the best option for you (based on your unique situation). Working with an expert can also help you avoid obtaining business debt financing that will negatively impact your cash flow and your personal credit history. You save yourself time and money and can avoid having a failing business by seeking an expert to guide you on how to borrow money the right way.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

photo credit here

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Top 3 Small Business Financing Mistakes You Should Avoid Making

Posted by Brittni Abiolu

Jul 29, 2014 10:33:00 AM

Small_Business_Financing_Borrowing money for your small business can be tricky if you don’t know what you are doing. If you don’t do the proper research or connect with an expert who is well-versed in the small business financing industry, you could find yourself borrowing money at high cost. This includes paying a high interest rates or pledging collateral that you wouldn’t have had to if you have the proper guidance. Making bad decisions when it comes to borrowing money for your small business could cause you problems such as stunting your business growth or potentially causing your business to fail. Here I discuss the top 3 mistakes you should avoid if you want to grow and sustain your small business through the effective use of small business debt financing:

Financing your business with personal credit cards – Financing your small business with personal credit cards can potentially damage your personal credit score. Anytime you use your personal credit to fund your business expenses, that usage reports to your personal credit history. If you use a high amount of your personal credit card limit or ever make a late payment it will show up on your personal credit history and make your score drop. The best thing to do when starting a business, is to use business financing to fund the business, not personal financing. Applying for unsecured business credit cards or unsecured business lines of credit is an alternate way to fund your business using credit cards or lines of credit. There are many banks and lenders out there that require you provide a personal guarantee to get a business credit card or line of credit however they will not report your usage to your personal credit (unless you default). That way, you don’t have to worry about your usage affecting your personal credit. It’s a good way to protect and preserve your personal credit while you are building your business. 

Using the financing for expenses other than those related to business growth activities - Obtaining financing for your small business can be exciting, however, you shouldn’t get too excited and start spending the money on the wrong things. Before you obtain financing you should have a plan in place that outlines what the funds will be used for to grow your business. Revenue generating activities such as marketing, advertising, and sales should be the number thing you spend your new business funds on. Marketing, advertising, and sales equal revenue and potentially profits (if it’s done right), therefore they should be the top spending list once capital is obtained. Failing to spend the borrowed funds on activities that will grow your business and increase your profits could be the determining factor of your success or failure. Let’s face it, business capital can be difficult to obtain, just because you got it once doesn’t mean you’ll be able to get again, so the best thing to do is use it effectively the first time around. 


Failure to build a business credit history – It is very important that you start building a business credit history as soon as you start your business. Many banks and lenders will not only check your personal credit to determine your credibility, the will also check your business credit. Did you know that during the first half of 2013 45 million business credit reports were pulled from Dun & Bradstreet and 35 million were pulled from Equifax Commercial, according Creditera, a personal and business credit reporting company. Banks and lenders are using the credit histories of small businesses more than ever to get a full picture of the creditworthiness of its owners in a more roundabout way. Therefore taking the time to build a business credit history is beyond worth it. To start building your business credit history you can apply for small vendor trade lines with companies like Quill, Uline, Office Max or Office Depot. This companies may issue you vendor trade lines that you can use to purchase business supplies from them. They may report the trade line usage to the business credit reporting agencies like Dun & Bradstreet or Equifax Commercial, thus helping you establish and build a business credit history and score.

Avoiding these mistakes are very doable, especially if you seek expert help before applying for small business financing. The best experts will help you avoid using personal financing to fund a business by helping you choose the appropriate type of small business financing option based on your unique situation. Additionally, they should be able to educate you on how to start building your business credit and how to use any business funding you obtain effectively and efficiently so you can sustain and grow your small business.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

photo credit here

 

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The Quickest Ways to Get Your Small Business Loan Request Denied

Posted by Brittni Abiolu

Jul 24, 2014 8:30:00 AM

Small_Business_LoanGetting your small business loan request denied is much easier than getting it approved, especially if you are not prepared. It’s a proven fact that banks are denying 90% of the applications they get therefore preparing yourself to get approved gives you a better chance of being in the 10% approval pile. The best way to prepare yourself to get approved for a small business loan is to know what lenders want and what they don’t want. Here I will discuss what they don’t want by outlining the quickest ways to get your small business loan request denied and what to do to get your small business loan approved the first time you apply.

  • Lack of Creditability – Having a less than perfect credit history (or no credit history at all) is one of the top reasons why small business owners get their loan request denied, especially if the business is a start up. Banks and lenders only want to lend to small business owners that have a history of properly managing their debts and paying them back on time. Therefore if you don’t have the best credit history, you may want to focus on repairing and rebuilding your creditability before you apply for a small business loan. The best way to repair and rebuild your personal credit history is to pay off your creditors and ask them to stop reporting all derogatory and delinquent accounts to the 3 credit bureaus (Experian, Equifax, and Transunion) if you pay what you owe 

 

  • If they agree to stop reporting all derogatory and delinquent accounts if you pay what you owe, ask them to put it in writing (have it signed by a notary) and send it to you certified mail before you pay. Have a lawyer review the certified letter and if all looks good, go ahead and pay off the derogatory or delinquent account. Once you have done that with all of your derogatory and delinquent accounts (and they have stopped reporting to the 3 credit bureaus), try applying for a secured credit card with a small limit ($500 or less). Use it for purchases that you know you’ll have the money to pay back and do this for about 6 months. You should see your credit history improving and credit score increasing which will put you in a better position to qualify and apply for a small business loan.

 

  • Inability to Service Debt – If you can’t prove to a lender that you earn enough income to pay back the small business loan you are requesting, you’re request will be denied. Lenders need to see proof that you have the ability to service the debt. Therefore I suggest maintaining long term employment and/or starting your business to generate revenue before you request a small business loan. Applying for a small business loan when you are unemployed and/or have no personal or business income is small business loan application suicide. As a rule of thumb, you should be employed for at least 6 months (or operating your business for at least 6 months – with 6 months of revenue) before you attempt to apply for a small business loan.

 

  • No Investment of Your Own – Why would a lender approve you for a small business loan when you haven’t invested in yourself? Many lenders will want to see that you have taken the time and your own money to invest in your business. If you truly believe your business will be successful, why not invest some of your own personal savings to get it going? If you can show a lender that you have your own funds you can bring to the table, they just might be more inclined to approve your loan request. If you don’t believe in you, why should anyone else? Prove that you believe in yourself, by investing in yourself.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

photo credit here 

 

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Topics: small business loans

How to Borrow Money to Solve Your Business Cash Flow Problems

Posted by Brittni Abiolu

Jul 22, 2014 8:10:00 AM

Cash_FlowIf you’re in the market to borrow money for you small business to solve your cash flow problems, there are a few important things you need to know before you take that leap. Borrowing money for a small business is a huge decision and can have lasting effects on your company, (either good or bad). Therefore you’ll want to know what you are getting yourself into. It’s never wise to simply borrow money without knowing how your company can be impacted by it. Borrowing money for a small business to solve your cash flow problems is doable but may not work for everyone so if you plan on doing it, it will benefit you to know how to do it the right way. Here I will give you a few tips and things to think about before you make that move. 

Tip #1: Avoid borrowing when you are in a bind – In my professional experience, it’s never wise to borrow when you are in a bind. All businesses have cash flow issues at some point but if your cash flow issues are causing your business to be on the brink of closing down, borrowing money to save it may not be the best solution. I’ve dealt with many business owners who have borrowed money when they were in a bind, hoping those funds would yield a high return in a relatively short period of time to help the business get back on its feet. And when that doesn’t happen, they find themselves over-extended. So now, not only do they have to pay for the business expenses they had before they borrowed the money, the have an additional expense to cover – loan repayment. That loan repayment usually puts them over the edge and causes them to do what they wanted to avoid in the first place – closing down.

Tip #2: Borrow before you need it now when you need it – This goes back to avoiding borrowing when you are in a bind. The best way to avoid borrowing when you are in a bind is to borrow before you need it. If you have a well thought out business plan in place, more than likely you know how much money you need to operate. If your business is bringing in revenue and doing pretty well, why not preserve your cash flow and take out an unsecured business line of credit to cover some of your operating expenses? With an unsecured business line of credit you will not have any monthly payments unless you actually use it. Therefore you can have access to additional capital (to use whenever you need it) and you will not have to worry about an additional expense (in this case a loan repayment), until you use the funds (unlike with a small business loan). [Click here to learn the differences and benefits of using a business line of credit instead of a small business loan].

Tip #3: Know what funding options are the most suitable for you – All small business financing options are not created equal. There are small business loans, SBA loans, microloans, small business lines of credit or credit cards, merchant cash advances, factoring/accounts receivables financing, purchase order financing, import/export financing, 401k/IRA rollover financing, and equipment financing, etc. Lenders that offer these types of financing will require you to meet certain criteria to get approved. The criteria for approval for a microloan will be totally different than the criteria for approval for a small business line of credit. Qualifying for any one of these types of financing can depend on what stage of business you are in (startup, emerging, or established business stage), your personal credit history and score, your personal income, and/or your business revenue. Understanding the criteria for approval for each one of these types of financing will help you understand which one is the most suitable for you based on your unique situation. The best way to find out which option is the most suitable for you is to speak with an expert who is well-versed in the small business financing industry and who has experience in working with lenders that offer all of these financing options. If they truly know what they are doing, they will be able to analyze your situation and tell you which type of financing is the most suitable for you.

Tip #4: Keep your personal credit separate from your business credit – As a small business owner, building business credit should be one of your top priorities. Building business credit during the early stages of your business will enable you to preserve and protect your personal credit. You can start building your business credit by taking out vendor/trade credit from companies like Uline, Quill, or Office Depot. Then you can go on to apply for unsecured business lines of credit from banks such as Chase, Bank of America, and Barclay’s, etc.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

photo credit here

 

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Topics: cash flow

The Importance of Small Business Financing for Small Business Success in the U.S.

Posted by Brittni Abiolu

Jul 17, 2014 8:07:00 AM

Due to the great recession we’ve experienced a great deal of hardships in the U.S. economy, especially job loss. Our government has made many attempts to help improve the economy over the last few years, with hopes of it being the big booming economy it used to be. The importance of capital access for small business has been indicated by President Obama’s advocacy and introduction of legislation that will help increase funding available to small businesses for the purpose of creating jobs. Legislation such as the American Recovery and Reinvestment Act of 2009, Small Business Jobs Act of 2010, and most recently the Jumpstart Our Businesses (JOBS) Act provisions that were made in the spring of 2012 were put in place to promote entrepreneurship and help our small business access capital with less difficulty.According to the Kauffman Foundation, 2013 “State of Entrepreneurship Address”, the JOBS Act has included new provisions for equity crowdfunding. These new provisions have changed the regulatory environment for crowdfunding in a way that will make accessing these funds much simpler. 

Small_Business_Financing

More Proof that Small Business Greatly Benefits from Increased Access to Capital

Data from the report, “U.S. Microfinance: Small Loans, Big Results”, also indicate that improved access to capital greatly impacts the growth and sustainability of small businesses. This study was compiled based on a survey that was conducted amongst small business borrowers that were awarded small microloans from Accion during 2010. According to the report: 

  • 54% of the small business borrowers hired 5.6 employees as a result of receiving microloan funding. 
  • 32% of the small business borrowers reported that their business revenue increase and 41% that increase met or exceeded their expectations. 
  • 97% of the small business borrowers were still operating their business at least one year after receiving the microloan funding.

These findings suggest that access to small business financing for small businesses can greatly contribute to their long term success and sustainability as well as job creation. This further proves that having sufficient access to capital is important for small businesses as well as the good health of our overall economy. If you’ve thought about starting or growing a small business, it would be wise to consider the benefits of investing your own funds or seeking outside capital. I’m sure you’ll be glad you did.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

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Topics: Small Business Financing

3 Reasons Why Using Investor Funds May Not be the Right Small Business Financing Option

Posted by Brittni Abiolu

Jul 15, 2014 10:43:00 AM

Small Business FinancingMost small business owners don’t realize that all small business capital is not created equal. There are two type of small business financing you can obtain as a small business owner. This includes debt financing and equity financing. Debt financing is when you borrow money from a bank or lender and pay it back (plus interest). Equity financing is when you give up a percentage of ownership in your company in return for an investment. Sometimes that investment could be time (sweat equity), but most of the time it is financial. The percentage of ownership often goes to either a venture capitalist or angel investor. 

According to Rosemary Peavler of About.com, Venture capitalists mostly use institutional funds that mainly come from big pension funds and large college endowments to invest in emerging businesses. They invest large sums (often in the millions), while Angel Investors are individuals that invest small sums of their own money (less than 1 million) into startup companies. Before you decide to pursue either a venture capitalist or angel investor, you should seriously consider the following 3 reasons why they may not be right for your small business. 

Your business isn’t “high growth” – Investors in this day and age prefer to invest in high growth businesses that will yield returns in the millions in just a few short years. Let’s face it, most small businesses are not yielding high returns in a relatively short period of time. If you’re business isn’t in high tech industries such as bio-tech, software, “green”, internet, or healthcare, your chances of landing an investment from a seasoned venture capitalist or angel investor is slim to none.


You can forget being your “own boss” – Most investors will want to be apart of your board of advisors or directors, attend every single meeting, and have a say in making huge decisions regarding your business. Sure you will still get to voice your opinion about which direction to take your business however, your ideas will be up against the investors. Since you’re using their funds to grow your business, they may be able to get the final say more often than not. If you decide to go against what they want, you risk them pulling out their investment and moving on to something else. (Have you ever watched “Dragons Den” on BBC? I’ve seen this happen before with one of the “Dragons” aka investors). 


You will be required to sell or go public - All investors have an exit strategy when they invest in your business. At some point, they will want to sell or public to reap the rewards of their investment. Once they get their return on investment, they will want to on move on to something else. 

If you want to stay in control of your small business, you may want to consider other options in regards to financing. Debt financing such as a small business loan or line of credit may be more suitable for you. Small business loans and lines of credit are often better options for small businesses that are not considered “high growth” and where the owners will want to maintain full ownership. Below is a list of the various types of small business loans and lines of credit you may want to consider instead of equity financing: 

  • SBA Loans
  • Unsecured Business Credit Cards
  • Unsecured Business Lines of Credit
  • Purchase Order Financing
  • Accounts Receivables Financing/Factoring
  • Merchant Cash Advances

If you haven’t made the final decision or you are simply not sure what type of financing is the most suitable for you business, you may want to consult with a small business finance expert. The best experts can analyze your unique situation and give you and honest and sound advice about what you realistically will qualify for.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

Photo credit here

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Topics: Small Business Financing

How to Determine if a Small Business Loan or Line of Credit is Right for You

Posted by Brittni Abiolu

Jul 10, 2014 8:15:00 AM

5792635506_697faa416dThe most accessible type of small business capital for small business owners is debt financing, which includes small business loans and small business lines of credit. If you’re seeking small business capital, it’s very important to understand that small business loans and small business lines of credit are two very different types of small business capital. The biggest (and most obvious) difference between a small business loan and line of credit is: 

  • Small business loans have fixed interest rates and terms and are considered long term financing. Long term financing is generally used to purchase large assets such as equipment and machinery. 

 

  • Small business lines of credit have variable interest rates and terms and are considered short term financing. Short term financing is generally used to purchase supplies and inventory and cover payroll. 

Once the total amount of a small business loan has been used, you’ll need to re-apply if you need more financing. However, the good thing about obtaining a small business loan is that you’ll have the same monthly payment for the life of the loan. This will make it easier to budget because you will already know what to expect in regards to monthly payments. You’ll also be able to pay it back over time.

Small business lines of credit are revolving, meaning that you can have access to them for the life of your small business if you manage the debt properly (and the lender wants to continue their relationship with you). Lenders may also continuously increase your credit limit over time if the small business line of credit is properly managed (increasing your access to capital year after year). However, your monthly payment may vary depending on how much you spend from the small business line of credit. Because of this, you’ll need to plan ahead before you begin using the small business line of credit to be sure you can handle the monthly payment.

If you want to determine if a small business loan or small business line of credit is right you, ask yourself:

  • Will I need ongoing access to capital? If you own a small business that will continuously need outside funds to operate efficiently and effectively, you may find that small business lines of credit are more suitable for you than small business loans. This is because once a small business loan is used, you’ll have to re-apply to get another and there’s no guarantee that you will be approved again.

 

  • Can I afford to pay a fixed monthly payment? If you don’t have the ability to pay the same monthly payment every month, a small business loan may not be suitable for you. With a small business line of credit, your monthly payment will vary depending on how much you use. If you don’t use the small business line of credit for a particular, you may not have a monthly payment for that month (as long as there isn’t a current outstanding balance).

If you are still unsure about whether or not a small business loan or line of credit suitable for someone in your unique situation, you may want to consult with an expert who is well versed in the small business finance arena. The most reliable and knowledge experts will be able to properly analyze your business and situation to determine whether a small business or line of credit will be best for you at the present time.

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

 

Photo credit here

 

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Topics: small business loans, lines of credit

Identifying the Best Small Business Financing Experts

Posted by Brittni Abiolu

Jul 8, 2014 10:11:00 AM

8016428880_8bdfffafafApplying for small business financing can seem like a difficult and daunting task for many entrepreneurs and small business owners who have no experience with it. The best way to minimize the difficulties that can be associated with applying for small business financing is working with an expert who understands the process and can help you increase your chances of getting approved. Before you approach an expert to assist you with the process of obtaining small business financing, it would be wise to know how to identify the best of the best. There are hundreds of thousands of so-called small business financing experts online but only a small few will live up to your expectations. If you’re considering consulting with an expert to help you apply for small business financing, you’ll need to know how to identify them. There are 3 good ways you can identify the best small business financing experts:

  • Transparency – The best small business financing experts will be open and honest about who they are and what they can do for you. They’ll have a professional website with a company name, phone number, email address, and/or contact form. They’ll make it easy for you to contact them and do your due diligence on them by telling you everything you need to know about them on their website or over the phone. If you find that you have a difficult time doing due diligence on a so-called expert, it would be wise to look elsewhere. 

 

  • Proof of Experience – Small business financing experts who are the best at what they do often have a long history of working with small business owners to obtain funding and will be able to display that through their knowledge. The best way to determine if they are knowledgeable and experienced is to speak with them. When speaking with an expert, they should be able to do 4 things – (1) analyze your personal and/or business credit history to help you determine what type of small business financing you will qualify for and how much you can get, (2) tell you how to increase your chances of getting approved for small business financing based on your personal and/or business credit history and unique needs, (3) tell you which lenders are the best to approach and help you apply to those lenders, and (4) coach you on how to use the small business financing effectively so you can grow your business and increase your profits. If they don’t discuss each of these things with you, you may want to consider another option. 

 

  • Proof of Results – When it comes to small business financing experts, the proof is in the pudding. The best small business financing experts will always have verifiable written or video testimonials on their website. Some experts may even provide you with the contact information of past clients so you can call them to verify their results. If you find a so-called expert that can’t show you any proof that they’ve ever gotten anyone approved for small business financing, keep searching. 

Whatever you decide to do, I strongly suggest that you talk to more than one self proclaimed expert before making a decision. Take notes when speak them so you can remember and study what they’ve said. After you’ve approached about 5 to 10 experts, review your notes, think it over, and make the decision that is most appropriate for you. Good luck!

Brittni Abiolu is the Owner & Publisher of www.CapitaLinker.com. Through her website, she serves to educate entrepreneurs and small business owners on how to increase their chances of obtaining capital in the simplest way possible and how to find and connect with the most appropriate funding sources. You can connect with Brittni on LinkedinGoogle+TwitterFacebook, and Pintrest.

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Topics: Small Business Financing

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