Abrigo
MAY 27, 2016
A credit memorandum is meant to summarize the information collected during the loan application and credit analysis processes. This large document bridges the gap between underwriting and funding, and it is a pivotal point in the life of the loan. A credit memorandum is used by the loan committee to decide whether or not to approve a loan and disburse funds to a borrower.
Fundera
MAY 27, 2016
Shoelaces are a problem — no matter who you are. “You could be a kid who can’t tie her shoes or a teenager that just doesn’t want to…. An athlete who has to stop his training because of untied laces or a pregnant woman who cannot bend down to tie her shoes,” says Gastón Frydlewski. “Shoelaces are a universal problem.”. But thanks to Frydlewski and the team at his 5-year-old startup, Hickies , this no longer has to be the case.
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GoCardless
MAY 12, 2016
Mark Wickersham FCA, the author of 'Effective Pricing for Accountants', shows how accounting firms can make the transition from being paid in arrears to be paid upfront.
Fundera
MAY 26, 2016
It’s probably going a bit too far to say that the needs of small businesses are like snowflakes—in that no two set of borrowing circumstances are alike. But it’s definitely true that not every small business fits into the same lending and borrowing box. Some companies are best served by a simple business credit card , while others might be best suited to a line of credit or invoice financing.
Fundera
MAY 25, 2016
Starting an interior design business is a popular move for people who study the craft of creating a space that’s both functional and aesthetically pleasing. The combination of expressing yourself and executing your vision for clients is tough to pass up, despite the obstacles that small business owners often face. Interior design requires more than just an eye for decoration, though.
Fundera
MAY 24, 2016
From the high-concept ideas to the nitty-gritty details, plenty of entrepreneurs think they need to do it all on their own…. But that doesn’t mean they won’t need help along the way. No matter what it is about your business that you want to improve, someone out there has probably come up with a few successful solutions. They might be lurking in a book, hiding in a podcast, or waiting to be heard at one of your local small business organization meetings.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Fundera
MAY 20, 2016
The Google offices are legendary—and most of us have definitely daydreamed of working in a space that’s fun and innovative. Free meals! Slides instead of stairs! On-site fitness centers! Lego stations! Looking around your own office, you might be feeling less than inspired right now. You might not have the budget to host free meals and your office might not have the capacity for an indoor slide, but we’ve found that snacks—especially healthy snacks—are the number one wish-list item f
Fundera
MAY 19, 2016
When summer rolls around, most of us think about how quickly we can get out to the beach or what’s the best weekend to invite friends over for a barbeque. But many small business owners see the year’s warmest season as a trial—an obstacle to overcome or endure. And while some entrepreneurs institute new tactics or practices to survive the summer heat, others are waiting for summer, since that’s when business thrives.
Fundera
MAY 18, 2016
Those who’ve never intimately experienced being a business owner tend to have a rather romanticized vision of what it means to be an entrepreneur. They imagine business tycoons who have it all together, who know exactly what they’re doing, who have a plan for everything. Business owners are automatically experts, right? They’re the boss, so they must be totally qualified for every step of the journey.
Fundera
MAY 10, 2016
850. Three little digits. One big number. What’s the deal with 850? Well, if you’re a credit score aficionado like we are, you’ll recognize 850 as the absolute perfect credit score. Once you’ve hit it, there’s just no higher to go—you’ve made it. And it’s an especially important figure for small business owners on the prowl for business financing. Out of all your financial numbers, documents, and sheets, your credit score might just be one of the most important attributes out there.
Fundera
MAY 9, 2016
Grazin’s Grassfed Burgers: A Small Diner Aims to Make The Cleanest Burger You’ll Ever Eat from SkeeterNYC on Vimeo. Andrew Chiappinelli doesn’t just run a burger joint. He wants to start a revolution. “We’ll put 97 octane into our German sports car and then drive it through the Dollar Menu and put the worst fuel into our body,” he says.
Fundera
MAY 9, 2016
THIS MONTH’S FIRESIDE CHAT: Meredith Wood, Editor-in-Chief, sits down with Kate Morgan, Senior Loan Specialist, to discuss how your personal credit score will affect your business loan application. Sure, you’re looking for business financing—but your personal credit can have a big impact on what you can qualify for. But why does it matter? What’s the difference between a soft credit pull and a hard credit pull?
Fundera
MAY 6, 2016
Every day, you see it across your Facebook newsfeed or Twitter timeline—another blog post, image, or marketing video gone viral, launching a humble small business like yours into a whole new level of notoriety (and resulting sales). Other days, it might be the slow and steady brand that catches your eye. Over time, you watch them slowly gain more and more followers, more facebook likes, more blog shares—and then the humblebragging tweet: they’ve completely sold out their new product line.
Fundera
MAY 2, 2016
Living in the much sought after “Vail Valley” of Colorado, young attorney Andy Jessen needed a roommate. A common thing in the Valley, it’s one of the only ways for young people to afford the sky-high cost of living. He found a young couple looking to rent, and after lunch together, they decided to call it home. Little did he know that he’d soon be going into business with one of them.
Fundera
MAY 4, 2016
When it comes to getting financing for your small business, you might be surprised to hear that your personal credit score matters —a lot. The reason is actually pretty simple: business lenders will see your credit score as a reflection of your reliability as a borrower. Your personal credit score measures your repayment history for personal matters, it’s true, but lenders assume that your private financial habits will mirror how you deal with your small business.
Fundera
MAY 6, 2016
If you own a small business—or are thinking about starting one—you’re in excellent company: there are 28.8 million small businesses in the United States, according to the U.S. Small Business Administration , and they have 56.8 million employees. Small businesses (defined as businesses with fewer than 500 employees) account for 99.7% of all business in the US.
Fundera
MAY 17, 2016
No matter what type of business loan you’re seeking—whether it’s an SBA-guaranteed loan from a bank, a loan from a credit union or an alternative lender—there are 4 questions that every lender will ask. Study up so you’re never caught off-guard. 1. How long have you been in business? The longer you’ve been in business, the better. About half of U.S. small businesses shut down within their first 5 years.
Fundera
MAY 31, 2016
We talk (and write) a lot at Fundera about the US Small Business Administration (see here , here , or here …). But the SBA’s loan programs are only one of the ways the agency helps small businesses start, grow, and thrive. They also provide counseling, business education, Spanish-language services, lender-borrower matchmaking, and funding for innovation, just to name a few.
Fundera
MAY 11, 2016
Pat Fitzgerald has kept his small business running for over 40 years, despite evolving trends and technology that could have easily put him out of business a long time ago. How has he stayed ahead of the curve? How has he managed to transition his business model over the years? “Keeping it in family,” Fitzgerald sat down with his daughter Colleen—Fundera’s Senior Relationship Manager—and spilt a few of his secrets on keeping his business alive and well for 4 decades. 1.
Fundera
MAY 24, 2016
You’ve diligently filed your business taxes for the year (well, we hope!) and saved the return for your files, and now you need to hand over a copy as part of your loan application. But what exactly is the lender looking for on that tax return? We’ll walk you through it. Tax Returns are a Part of Most Loan Applications. You’ll need to provide a tax return—or several years’ worth of tax returns, if you’ve been in business for long enough—in order to apply for most loans.
Fundera
MAY 5, 2016
It’s not unusual for small business owners to have ongoing needs for capital—in fact, that’s often the sign of a healthy, growing enterprise. But there are many different kinds of financing that can help satisfy those needs: there’s no one-size-fits-all solution. . With that in mind, let’s take a closer look at two different approaches for securing a second small business loan : loan renewals and concurrent funding.
Fundera
MAY 10, 2016
Everyone knows that small business owners wear many hats—but most people don’t think that includes acting as a lender. But if one of your employees asks for a loan, should you do it? And if you do loan a staff member money, how can you do it responsibly? Here are a few things to think about if you’re considering giving an employee a loan. The Benefits of Lending Employees Money.
Fundera
MAY 23, 2016
Oomph // NMM Business Showcase from Handcraft on Vimeo. Back in middle school, Rick Fillion and Phil Letourneau were just two misfits hanging out in the computer room of their small, rural school. Today? They’re partners of a successful business. Rick and Phil run Oomph , an indie software development studio. They’re devoted to building apps and desktop software that makes users’ lives easier, all out of a small office in Winnipeg, Manitoba.
Fundera
MAY 3, 2016
One of the most important parts of running a business is keeping your finances in order. If you’re making major mistakes on your tax returns or regularly going over budget, it doesn’t matter how wonderful your product or service is or how qualified your employees are: you and your business are in trouble. Hiring a person or a team of people to work with you on keeping diligent financial records, filing taxes, applying for loans, and planning for the long term is one of the best decisions you can
Fundera
MAY 19, 2016
Pretty much every small business could use some extra cash to make things flow smoothly — and sometimes a business credit card is the best way to go. The right card can offer some attractive financial rewards and incentives, while also helping your business establish or improve its credit. But where can you find the best credit cards? There are just so many to choose from.
Fundera
MAY 17, 2016
When I was asked to write about the general ledger, I groaned at the thought… W hat could I possibly write about it? But once I dug in, I found a few things that might be helpful to small business owners. Before I tell you how the general ledger can help you, let’s do that thing where I explain what a few things happen to be. General Ledger: Defined.
Fundera
MAY 11, 2016
If you’ve been diligent about making your debt payments on time and in full over the years, your credit is probably pretty good. And while your scores may differ slightly among the three major credit reporting agencies—Transunion, Equifax, and Experian—a good score at one usually means you’ll have a good score at all three, unless there’s a serious reporting error.
Fundera
MAY 25, 2016
If you own a business—and especially if you own a service-based business—it’ll eventually come about that somebody, somewhere, owes you money. But what is that actually called? Debts owed to a business are referred to as what? These debts owed to your business are referred to as accounts receivable , and if you’re not paying attention, poorly managed accounts receivable can quickly snowball into a major cash-flow issue for your business.
Fundera
MAY 16, 2016
Now that you’ve applied for a line of credit through The Credit Junction and gone through the underwriting process , the next step is to wait for your loan deal to arrive. (This usually happens within 24 hours of that initial call with the underwriter we mentioned in the last article.). Once you sign the deal, you’ve essentially given The Credit Junction a green light to conduct further due diligence into your company and management team.
Fundera
MAY 12, 2016
There will always come a time when you, as a business owner, need an infusion of capital to solve a problem or seize an opportunity—and sometimes you need that funding quickly. But like the rest of us, business owners are subject to the same whims of human nature. Sometimes they move too fast when looking to borrow money on a pressured schedule: the immediate needs of the business can overshadow the need for due diligence.
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