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.

76

76

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.

Credit Unions 74

Credit Unions Credit and Collections 74

GoCardless

MAY 26, 2016

Add-on tools are increasingly defining the shape of accountancy firm systems. Find out how cloud-based add-ons are now becoming staple tools for the accountant.

Accounting Firms 52

Accounting Firms 52

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.

Credit Scoring 76

Credit Scoring Small Businesses Default 76

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.

Small Businesses 76

Small Businesses 76

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.

Small Businesses 76

Small Businesses 76

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

Small Businesses 76

Small Businesses 76

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.

Small Businesses 76

Small Businesses 76

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.

Deductions 75

Deductions Small Businesses 75

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.

Credit Scoring 76

Credit Scoring Bankruptcy Credit and Collections Default 76

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.

Small Businesses 76

Small Businesses 76

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?

Credit Scoring 75

Credit Scoring 75

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.

Small Businesses 76

Small Businesses Insurance Companies 76

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.

Small Businesses 76

Small Businesses 76

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.

Credit Scoring 75

Credit Scoring Small Businesses 75

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.

Small Businesses 75

Small Businesses Credit Scoring Credit Unions Insurance Companies 75

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.

Credit Scoring 75

Credit Scoring Credit Unions Small Businesses 75

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.

Small Businesses 75

Small Businesses Cybersecurity Default 75

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.

Transactions 74

Transactions Small Businesses 74

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.

Deductions 74

Deductions Small Businesses 74

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.

Credit Scoring 73

Credit Scoring Small Businesses 73

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.

Medical Billing 73

Medical Billing Small Businesses Default 73

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.

Small Businesses 72

Small Businesses 72

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

Small Businesses 72

Small Businesses Deductions Accounting Firms Transactions 72

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.

Credit Card Companies 72

Credit Card Companies Credit Scoring Small Businesses Transactions 72

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.

Transactions 72

Transactions Small Businesses 72

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.

Credit Scoring 72

Credit Scoring Small Businesses Credit Reporting Agencies Credit Unions 72

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.

Credit and Collections 71

Credit and Collections Credit Scoring Small Businesses Accounting Firms 71

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.

Default 71

Default 71

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.

Credit and Collections 71

Credit and Collections Small Businesses 71