Business Loans Blog Posts | Page 4

The second round of PPP grants $284 billion to business owners in the form of forgivable loans. As government mandates continue to keep some businesses shuttered or under strict regulations, a PPP loan could be just what you need to keep your business on track in 2021, regardless of whether or not you participated in the first round.

Pitching competitions can be a great way to get your foot into the door to the investment world. You’ll have a captive audience and the opportunity to make connections that can aid your business endeavors far into the future.

Short-term business loans can be just the thing to see your business through unforeseen challenges or to help you take advantage of time-sensitive opportunities. If you can pay back your loan in a timely manner, you’ll have overcome your temporary hurdle, dodged the debt trap, and positioned your business for future success.

Lenders want borrowers to pay as much interest as possible, which is why some loans discourage and penalize early payment through the use of prepayment penalties. However, using the strategies outlined in this article, you may be able to make prepayments on your business loan while avoiding or minimizing any penalties, even if your loan does include a prepayment penalty.

Small businesses looking to take advantage of the Small Business Administration’s (SBA) loan programs’ excellent rates and terms face what is often a complex and confusing application process. We’ll go over the minimum FICO score SBA loan requirements for each type of SBA loan and what you can do if you don’t think you’ll qualify.

The EIDL is a low-interest, long-term loan for small business owners that have been impacted by COVID. These loans offer low, fixed rates and repayment terms up to 30 years. Businesses with fewer than 500 employees, certain nonprofits, and agricultural businesses can apply and be approved if they meet all criteria set by the SBA.

Your original business plan may not have called for seeking a same-day business loan from an alternative lender, but, as you know, things happen. You may not have planned for certain challenges, but when the unexpected happens, it’s possible to get a quick business loan — perhaps even a same-day business loan. Read on for a look at the most reputable same-day lenders.

Seed funding can be any amount of money, from any source, that helps move a business from the conceptual phase to the implementation phase. Seed funding is typically a small amount of money relative to the scope of the business proposal and often comes from personal sources like family and friends.

You will need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. To do this, you’ll need to submit one of the three available forgiveness application forms, depending on your circumstances: SBA Form 3508, SBA Form 3508S, or SBA Form 3508EZ.

You’ve probably heard the old cliche: You’ve got to spend money to make money. Businesses are investments, and investments imply an allocation of money. Or do they? We talked to business owners who say they started their companies without any substantial outlay of money to find out how they did it.