Small Business Blog Posts | Page 21

High-risk business loans may have higher interest rates and shorter repayment terms. But high-risk loans also have minimal borrowing requirements and are easier to obtain than loans from traditional lenders like banks.

Short-term loans and merchant cash advances are typically the easiest to get. Certain business credit cards and lines of credit may also be easy to get. One thing to note that many business loans that are fast and easy to obtain come with shorter repayment terms and higher rates and fees.

If you have questions about completing your loan application, you can always ask your SBA-approved lender. If you haven’t yet found a lender to work with, SCORE is a great resource. This nonprofit organization provides resources and services including free business mentors that can help you through every step of the process.

The Small Business Administration provides invaluable resources to small business owners, from educational materials to low-interest loan programs. One of those programs is CAPLines, which provides qualified business owners with a flexible line of credit up to $5 million. 

The SBA launched the SBA Community Advantage loan program to help businesses in underserved areas receive low-interest financing with reasonable terms. Business owners that can’t receive financing through traditional loan programs can take advantage of competitive rates and terms through this SBA pilot program.

Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol’ general store and the owner would know you, your character, and whether or not putting your items on “charge” (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.

Looking for a line of credit? We have searched out and evaluated the best credit lines currently available to businesses of all sizes — from startups and incubator businesses to stable and established operations.

Do you have poor credit? Or even fair credit that you want to improve? Your personal credit score can impact not just your personal finances, but also your opportunities for small business loans and other forms of financing.

Checking your business credit reports and correcting errors could give your business credit score a boost quickly. Beyond that, consistently paying bills on time and paying off debt will also help contribute to a higher business credit score.

Bankruptcy is probably one of the last things you want to think about. But as unpleasant a prospect as it can be, businesses regularly fail. If that happens, don’t be afraid to look into bankruptcy and give yourself a fresh start.