Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
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A microloan is defined as a small loan that is typically for $50,000 or less. Microloans offer an alternative to traditional bank loans. These loans are for smaller amounts, so they are easier to qualify for, opening up options to small businesses that aren’t eligible for conventional loan options, either due to low revenue or lack of establishment.
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.
The process of obtaining an SBA loan is daunting for any business. As a startup or new business, the process can be even more complicated. However, with a solid business plan in place and a good credit score, it’s possible to obtain the funding you need with SBA loans for startups to put your new business on the path to success.
Getting an SBA 504 loan can be a lengthy and difficult process. Borrowers must find a CDC and private lender willing to fund their loans, as well as meet the requirements of the SBA and lenders. This includes having enough revenue to repay the loan, a solid credit score, and an eligible project to be funded.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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