As of 2016, there were 28.8 million small businesses, which represented 99.7% of US businesses, according to the SBA. As of 2017, big banks only approved nearly 24.1% of small business loans. Smaller banks approved around 48.9%. Alternative lenders approved 58.2% of loan requests, according to Biz2Credit To get approved for any type of small business loan, lenders will want to see your ability to pay back the funding. So, you’ll be required to provide some information, including credit history. If you have bad credit, you’re likely to get a refusal from the majority of lenders. The thing is that […]

Are you considering your options of getting financing for your business? Many entrepreneurs turn to a bank to obtain a small business loan, but very often they feel hopeless after being rejected. Banks tend to reject more people than they approve. Even if banks give you a green light, you’re likely to pay higher interest rates. Business Loan Challenges According to the 2016 Small Business Credit Survey from 12 Federal Reserve banks across the US, which was conducted in the last half of 2016 and included over 10.000 employer firms across all 50 states, small businesses feel optimistic about the […]

Cash flow impediment is one of the biggest problems businesses, especially young ones, face every day. A merchant can have slow cash flow because of several factors, some of which are outlined below. Weak sales Traders who are not selling enough to satisfy their target and meet expenses are already experiencing cash flow issues. Reasons for a reduction in the number of daily transactions can range from poor business management to an unexpected change in the market, such as the entry of a dominant competitor. It is also common for new businesses to suffer low sales in the first few […]

Small business owners face a variety of hurtles to attaining small loans or cash advances. If your business is in a high risk industry, you will encounter higher interest rates than your lower risk peers, loan refusals and other obstacles. Luckily, there are alternative funding sources that make life a lot easier for entrepreneurs who are not afraid to work in risky industries. Small Business Loans   It is now a lot easier for small businesses to get a loan from the Small Business Administration (SBA). The SBA is guaranteeing more loans, but applicants must still reach specific qualifications to […]

Social media is a huge benefit for many businesses, but there are obstacles that can get in the way of a merchant having a successful social media presence. From the level of experience and comfort to the amount of time it takes to post, there are many reasons merchants find to forgo social media, and stick to traditional methods of advertising. In our social media driven world, a social media presence is a must, and there are simple ways that you can provide a lively social media presence without losing control of your business schedule. Yes, social media can be […]

Tax season is here, and for many merchants it means the tax man cometh. The need for fast cash can put a merchant in a bind, sometimes making risky decisions. From high interest loans and cash advances, to title pawns and other risky methods of obtaining funds, there are as many bad ideas as there are merchants it seems. Luckily a good solution is only as far away as your merchant account processor. A small business cash advance is the best solution for a cash bind. Whether it is typical business issues or tax issues, a cash advance can help […]

Locally-owned businesses are considered to be the lifeblood of the small towns they call home. And rightfully so. However, the positive effects that go well beyond the obvious benefits are often overlooked. Consider the following five ways local businesses are the unsung heroes of their hometowns. Help Communities to Grow and Prosper Consider the small town hero of Rantoul IL. In 1998, Taylor Studios, a company that designs and builds exhibits for places like Marine Museum and Gettysburg Cyclorama, moved to Rantoul. In the years prior, the town had lost all momentum after the closing of the local air force […]

Where would we be without our loyal customers? Have you ever taken the time to consider which customers are loyal to your business? How many of those customers would continue to be loyal to you even if your direct competitor opened up next door to you? While learning how to attract new customers is important, focusing on turning your current customers into loyal ones is even more important. Why? It is the loyal customers that guarantee that your business will be around for decades to come. Their referrals and positive word-of-mouth are one of your most powerful marketing tools. Consider […]

In the world of website and app novices, nothing is more confusing that the term “website push notification”. These notifications are clickable messages that are sent from the website to the subscriber’s browsers. They can come in the form of advertisements, coupon codes, or even a phone number in case of an issue. Many websites use these, and we encounter them on a regular basis without thinking about what they are. This description makes it easy, doesn’t it? It should, because website push notifications are rather simple to install, and they benefit the consumer. These notifications can help you gain […]

All start up businesses need funding. While some are fortunate enough to do the funding themselves, or with a partner, the majority of new merchant need a funding source outside of their social or family circle. There are many options around, but not all options work with everyone. There are also many questions to ask: How much do I need? Where can I get funding? Who is a reputable funding source? These are just a few questions that small business merchants ask when they are looking for a funding source. You need to make sure that whomever you choose, and […]