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small business loans Blog Posts

By First American Merchant

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PPP loans That Were Not Prioritized | Underserved Small Business Markets

In the crescendo of the pandemic, as businesses struggled to stay afloat despite tough economic times, most hoped the federal relief packages—the Paycheck Protection Program (PPP), in particular—would come to their rescue. But that wasn’t the case, according to KB and Katie Brown’s print business in Minneapolis. Even after applying with three lenders, they never received any Coronavirus relief loans disbursed between April and August. “It just doesn’t seem like the program was built to support small businesses,” lamented KB Brown, who is witnessing small companies in his Black-dominated and low-income communities suffer to their closure. “It’s bullshit.” Congress’s instructions […]

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4 Tips for Understanding Your New Business’ Finances

Each year, over 627,000 new businesses are opened by eager entrepreneurs with big hopes and dreams for the future.  While their reasons for taking this leap may vary, they all share at least one thing in common: a desire for freedom. Who doesn’t like the idea of leaving their current job for the last time, giving their resignation and becoming their own boss? In reality, there is a huge amount of planning that needs to be done long before a business venture ever gets off the ground. These foundational steps will help ensure your business does not end up like […]

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5 eCommerce Financing Options That Allow You to Keep Your Equity

Now more than ever, businesses need working capital to sustain their operations amid pandemic conditions. Before COVID-19, small business owners had long been struggling to find lenders willing to work with them. Things are even more complicated, since COVID-19 has reshaped the finance landscape. According to FinTechMagazine, more and more offline commerce is moving online. However, many underwriting models for offline businesses don’t translate to eCommerce businesses. This is incredibly unfortunate, considering how many opportunities are available today for these companies. As demand increases for products from online platforms, companies could be making big strides – if they only had […]

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Short Term Loans Defined

Short term loans are ideal for those who have a temporary funding need for personal/business purposes. For more information about this type of business financing and an exceptional provider, keep on reading the lines below.  Short Term Loan Definition If you need to obtain this type of credit, be aware you’ll be required to pay it back by within a certain period of time (typically a year from getting the funds). This means you must pay back the debt quickly, from where we have the name “short term.” Other loan types with longer terms are known as medium or long […]

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Consider the Following When Applying for Your Next Business Loan

Small business loans are your cushion anytime your company threatens to hit rock bottom. The term “small business loans” is an umbrella description of various forms of funding, but your priority as a retailer is to pick the right product. And many times, your needs determine the right loan for you. So you must understand how these loans work to make the most of them. What’s a Small Business Loan? It is a form of funding a bank or lender offers a business in return for interest and fees, and payback (of the lent amount) in a defined schedule throughout […]

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The CARES Act For Your Small Business

It is not easy to run your business as usual when Coronavirus has created serious disruptions in the order of operations. For many business owners, the catch is to continue serving their customers and rake in profits as usual, in a relatively volatile economy. And of course, money is the major bone of contention—many merchants would appreciate the convenience of a lump sum of commercial funding but most lenders are not well-placed to offer it. Nevertheless, the Federal Government leveled the field for US small businesses on March 27 when President Trump approved the CARES Act. The approval of the […]

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5 Alternative Funding Options for New Small Business Owners

Small business owners need funding options So much creative thinking and careful planning go into launching a new business. However, starting a small business is just as challenging as it is thrilling. As you maneuver through the early days, you are bound to face many obstacles, like finding the right source of funding for your business type and industry. Without enough capital, you will be unable to materialize your business ideas. Secure your funds Securing business funding for a startup is not an easy or straightforward task. For many, it is one of the biggest challenges of all. Traditional lenders […]

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How to Use Funding for Your Small Business

So you have been approved for a loan and you are now itching to use this fresh injection of cash to take things to the next level. So where do you start? Before you jump feet first and begin spending with abandon, seriously consider what your overall business goals are. Doing so will keep you disciplined and focused on only directing funds where you need it most. One of the primary goals of any business in existence is growth. Ask yourself where this much-needed influx of cash can be used to facilitate expansion. What investments can you make that will […]

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When a Cash Advance Boost Can Get You Out of a Crisis

What is an MCA? How governments or other entities can boost cash advances to avoid an economic or financial crisis? This article will tell you some basic points concerning MCAs. What’s more, you’ll learn about a reliable and cheap MCA from an exceptional business funding provider. Easy Access to a Cash Advance In recent years, MCAs have become a preferred choice for many entrepreneurs as a business funding option over traditional loans. Importantly, if you think an MCA is a loan, it’s not true: an MCA is just a sale. Thanks to an MCA, you can use your credit card […]

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Applying for Merchant Funding? Lending Terms to Know

Have you decided to pursue financing for your business? What type of merchant funding are you interested in? Whatever it is, you should be aware of some important terms before applying for a business loan. Knowing the essential terms, you’ll be able to make an informed decision about financing your business. Also, the process will prove to be much more comfortable for you. Here are several key business lending terms to know: Business Credit Score Business credit scores, also called commercial credit scores, vary from 0 to 100. These scores help your potential lender determine whether your business is worth […]

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