Category: Business Financing

Can You Use a HELOC to Start a Business? Pros, Cons, and Alternatives

Can You Use a HELOC to Start a Business? Pros, Cons, and Alternatives

There are three trends that are converging to make HELOCs an increasingly popular choice for starting a business.  1. Americans are sitting on a record amount of home equity: $16.9 trillion of it. According to the ICE Mortgage Monitor, “strong home price growth in early 2024 increased mortgage-holder equity to a record $16.9T in Q1 (2024), $11T of which can be leveraged while retaining a 20% equity cushion – also an all-time high.” 2. Americans are also starting new businesses.… Read More
How This Wellness Center Owner Used Funding to Grow With Confidence

How This Wellness Center Owner Used Funding to Grow With Confidence

“Where's the money coming from?” Shalonda Pettis had to answer that question after she launched Georgia-based wellness and weight loss center, Elite Wellness Solutions. While she self-funded her business in the beginning, it grew to a point where that became unsustainable. “I thought I’d just pay for everything myself with all of my own money,” Shalonda remembers. “And I don't know that that was the smartest thing to do.”  While it was promising to see her business grow and serve… Read More
The Biden Plan to Cap Credit Card Late Fees and Does It Apply for Business Cards?

The Biden Plan to Cap Credit Card Late Fees and Does It Apply for Business Cards?

I was on vacation when I forgot to pay one of my credit cards. When I returned home a few days later I got a notice that my payment was late, and that my account was assessed a late fee.  I was annoyed at myself—and by the fee—but at least I could take comfort in knowing I’m not alone. The Consumer Financial Protection Bureau (CFPB) reports that American consumers are charged some $14 billion a year in late fees.  That… Read More
7 Business Credit Challenges Small Businesses Face

7 Business Credit Challenges Small Businesses Face

Credit and financing are challenges that many business owners don’t realize they face until they need it.   Machinery breaks, and it’s too expensive to fix with cash on hand. A small business lands an important contract and needs to hire more staff quickly to get the work done. A great piece of real estate becomes available, and would be perfect to expand the business. Or sales are growing, but that means purchasing a lot more inventory.  Whatever the reason,… Read More
Prepare Your Business for a Loan Checklist

Prepare Your Business for a Loan Checklist

You’ve run the numbers and realize that your business needs an injection of cash, either to get off of the ground or to grow. And you’ve decided to get those funds by applying for a business line of credit or loan. The next step is to understand what your business needs to qualify for the best small business loans with low interest rates and favorable repayment terms, and what you can do to prepare your business for the application process.… Read More
Small Business Owners Guide to IRS Business Codes and NAICS Codes for Financing Success in 2024

Small Business Owners Guide to IRS Business Codes and NAICS Codes for Financing Success in 2024

Starting a small business exposes you to a whole new lexicon of acronyms from ROI (return on investment) to POS (point of sale systems). One that will no doubt be confusing the first time you come across is “NAICS codes”.   Ignore it at your own expense, because the wrong NAICS code may make it harder for your business to get funding. Here’s why.  What are NAICS Codes? NAICS codes refer to North American Industry Classification System codes. These codes are… Read More