Category: Business Financing

Everything You Need to Know about the SBA EIDL Hardship Accommodation Program

Everything You Need to Know about the SBA EIDL Hardship Accommodation Program

COVID-19 Economic Injury Disaster Loans were a lifeline for many small business owners during the pandemic. More than 3.9 million businesses took out 30-year SBA EIDL loans at a fixed interest rate of 3.75% according to SBA data.   Payment pauses were offered during the pandemic, allowing businesses up to 30-months to postpone making their EIDL loan payments. But those EIDL deferment periods have ended.  Unlike Paycheck Protection Program (PPP) loans, COVID-19 EIDL program loans are not eligible for forgiveness and… Read More
Small Business Loans vs Business Credit Cards: Making the Right Financing Choice

Small Business Loans vs Business Credit Cards: Making the Right Financing Choice

It's great if your business grows without ever having to borrow a dime. But most businesses use some form of financing, whether it's a business credit card to pay for purchases, or a line of credit for times when cash flow is tight.  Deciding which type of financing to use when can feel daunting. Businesses are often flooded with offers for credit cards and financing. If you wait to look for financing when you desperately need it, you may pay… Read More
Can Business Owners Can Use Payday Loans for Their Business?

Can Business Owners Can Use Payday Loans for Their Business?

Business owners are often risk-takers, and are willing to pursue their dream despite obstacles in their way—even if that hurdle is a lack of money.  When consumers need money fast and don’t qualify for other types of loans, they often turn to payday lenders. Payday loans offer quick short-term loans advanced against the borrower’s paycheck. But they often have very high rates, and are considered a lender of last resort.  But what if the borrower is an entrepreneur without a… Read More
What You Need To Know About Personal vs Business Expenses

What You Need To Know About Personal vs Business Expenses

Credit cards are a popular way to pay for purchases. They offer a convenient and safe way to pay for purchases, and rewards credit cards offer even more value when managed well.  When you’re a business owner, it can get more complicated though.  What happens if you use your business card for a personal purchase? If you can’t qualify for a business card, can you use a personal card for business expenses? What are the advantages of one type of… Read More
The Fastest Tradelines for Businesses

The Fastest Tradelines for Businesses

Let’s face it. When it comes to our small businesses, we want to get results, fast. It’s no different if you’re building credit for your business: you want to find the easiest and most efficient way possible. Good business credit can help unlock more business opportunities and financing options, better interest rates, higher credit limits, and more.  Fortunately there is a way to shortcut the business credit building process, and that’s to get tradelines that help you build business credit… Read More
Which NAICS Codes Get the Most Funding?

Which NAICS Codes Get the Most Funding?

If you’ve filled out an application for a small business loan or financing, you may have been asked to provide information about the industry your business operates in, or even to list your SIC or NAICS codes. And you may have wondered why this information is requested by lenders, or how it would affect whether your application is approved. .  Here we explain how industry codes, like SIC or NAICS codes, can affect where and how much funding your business… Read More