Category: Business Financing

Understanding Midprime Credit Scores: A Guide for Small Business Owners

Understanding Midprime Credit Scores: A Guide for Small Business Owners

For small business owners, personal credit score can still matter in determining which small business loans and business credit cards you qualify for. A midprime, or near-prime, credit score falls between prime (which is good) and subprime (which is poor).  This article explores how having midprime credit affects you, credit options for midprime borrowers, and how to build your credit over time. What Is Midprime Credit? Midprime credit, also called near-prime credit, refers to a credit rating from the three… Read More
How Much Business Debt is Healthy

How Much Business Debt is Healthy

Just like it’s difficult to imagine buying a home or even a car without a mortgage or car loan, small business owners often find that small business loans or financing is essential to grow their business.  But how much business debt is healthy? It’s an important question for the financial health of your business, so let’s dive into ways to use debt strategically.  What's a Healthy Level of Business Debt? Some business owners believe that debt is bad, and focus… Read More
How Much Does It Cost To Open a Laundromat in 2024

How Much Does It Cost To Open a Laundromat in 2024

If you open or purchase a laundromat, you’ll be in good company. There are about 30,000 coin laundries in the US, generating about $5 billion in annual revenue, according to the Coin Laundry Association, which represents the laundromat industry.  A laundromat in the right location can create a profitable business for years to come. But how much does it cost to open a laundromat? Here we’ll explore the costs and benefits of a coin laundry business.   Start a Laundromat in… Read More
Typical Small Business Financing Fees 

Typical Small Business Financing Fees 

Lenders usually charge business loan fees on top of interest. It may cost money to make money, but small business owners should still understand all the possible loan fees to make sure a specific funding option makes financial sense for their business. This article breaks down the most common finance fees, how to understand total loan cost, examples of business loans with no origination fee, and how to find the best business loan to help you make the best financing… Read More
13 Financial Mistakes Business Owners Make (and How to Fix Them)

13 Financial Mistakes Business Owners Make (and How to Fix Them)

Like in life, when it comes to running a business, you’re probably going to make mistakes. Knowing what to expect can help you avoid serious and costly setbacks.  Here are 13 common financial mistakes small business owners make, and how to avoid (or at least minimize) them.  1. Mixing Personal and Business Finances Mixing business and personal expenses is a very common mistake many small businesses make.  Sam Morgan, MBA, is a Senior Certified Business Advisor with the University of… Read More
How Can Debt Be Used to Grow a Company?

How Can Debt Be Used to Grow a Company?

Taking on debt can be an intimidating move for a small business or entrepreneur — it can feel like a risk. It might feel safer to use savings or a more familiar method of funding like business credit cards. But there can be huge benefits to using debt for business growth. Debt can offer opportunities for business owners that would have otherwise been out of reach. In this article, we’ll explore the ways that good debt can help your business… Read More