Archives: Resources

How to Write a Business Plan

How to Write a Business Plan

Starting a small business is hard work. The list of things you have to do in order to turn your dream into reality may seem overwhelming at first. Anyone who has searched "how to start a small business" online has seen page after page populate with articles on loans, investors, incorporating, credit scores, cash flow, taxes, permits—the list goes on and on. When faced with such a formidable to-do list, it is easy to think of a formal business plan… Read More
SBA Loans Types — How Many Are There?

SBA Loans Types — How Many Are There?

The SBA, Small Business Administration, provides loans to small businesses through financial institutions such as banks, microlenders, and online lenders. These SBA loans are government guaranteed, meaning lenders will offer them to small businesses at low interest rates because the government has promised to pay back 85% of the loan in the event of default. The three most talked about SBA loan types are: 7(a) Loans: the most popular loan provided by the SBA, available to new and established businesses… Read More
Business Tradelines: What They Can Do for Your Business Credit

Business Tradelines: What They Can Do for Your Business Credit

If you’re an entrepreneur trying to establish business credit, you’ve probably heard terms like “tradelines, trade credit, corporate tradelines, or vendor accounts.” You may even know they are important, but aren’t sure how to get them and how they can benefit your business. We’ll demystify them here. What Is a Business Tradeline? A business tradeline is a credit account between a business and vendor. Typically, a supplier or vendor will offer the business payment terms such as net-30, which means… Read More
What Is a Good Business Credit Score?

What Is a Good Business Credit Score?

Most of us are readily familiar with the general structure of consumer credit, but if you’re a small business owner, becoming familiar with business credit is important to your overall success. Establishing and maintaining business credit will help you build valuable relationships with vendors, suppliers, manufacturers, and financial institutions that are important to operation. For business owners, a good business credit score translates into lower interest rates, better trade credit, and access to the financial support necessary to grow and… Read More
The Five Main Credit Scoring Factors

The Five Main Credit Scoring Factors

It takes more than on-time payments to build a good credit score. Understanding the five main credit scoring factors can help you boost your credit scores. These five factors help explain how information in your credit reports will be evaluated when your personal credit scores are calculated. The better you score on each of these factors, the higher your credit scores. Using the FICO model, here are the five main factors that affect your credit score: Payment History (35%) Debt… Read More
Payment History and Your Credit Scores

Payment History and Your Credit Scores

Whether you pay bills on time is the single most important factor that makes up your personal credit scores. It is also a major factor when it comes to your business credit, but there are some differences in the way it is evaluated. Here’s what you need to know. If you miss a payment on your personal credit card, car loan or mortgage by a few days, chances are it won’t hurt your credit scores. With personal credit reports, payment… Read More