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Your business credit profile could be one of the most valuable things that you have as a business owner. Here are a few things to consider about using your business credit profile to get business loans.
A business credit card application is used to apply for a credit card that is issued to the business owner in his or her business' name. Getting a business credit card allows small business owners to get loans, make payments and build credit history without putting their personal credit on the line. However, when they apply for a business credit card, their financial history very much matters; though there are ways to work around that.
What do you really need to know about how SBA-backed loans work? First, know that you're going to be spending more time with a bank than you might think.
Separation of personal and business finances is essential for any business owner, and gives you a little protection from the IRS. How do you open a bank account for your business? It's not quite as simple as wandering into the local branch of the big bank on the corner.
A merchant cash advance is the sale of future credit card sales or other receivables. Companies with predictable cash flow from sales can use this practice to smooth out cash flow.
Company.com "Made for Business" video.
Company.com talked to Mitch Jacobs, founder and CEO of On Deck Capital, Inc., a New York based company providing loans that work for small business-not the other way around. Mitch founded On Deck Capital in 2006 and, to date, has provided $49 million in loans to small businesses when traditional bank loans were not an option.
If the bank won't lend you capital, how do you finance your business? We're assuming you don't have a rich Uncle Tony and don't have a winning lottery ticket in your pocket. Your choices after that are institutional lenders, private lenders, account receivables funding, or selling a part of your business. Finding capital can be tough, but here's how to find a few, and how to be professionally prepared to answer the tough questions a lender might ask.
Bootstrapping, reinvesting (your own or your company's money), bank loans, and equity partners. Is there a lesser evil when you sell a stake in your business to bankers or strangers?
Aaron Patzer, CEO of Mint.com, discusses startup accounting and the financial history of Mint.com, which recently bought by Intuit for $170 million. Slides and video of Patzer's presentation are included.
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