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Saturday, July 27, 2019

Raising Startup Capital For New Business Venture

Entrepreneurialism is all about taking calculated risks, and this is never more obvious than during the startup period. But entrepreneurialism alone doesn’t make a business – without finance, the most inspirational business plan won’t get off the paper.

Raising capital for a business startup is one of the most difficult business tasks you’ll experience and it requires every ounce of entrepreneurialism and skill to convince others to part with their money. Entrepreneurialism aside, raising finance requires a sound business understanding and an ability to think laterally as to the available sources of finance open.

Remember that business startup requires finance to get things off the ground but also to keep you personally above water, thus the costs necessary to start off can be quite significant. However by drawing on your entrepreneurialism and the strength of your business model, it is nevertheless possible to raise the funding you need without having to go to any extreme lengths. Entrepreneurialism is all about taking calculated risks, and this is never more obvious than during the startup period.

But entrepreneurialism alone doesn’t make a business – without finance, the most inspirational business plan won’t get off the paper. When most people think of funding their business they think initially of booking an appointment with the local bank manager to go in and discuss possible options. But there are ways of raising finance before this stage that will also help make you look like a more credible investment opportunity, and when combined with that spirit of entrepreneurialism you’re capable of displaying you can get together the money you need to take things to the next level.

The first stage of raising capital is to exhaust your personal resources. This might sound drastic, but when you consider that you’re also costing in your personal salary into your startup capital, it isn’t. Entrepreneurialism without finance is worthless, but by using the resources open to you, you can really make a difference. That means savings, personal credit cards and personal loans where possible to contribute towards your grand total. A prospective business owner that has already exhausted all possible means of raising money will seem more committed and will be in a better position to ask for further funding from the bank.

Asking family and friends is often touted as being a possible way of raising startup capital, but it’s probably not wise to go down this road. Family members are all too quick to draw on the negative sides of doing business, and will be overly cautious when it comes to lending you money. That doesn’t matter if you make a success of things, but most small business ventures fail, and all the entrepreneurialism in the world won’t rebuild damaged family relationships. If you can raise the money elsewhere, do so. Don’t bring in family members where it isn’t necessary to do so, and explore all other avenues of raising business capital before heading down this road.

Raising business finance is often seen as a difficult task, but with careful financial management this needn’t be the case. By all means approach your local bank for help Business Management Articles, but don’t treat this as the first source of raising money for your venture where you have access to personal funds and savings.

Saturday, February 9, 2019

Small Business Financing

Small business financing is capital for your business success.

Small business financing provides all of the working capital you need for your businesses success. This includes business loans, business credit cards, vendor lines of credit, account receivable factoring, venture capital, and a variety of other funding options. The SBA provides excellent information and programs for small businesses that are in need of capital as well.

The SBA (Small Business Administration) is the leading authority on small business financing. They have no limits on the total loan amount you can request from their approved lender. A couple of criteria have to be met in order for your business to qualify for a SBA loan. As the business owner they want to see that you have invested some of your own money into the business. If they can see that you have stake in the business, they know that you will work harder, and do whatever it takes to make the business successful.

Another criteria for businesses to qualify for an SBA loan is that you have a business plan which shows how the money will be used, and how you can repay the loan. They also want to make sure that your business can earn enough money each month to cover the monthly payments. Another factor they look at is your personal credit score because that is an indication as to what kind of person you are, and it also helps them see positive payment history from you.

One other aspect that is vitally is important is your business credit scores, as those function just like personal credit scores, but they are for your business instead. Our programs can show you step-by-step how to properly setup your business credit.

Tuesday, December 18, 2018

Bad Business Credit Financing and How to Secure It

Bad credit financing is offered by various lenders but the interest rates and qualifications to consider are quite bad news to hear. Since the term bad credit would mean risk, the lenders try to secure their funding either with collateral or with high interest rates.

Most of them look on the business credit score first to determine the appropriate funding for your company. Also, instances like NSF checks, loan write-offs and settlements, historical bankruptcy, and recent late payments can cause you to seek bad business credit financing.

However, despite these financial mishaps, there are still available financing options offered to businesses with bad credit. Cleaning of repayment histories such as paying everything up to date and making prompt payments are simple ways of getting back on track and rebuilding the bad business credit.

For cash flow-based lenders, they expect to see near term credit responsibility in the business credit reports. Therefore, your business will less likely have an edge to qualify for these cash flow-based lending institutions.

On the other hand, there are asset-based lenders that can play a fair deal with your business as they consider sub-par credit including factoring companies and secondary debt lenders although they also look at the business credit score when evaluating approval for bad credit financing.

Both cash flow-based and asset-based lenders tend to be very stringent and expensive when it comes to bad credit financing, especially when you miss a payment. Particularly in asset-based lenders, they can easily seize the collateral used as security for the type of financing you obtained and liquidate it as soon as the law allows once you default on a payment.

Dwelling on bad credit only holds your business back from any cash flow-based business financing options, which leaves you to asset-based lenders. You are then required to present collateral to serve as security in the event you commit a default on your payments.

You cannot work on your bad business credit overnight. It takes a lot of processes and procedures to pull it up. The best thing to do as a restart is to start paying your debts on time and try to reduce debt as much as you can.