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Fintech Lending Throws Banks Another Curveball

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Source: Nasdaq

Fintech is throwing banks another curveball. Kabbage on Thursday outlined how it has handed over around a fifth of the $5 billion it has lent to small businesses since 2009 at night or over the weekend. It’s one more way technology is upending the industry.

It’s no surprise that small-business owners aren’t nine-to-fivers. Just ensuring the core work gets done typically demands long hours, which leaves them nights and weekends for sorting out the paperwork for finances and the like. That’s often the case for individuals applying for anything from car loans to mortgages, too.

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July 6, 2018 |

How Does the New Stimulus Package Affect You?

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Source: Entrepreneur.com

Like the CARES Act, the newest stimulus bill has brought significant changes not only to entrepreneurs but individuals, too. While some relief is immediate, some updates last through 2022. As with any new tax opportunity, it’s crucial to examine each and determine how you can maximize them. Here’s how the new bill will affect you.

Changes for entrepreneurs

The bill provided many changes to the Paycheck Protection Program. One of the biggest is that PPP expenses are now tax-deductible, and the forgiven loan is still not taxable income. However, small business owners need to do the due diligence to confirm if their state plans to follow suit. Not all states conform to Federal Tax Law, so it’s likely that states that need tax dollars (like California or New York) won’t conform. Business owners in those states should plan on higher state taxes this year.

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January 22, 2021 |

Your First Commercial Lease

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Commercial Lease | LoanNEXUS

Source: Business News Daily

Negotiating your first lease for office or retail space can be intimidating for new business owners. Here’s how to make the process go smoothly.
– A commercial lease should include the lease term and type, rent amount, security deposit details, permitted use clauses, exclusive use clauses, and details about maintenance and renovations.
– The most important thing you should do before you sign a commercial lease is to learn the language in it.
– Consider seeking out professional advice before you sign a commercial lease.
 

This article is for first-time commercial lease signers or lessees who want tips about what to look for in a commercial lease.

Read the full article: https://www.businessnewsdaily.com/7619-negotiate-commercial-lease.html

September 18, 2021 |

When Venture Funding Becomes A Pipe Dream, Entrepreneurs Looks To Loans

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Forbes | LoanNEXXUS

Source: Forbes

Kevin Banahan operated his Brooklyn-based skateboarding academy as a side gig for years, renting space from another business. Eventually, he and his partner decided the academy had grown strong enough to merit its own location.

When Banahan’s local bank wouldn’t grant him a loan to establish a physical space for SKATEYOGI, due to his lack of collateral, he applied for financing through Lendio’s marketplace. Banahan received a loan of about $35,000 from American Express that was based on his business credit card sales.

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November 25, 2019 |

The financial outlook for the Hispanic small business community in 2021

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Source: CNBC

Often hailed for higher-than-average rates of entrepreneurialism and new business formation, the Latino community has been struck particularly hard by the Covid-19 crisis.

The Stanford Latino Entrepreneurship Initiative reported in May that 86% of Latino business owners had felt immediate negative impacts from Covid, a rate higher than other ethnic groups. Help was also harder to come by for Latino business owners, who had less cash on hand when requesting Covid assistance in the form of PPP loans, and were only half as likely as their White counterparts to receive the federal loans.

Still, the pandemic tells only half the tale of where Hispanic businesses stand today, because prior to the crisis, Latino entrepreneurs were making great strides — increasing their funding, improving their credit, and their revenue growth. That means that there is underlying strength in the Latino business community that can help in their emergence from the ravages of Covid-19.

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December 12, 2020 |

Personal Loan or Car Loan: Which Should You Get?

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Source: The ascent from The Motley Fool

Car loans and personal loans are both term loans, but there are important differences. Find out about car loans vs. personal loans here.

There are lots of different ways to borrow money for big purchases. And for many of us, one of our biggest purchases is a vehicle. If you’re buying a car, you may need to decide whether you should do so using a personal loan or a car loan. While car loans and personal loans have some similarities, there are also important differences between them.

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August 12, 2019 |

In Georgia, Small Business Lending Is at an All-Time High

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Source: AP

ATLANTA (AP) — Lending for small businesses is at an all-time high in Georgia.

A recent report released by the Georgia Small Business Administration shows that $1.41 billion was loaned in the state last year.

In the last two quarters ending March 31, $650 million in loans were disbursed to small businesses statewide.

“The lending environment is much better than it was 10 years ago,” said Drew Tonsmeire of the UGA Small Business Development Center at Kennesaw State University, says the lending environment is much better than it was 10 years ago.

He said businesses are able to access different sources of funding aside from banks, such as SBA loans and lines of credit from online lenders.

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June 1, 2018 |

Digital Lending Levels The Playing Field For Small Business Borrowers

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Source: Forbes

America’s largest banks have been shrinking their branch networks for the past several years, mostly by cutting back in relatively poor neighborhoods, according to a report in the LA Times. The report said that consumer advocates are warning that the closings risk widening the wealth gap by leaving scores of low-income areas with less competition for banking services such as personal checking and small-business lending.

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March 23, 2019 |

How a Bridge Loan Can Hold Your Business Over

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Business.com - Bridge Loan | LoanNEXXUS

Source: Business.com

Bridge loans are a form of short-term funding intended to help your business buy assets or complete projects.

A bridge loan is a form of short-term financing that is designed to help a company meet its obligations until it secures a long-term business loan. This type of business loan is commonly used in commercial real estate and other transactions where timing is key and businesses need to secure funds quickly in order to take advantage of an opportunity.

When a business takes out a bridge loan, it uses the proceeds to purchase or improve assets, or to finance its own operations. Then, once it secures long-term financing, it uses the funds from the new long-term loan to pay off the bridge. Businesses use bridge loans (which often carry interest rates several points higher than conventional long-term financing) to fill short-term funding gaps. These include asset purchases, such as real estate, equipment, and inventory.

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April 10, 2021 |

How Much Does It Cost to Refinance A Student Loan?

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Business Insider - Student Loan Refi | LoanNEXXUS

Source: BusinessInsider.com

You may want to refinance your student loans if you’re looking to snag a lower interest rate or get smaller monthly payments. With reputable lenders, you likely won’t pay any fees to refinance, but you may lose key protections if you refinance federal loans.

Unlike refinancing a mortgage, which can cost thousands of dollars in fees, refinancing a student loan is generally free. Reputable banks, credit unions, and online lenders won’t charge you to prequalify or apply to refinance with them, and there’s no amount due to get your loan from most lenders.

Here’s what different types of student loan fees mean:

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August 4, 2021 |
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