News

Your First Commercial Lease

0
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 |

Yes, You Can Use a PPP Loan for Expenses Other Than Payroll

0
Lendio - PPP Expenses | LoanNEXXUS

Source: Lendio

Paycheck Protection Program (PPP) loans are designed to help small businesses—and nonprofits—keep employees on the payroll, but what exactly does that mean? While the loans are intended largely for payroll-related costs like salaries and health insurance premiums, you can actually use a PPP loan to cover a wide range of pandemic-related operating costs.

Allowed Uses for a PPP Loan

While you will need to spend 60% of the loan funds on payroll costs, you can spend the other 40% of your loan on a variety of other pandemic-related costs, all of which are considered “allowed uses” for the loan.

Click here to read the full article

February 26, 2021 |

Women entrepreneurs gain ground, but still lack financing…

0

Source: Wisconsin State Journal

“Women are the entrepreneurial leaders in Madison.”

That’s what Amy Gannon said, after the Doyenne Group’s 5X5X5 pitch contest on Wednesday — part of the eight-day Forward Festival celebrating entrepreneurship and innovation.

But at least two female CEOs in Madison say in the larger scheme of things, women entrepreneurs still have a lot of ground to make up — particularly, women of color.

Click here to read the full article

August 26, 2018 |

Widening Borrower Protection’s Scope To SMBs

0

Source: PYMNTS

Borrower protection initiatives have taken aim at predatory lenders, both online and brick-and-mortar, with legislators at the state and federal levels addressing concerns that include a lack of transparency and sky-high fees and interest rates.

But only recently have these efforts begun to gradually turn toward small business borrowers, too.

Last month, reports in The Wall Street Journal, citing Federal Reserve data, found that nearly one-third of U.S. small businesses had sought a loan online, compared to just 19 percent that did so in 2017. As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees.

As the publication noted, Opportunity Fund recently dug into the numbers and found that the average interest rate among 150 online small business loan contracts is 94 percent, with one rate topping 358 percent.

Click here to read the full article

January 30, 2020 |

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

0
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.

Click here to read the full article

November 25, 2019 |

Three Tips for Applying for a Small Business Loan

0

Source: The Roanoke Times

If you run a small business, you know the worry that comes from financial pressure.

No matter how much planning you did before opening or how careful you are with spending now, expenses just seem to crop up for small businesses. They’re especially stressful when you’re trying to turn even a small profit.

First, rest easy knowing that you’re in good company—many small business owners find they need more cash in the early days to keep things running, or even a few years in as they work to grow. And there are a lot of small business owners, with the majority of United States companies having less than 20 employees, according to the Small Business & Entrepreneurship Council (SBEC).

Click here to read the full article

July 14, 2019 |

The SBA Provided Over $330 Million In Business Loans To Black Woman Entrepreneurs In 2019

0
Black Enterprise | LoanNEXXUS

Source: Black Enterprise

Tameka Stigers has achieved perpetual success as one of the country’s many black woman entrepreneurs.

She launched Locs of Glory in 2009 after discovering a niche styling technique known as “Sisterlocks” for people with textured hair. She started with a 400-square-foot salon in her home. But she outgrew the space fast, recognizing the need to expand and add more employees. She landed a $455,000 (7a) loan from the U.S. Small Business Administration in 2016. That capital allowed her to relocate into a custom-built 3,000-square-foot building in St. Louis to run her hair salon and spa business.

“The SBA loan has allowed me to provide employment opportunities for people in my community,” Stigers says.

Now, Stigers employs about 15 people and independent contractors and has realized steady sales growth since 2014. She expects to generate revenues of about $400,000 by late by 2020. She is part of the SBA St. Louis 2019 Emerging Leaders Initiative. This year she was named Minority-Owned Small Business of the Year by the SBA for her district in Missouri.

Click here to read the full article

November 10, 2019 |

The financial outlook for the Hispanic small business community in 2021

0

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.

Click here to read the full article

December 12, 2020 |

The Best Small Business Loans in 2019

0

Source: U.S. News

Small business loans are typically used to start a business, purchase inventory or equipment, purchase real estate, or expand an existing business. According to a report from the National Small Business Association, about three-quarters of small businesses were able to access adequate financing at the end of 2017, including through loans, credit cards, venture capital and crowdfunding.

The NSBA report indicates small business loans are a key component of economic growth for small businesses and their employees. There is a direct correlation between small business financing access and the ability to hire employees., small business bank loans totaled nearly $600 billion in 2015. At the same time, lending from alternative sources such as finance companies and peer-to-peer, or P2P, marketplace lenders amounted to $593 billion.

While small business loans can be difficult to obtain, there are options. In this guide, you’ll learn how small business loans work and how you can find the best loan to start or expand your small business.

Click here to read the full article

June 11, 2019 |

Strapped for Cash? Three Modern Ways To Take Out A Small Business Loan

0

Source: Entrepreneur

Small businesses can often find themselves strapped for cash. When payroll is due, and accounts receivables are still high, cash is king. Even the most successful small business is susceptible to this type of crunch.

As a four time venture-backed entrepreneur from the Silicon Valley, who has raised a total of $18 million for my tech startups, I’d like to offer some advice to early-stage entrepreneurs in hopes to shed light on alternative avenues to raising money.

Consider diversifying your fundraising strategy by adding non-conventional fundraising options. These days, there are several options for entrepreneurs. Technology and finance are combining to provide creative solutions to help business owners push through monthly bills without the normal headaches.

The reality is new innovative options exist beyond banks for entrepreneurs looking to leverage their strengths while reflecting their modern know-how. Also, the more entrepreneurs diversify financing independence early on, the more power they gain to shape the dynamics with their board later on.

Click here to read the full article

May 12, 2019 |
Skip to toolbar