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 | admin
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.
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February 26, 2021 | admin
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.
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August 26, 2018 | admin
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.
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January 30, 2020 | admin
Source: LoanNEXUS
Getting a small business loan can be challenging for many entrepreneurs, especially if they are new to the market or have a low credit score. There are several factors that lenders consider when evaluating a loan application, such as the business’s credit history, collateral, income, debt, and capital investment. These factors help lenders assess the risk and profitability of lending to a small business.
Some of the common reasons why small businesses struggle to get a loan are:
– Lack of collateral: Collateral is an asset that the borrower pledges to the lender as a security for the loan. If the borrower fails to repay the loan, the lender can seize and sell the collateral to recover their money. Many small businesses do not have enough collateral to secure a loan, or they may not want to risk losing their personal property if they default on the loan.
– Poor or insufficient credit: Credit is a measure of how well a borrower has managed their past and current debts. Lenders check both the personal and business credit reports and scores of the borrower to determine their creditworthiness. A low credit score or a limited credit history can indicate that the borrower is not reliable or responsible with their finances, and may not be able to repay the loan on time.
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March 27, 2024 | admin
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 | admin
Source: Reuters
WASHINGTON, Sept 13 (Reuters) – U.S. small-business confidence improved in August as worries about inflation subsided and demand for workers remained strong despite the uncertainty shrouding the economy, a survey showed on Tuesday.
The National Federation of Independent Business (NFIB) said its Small Business Optimism Index increased 1.9 points to 91.8 this month, reversing some of the deterioration suffered in the first half of the year.
Read the full article: https://www.reuters.com/markets/us/us-small-business-sentiment-rises-august-nfib-2022-09-13/
September 21, 2022 | admin
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).
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July 14, 2019 | admin
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.
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November 10, 2019 | admin
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 | admin
