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4 Tips to Help Latina Business Owners Achieve Success

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US Latino Businesses | LoanNEXUS

Source: Cision – PR Newswire

As we celebrate Hispanic Heritage month this year, it’s a good time to recognize the many contributions of Hispanic small business owners. And there truly are many. Wells Fargo served as lead sponsor of the Latino Donor Collaborative’s U.S. Latino GDP Report, which tracks the growing influence of the Latino community within the U.S. economy, and the results are incredibly promising. Latinos contributed $2.7 trillion to the U.S. GDP in 2021, equivalent to the seventh largest economy in the world, and they’re growing 57% faster than the U.S. economy overall. From 2010 to 2019, the U.S. Latino GDP was the third-fastest growing among the 10 largest GDPs in the world, with the U.S. economy ranking fourth. Latinos are also accounting for 68% of the growth in U.S. labor participation.

Read the full article: https://www.prnewswire.com/news-releases/4-tips-to-help-latina-business-owners-achieve-success-301400993.html

October 17, 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 |

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:

Click here to read the full article

August 4, 2021 |

FinTechs Bank On Reimagining Business Banking

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PYMNTS - Fintech Business Banking | LoanNEXXUS

Source: PYMNTS

Business banking is being reimagined by FinTechs, in an interconnected way – one that, conceptually, creates a one-stop shop for enterprises to accept payments, interact with supply chains and tap working capital in order to finance growth.

Nowhere might that be more readily apparent than Square’s announcement that it has launched Square Banking, geared toward small businesses, combining a range of accounts and payment modalities in an effort to help those firms manage cash flow.

In terms of mechanics, the offering links checking accounts, savings accounts, cards and lending options.

It’s a move away from the payments processing core service that had marked its initial incarnation.

Connecting the checking account to the payments functionality would mean that funds gleaned from sales would instantly be spendable from the checking functions to, for example, pay workers through the Payroll function.

Click here to read the full article

July 23, 2021 |

How to Buy a Foreclosed Home

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NerdWallet - Buy a Foreclosed Home | LoanNEXXUS

Source: NerdWallet

Foreclosures can expand your homebuying options, but be aware of potential costs like repairs and extra fees.

The process for buying a foreclosed home varies depending on the current owner and how the house is being sold. These variables can also impact the price you pay when buying a foreclosed home.

If a home is in pre-foreclosure, the homeowner may try for a short sale. Properties that have been foreclosed on generally first go to a municipal auction sometimes known as a sheriff’s sale.

If a home doesn’t sell at auction, it becomes a real-estate owned, or REO, property. These are homes that have been repossessed by banks and mortgage servicers, who sometimes put them on the Multiple Listing Service or offer them for sale on auction websites.

Here are the basic steps of how to buy a foreclosed house.

Click here to read the full article

June 25, 2021 |

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.

Click here to read the full article

April 10, 2021 |

SoFi Announces Agreement to Acquire Golden Pacific Bancorp, Inc.

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SoFi | LoanNEXXUS

Source: SoFi

Acquisition Marks Significant Step in SoFi’s Effort to Obtain National Bank Charter
 

SAN FRANCISCO — March 9, 2021 — Social Finance, Inc. (“SoFi”), the digital personal finance company, today announced that it has signed a definitive agreement to acquire Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, N.A. (together, “GPB”). GPB is a Sacramento, California-based community bank that is regulated by the Office of the Comptroller of the Currency (OCC) and has approximately $150 million in assets. SoFi will pay $2.55 in cash for each share of GPB or approximately $22.3 million in aggregate to acquire GPB to advance SoFi’s effort to obtain a national bank charter.

The proposed acquisition is a key strategic step in SoFi’s path to obtaining a national bank charter. As a result of the proposed acquisition, SoFi will switch its current de novo bank application to a change of control application. If successfully granted a national bank charter by the OCC and Federal Reserve pursuant to its change of control application, SoFi plans to contribute $750 million in capital and pursue its national, digital business plan while maintaining GPB’s community bank business and footprint, including GPB’s current three physical branches. Once the transaction is complete–which is anticipated before the end of 2021–GPB’s community bank business will operate as a division of SoFi Bank, N.A., a renaming of GPB’s bank entity. GPB President and Chief Executive Officer Virginia Varela will continue to lead the GPB community bank business under the direction of Paul Mayer, who will serve as President of SoFi Bank, N.A.

Click here to read the full article

March 11, 2021 |

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

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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 |

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.

Click here to read the full article

January 22, 2021 |

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.

Click here to read the full article

December 12, 2020 |
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