News & Tips

Popular Types of Small Business Financing

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smallbusinessblog | LoanNEXUS

Source: LoanNEXUS

There are different types of financing for small businesses, depending on their needs, qualifications and preferences. According to the Library of Congress, financing for small business can be classified into two main categories: equity financing and debt financing. Equity financing is funding given in exchange for partial ownership and future profits, while debt financing is money that must be repaid, usually with interest.

Some of the most common types of debt financing for small businesses are:

Term loans: These are loans that are repaid in regular installments over a fixed period of time. Term loans can be obtained from banks, credit unions or online lenders, and can have low interest rates and competitive terms for well-qualified borrowers.

SBA loans: These are loans that are guaranteed by the U.S. Small Business Administration (SBA), which reduces the risk for lenders and makes it easier for small businesses to access capital. SBA loans can be used for various purposes, such as working capital, expansion, equipment or real estate. SBA loans have low interest rates and long repayment terms, but they also have strict eligibility requirements and a lengthy application process.

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May 28, 2023 |

13 Ways to Grow Your Business Quickly

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Business News Daily | LoanNEXUS

Source: Business News Daily

There’s no surefire formula for instant success, but you can boost your business’s growth with these tips from startup founders.

– Growing a business may take time, but there are a few things you can do to scale your company more quickly.

– Calculating the growth rates of various metrics and then comparing them to one another gives you a more complete picture of your business’s trajectory.

– While there is no way to guarantee success, implementing these tips can put your business in the best position to succeed and grow.

This article is for entrepreneurs who want to measure their business’s growth while continuing the success of their company as it scales.

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February 26, 2023 |

3 Cash Flow Mistakes to Avoid at All Costs

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LoanNEXUS | Entrepreneur.com

Source: Entrepreneur Partner Studio Staff

The long-term success of a business hinges on more money coming in than going out. Follow these tips to help make sure your business stays in the black.

As a business grows, so does the list of responsibilities on an entrepreneur’s list. Letting cash-flow management slip to the bottom of that list can spell disaster for small businesses.

Having a solid cash-flow management strategy is crucial to keeping your business’s growth and financials on track, but sometimes it can be difficult to identify problem areas before they can affect that strategy. Here are three common cash-flow mistakes for small-business owners to avoid so that they can keep growth at the forefront of their operations.

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November 22, 2022 |

Here Are 3 Alternatives to Business Loans

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Fool.com | LoanNEXUS

Source: Fool.com | The Ascent

When you own a business, there often comes a point where you need to borrow money to maximize growth. Although many lenders offer business loans, they generally have revenue and time in business requirements that some companies will have trouble meeting. Even getting an SBA loan can be difficult for newer businesses.

If business loans are out of the question, here are three other funding options that could work for your business.

1. Personal loans
A personal loan is one of the most flexible types of loans you can get. While most loans must be used for a specific purpose, a personal loan can be used for just about anything, including business expenses.

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October 30, 2022 |

Self-made millionaire Bethenny Frankel on why good ideas are not enough to be successful in business

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LoanNEXUS -CNBC Bethenny Frankel

Source: CNBC

“I truthfully didn’t even know the word entrepreneur. I was in my late thirties, and I didn’t know the word ‘brand,’ I didn’t know the word ‘entrepreneur,’” Bethenny Frankel, founder of SkinnyGirl, told Sharon Epperson at the CNBC Small Business Playbook virtual summit on Wednesday.

Now, just over a decade later, Frankel is a widely successful and self-made entrepreneur, who sold her pre-packaged low-calorie margarita, Skinnygirl Cocktails, for a reported $120 million, and continues to delve into a series of ambitious business ventures with her Skinnygirl lifestyle brand, ranging from specialty food items to branded apparel.

While she may not have always envisioned a life in business, she always envisioned her next big idea, and what it would take to turn it into reality, she told Epperson.

Read the full article: https://www.cnbc.com/2022/08/03/bethenny-frankel-on-why-good-ideas-are-not-enough-to-be-successful.html

August 14, 2022 |

How Being a ‘Mompreneur’ Prepared Me to Run a Multi-Million-Dollar Business

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Source: Entrepreneur

Being a “mompreneur” has taught me everything I need to know and understand in running a successful multi-million dollar business operation. Some of the top strategies I use today resulted from my experience as a mom raising two children on the autism spectrum, but they could apply to all the other working moms (and dads) out there. Here are five of the most essential.

Read the full article: https://www.entrepreneur.com/article/403799

January 11, 2022 |

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:

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August 4, 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.

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June 25, 2021 |
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