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 | admin
Source: Forbes
GreenSky, which facilitates loans for home improvement projects via a smartphone app and has quietly become one of the largest financial technology companies in the country, made its public debut on Thursday.
The Atlanta-based company saw shares end the day at $23.36, which was 1.5% higher than the $23 set on Wednesday evening. GreenSky had originally priced shares between $21 and $23 apiece. It also ultimately sold 38 million shares, above its original expectations to sell 34 million shares.
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May 27, 2018 | admin
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.
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July 23, 2021 | admin
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 | admin
Source: ABL Advisor
Finitive LLC, a financial technology platform providing institutional investors with direct access to alternative lending investments, announced the launch of its zero-fee platform.
Finitive, which commenced operations in August 2017, has received commitments for transactions with an aggregate capacity of $1.3 billion. Several asset managers and banks have committed capital for transactions in the consumer, renewable energy and commercial real estate lending sectors.
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May 22, 2018 | admin
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 | admin
Source: CNBC / MSN
Consumers who rely on payday loans to fill their budget gaps may have a new option to turn to: traditional banks. National banks just received the go-ahead to serve that market from their regulator, the Office of the Comptroller of the Currency.
On Wednesday, Comptroller of the Currency Joseph Otting called for national banks and federal savings associations to step into the short-term, small-dollar installment loan market.
These loans typically range from $300 to $5,000, according to the regulator. And that adds up to about $90 billion in loans taken out every year by millions of U.S. consumers.
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May 28, 2018 | admin
Source: NBC News
Last Friday, as Americans waited to learn who their next president would be, Debbe Andrews-Lewis of Lincoln, Nebraska, knew her life was about to change either way. At the end of the day, she would lose her boutique, The Funky Sister.
She had built it from scratch to honor her late husband’s memory — they had always wanted to run a store together in retirement. She found quick success selling antiques and oddball items, which allowed her to expand the business and hire her daughter, who took her young son to work every day.
But then the Covid-19 pandemic hit, shuttering the store for two months last spring. When Andrews-Lewis reopened, a loan from the Paycheck Protection Program — part of the emergency relief bill passed by Congress in March and signed into law by President Donald Trump — covered only a brief stretch of her daughter’s salary.
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November 13, 2020 | admin
Source: Yahoo Finance
Is your credit score in the doldrums? If you’re in the market for a loan, you need your score to rise – fast.
Good news: You may indeed be able to give your score a quick lift, depending on why it’s sagging in the first place. A large amount of credit card debt, for example, may be more easily and speedily resolved than an account that’s in default.
Here are six ways to elevate your credit score, from those that can produce fast results to ones that require a slow and steady approach. Take a look.
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June 4, 2019 | admin
Source: American City Business Journal – Boston
When it comes to securing a commercial loan, business plans aren’t only for startups. Bankers want just as much information from an established business as they do from a new company.
You will have to demonstrate that you and your business qualify for a loan. Doing so will require you to present a story that is both compelling and complete.
“We want to hear the good, the bad and the ugly,” said David Bennett, senior vice president of business banking at Middlesex Savings Bank. “We may be able to help by connecting the business with mentoring partnerships like SCORE and the Small Business Development Center network.”
“Middlesex works so closely with its customers that its bankers might be considered part of the customer’s team of advisors, along with CPAs, attorneys, and insurance agents,” Bennett said.
“We can help them grow their company and ease their cash flow concerns. A lot of times they don’t have a team in place to help solve important issues,” he said.
A bank’s ability to help a business stems largely from the initial meeting with a client.
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December 1, 2019 | admin
